Hyderabad, Aug. 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Propolis Market Report (2023-2028)," the market is estimated at USD 675.46 million in 2023. It is expected to register a CAGR of 5.48% during the forecast period.
Propolis or bee glue is a resinous mix that honeybees produce by mixing saliva and beeswax with exudate sourced from sap flows, tree buds, or other botanical segments. Propolis consumption improves the immune system and is an antioxidant and wound healer.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 675.46 million |
| Market Size (2028) | USD 881.96 million |
| CAGR (2023-2028) | 5.48% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Europe |
| Forecast Units | Value (USD million) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The demand for supplements, including antioxidants. |
| The growing health awareness. |
Who are the Top Companies in the Propolis Market?
The propolis market is highly fragmented due to the large number of players operating in the market. Companies are adopting strategies like partnerships and joint ventures to expand their market presence.
The significant players in the propolis market are,
- Herb Pharm LLC
- Apis Flora
- Innovations in Nutrition + Wellness (Bee Health Limited)
- YS Organic Bee Farms
- Comvita Ltd
- Wax Green
- Apiary Polenecter
- Uniflora Health Foods
- Sunyata Pon Lee
- NOW Foods
- Bio Botanica Inc. (Nature’s Answer)
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Key Highlights from the Propolis Market Report:
Demand for Supplements Containing Antioxidants
- Antioxidants contain several benefits, like keeping the skin younger. These benefits attract customers toward food and beauty products containing antioxidants.
- Propolis contains polyphenols called flavonoids, which are also good antioxidants. Consumers are including antioxidants in their daily intake in the form of health supplements, which is fueling the market’s growth.
Europe Dominates the Market
- The growing demand for propolis in Europe is due to the rising health awareness of consumers and the ability of propolis to strengthen the immune system and digestive health.
- Propolis is a gluten-free product. Therefore, consumers suffering from celiac disease are increasingly using it, thereby driving market growth.
What are the Latest Developments in the Propolis Market?
- In September 2021, Comvita Ltd partnered with Caravan to help increase consumer awareness about the benefits of Manuka honey and propolis by creating a lifestyle brand using the natural healing properties of these ingredients.
- In March 2021, Innovations in Nutrition + Wellness acquired Bee Health, a UK developer of nutritional supplements.
Mordor Intelligence has Segmented the Propolis Market Based on Product Type, Distribution Channel, and Geography:
- By Product Type (Market Size and Forecast based on Value (USD million), 2018-2028)
- Capsules and Tablets
- Liquids
- Creams
- Other Product Types
- By Distribution Channel (Market Size and Forecast based on Value (USD million), 2018-2028)
- Offline Retail Stores
- Supermarkets/Hypermarkets
- Pharmacies and Drugstores
- Other Offline Retail Stores
- Online Retail Stores
- Offline Retail Stores
- By Geography (Market Size and Forecast based on Value (USD million), 2018-2028)
- North America
- United States
- Canada
- Mexico
- Rest of North America
- Europe
- United Kingdom
- Germany
- Spain
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Turkey
- Rest of Middle East and Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Propolis Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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