Wilmington, Delaware, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Propolis Market by Product Type (Capsules/Tablets, Liquid, Creams and Others), Category (Alcohol-based and Alcohol-free), and Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the propolis market was valued at $670.3 million in 2023, and is estimated to reach $955.0 million by 2034, growing at a CAGR of 3.4% from 2024 to 2034.
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Prime determinants of growth
Increase in consumer awareness of the health benefits associated with propolis, including its antimicrobial, antioxidant, and anti-inflammatory properties, has boosted the market demand. The rise in popularity of natural and organic products among consumers seeking alternatives to synthetic ingredients has contributed to the expansion of the propolis market. In addition, the growth of interest in alternative medicine and holistic health approaches has fueled demand for propolis-based products. Moreover, advancements in research highlighting the potential of propolis in disease prevention and treatment have further helped drive the market growth. Furthermore, the versatility of propolis, which allows its incorporation into various products such as supplements, skincare, and food items, has broadened its appeal across different industries, thus boosting the propolis market demand.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2034 |
| Base Year | 2023 |
| Market Size in 2023 | $670.3 Million |
| Market Size in 2034 | $955.0 Million |
| CAGR | 3.4% |
| No. of Pages in Report | 326 |
| Segments Covered | Product Type, Category, Distribution Channel, And Region. |
| Drivers | Increase In Consumer Awareness Of Health Benefits Associated With Propolis |
| Growth In Demand For Natural And Organic Products | |
| Expansion Of Propolis Applications In Various Industries | |
| Opportunities | Emerging Markets In Asia-Pacific And Latin America |
| Innovation In Propolis-Based Products | |
| Development Of Novel Extraction Techniques | |
| Restraints | Limited Availability Of High-Quality Propolis |
| High Production Costs | |
| Lack Of Standardization In Propolis Products | |
| Potential Allergic Reactions And Side Effects |
The capsules/tablets segment to maintain its leadership status during the forecast period
Based on the product type, the capsules/tablets segment held the highest market share in 2023. Consumers incline toward capsules and tablets for propolis consumption owing to the convenience, precise dosing, and ease of use. These forms offer a straightforward method for integrating propolis into daily routines, which accommodates busy lifestyles effortlessly. With consistent dosages and easy swallowing, capsules and tablets appeal to a wide demographic, which ensures accessibility for individuals of all ages. Their portability further enhances their appeal, which allows consumers to maintain their propolis regimen seamlessly anywhere. Moreover, the ability of capsules and tablets to mask the taste and odor of propolis enhances the overall consumption experience, which makes them a preferred choice for many seeking the health benefits of propolis.
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The alcohol-based segment to maintain its leadership status during the forecast period
Based on the category, the alcohol-based segment held the highest market share in 2023. Alcohol-based propolis extracts are widely used owing to their efficacy and versatility. The alcohol serves as an excellent solvent, efficiently extracting the bioactive compounds from propolis, including flavonoids, phenolic acids, and essential oils. The extraction method ensures a potent and concentrated product with enhanced bioavailability, which maximizes the health benefits of propolis. Moreover, alcohol-based extracts have a longer shelf life compared to water-based alternatives, minimizing the risk of degradation. In addition, alcohol acts as a natural preservative, inhibiting microbial growth and maintaining the extract's integrity over time. These factors contribute to the widespread use and popularity of alcohol-based propolis extracts in various industries, including pharmaceuticals, cosmetics, and food supplements.
The offline segment is expected to lead throughout the forecast period
Based on the distribution channel, the offline segment held the highest market share in 2023. Consumers often prefer to purchase health and wellness products such as propolis in person, which allows them to interact with knowledgeable staff and receive personalized recommendations. Moreover, physical stores offer the advantage of immediate gratification that allows customers to obtain propolis products instantly rather than waiting for delivery. Moreover, offline retailers often create immersive experiences, allowing consumers to explore different propolis formulations and brands through sampling and demonstrations. Furthermore, some consumers may have concerns about product authenticity and quality, which can be addressed more effectively in a physical retail setting. Overall, the tactile experience, expert guidance, and immediate availability contribute to the high sales of propolis in offline mode.
North America to maintain its dominance by 2034
Based on region, North America held the highest market share in terms of revenue in 2023. There is a rise in awareness of the health benefits associated with propolis, including its antimicrobial, antioxidant, and anti-inflammatory properties. In addition, the region's strong emphasis on natural and holistic wellness practices fuels demand for propolis-based products. Moreover, North America boasts a well-developed market infrastructure with easy accessibility to a wide range of propolis supplements, skincare, and other products. Furthermore, the presence of reputable brands and extensive research highlighting the potential of propolis contribute to consumer confidence and consumption. These combined factors drive the high consumption of propolis in North America.
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Players: -
- API Health
- Comvita Limited
- B Natural
- Bee Health Limited
- Wax Green
- Zhifengtang Pharmaceutical Co. Ltd.
- MN Propolis
- Ponlee Bee
- Sunyata Pon Lee Bee
- Zhonghong Biological Group Co., Ltd.
The report provides a detailed analysis of these key players in the global propolis market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Developments
- In March 2024, Mānuka Health introduced three new product lines which included their new skincare range to work together seamlessly, providing a complete system to support a person’s health and beauty needs. These new collections harness the full power of raw mānuka honey, propolis, and royal jelly to boost vitality, strengthen resilience, and promote overall wellbeing.
- In June 2022, BEE&YOU launched a Propolis and Vitamin C Shot, to offer an ingredient combination formulated for immune and energy support, as well as helping consumers fulfill essential daily nutrient requirements.
- In September 2021, Comvita Ltd announced a strategic partnership with Caravan to increase consumer awareness about the benefits of Mānuka Honey and Propolis by forming a celebrity-backed lifestyle brand using the natural healing properties of Mānuka Honey and Propolis for topical use.
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