The global propolis market size was exhibited at USD 720.13 million in 2023 and is anticipated to be expanding around USD 906.65 million By 2033, growing at an impressive CAGR of 2.33% from 2024 to 2033.
Key Points
- The North America propolis market size was evaluated at USD 252.05 million in 2023 and is expected to attain around USD 321.86 million by 2033, poised to grow at a CAGR of 2.47% between 2024 and 2033.
- North America dominated the market with the largest revenue share of 35% in 2023.
- Asia Pacific is anticipated to experience the fastest growth in the global market during the forecast period.
- By product type, the capsules & tablets segment has held a major revenue share of 62% in 2023.
- By product type, the liquid segment is projected to witness significant growth during the forecast period.
- By distribution channel, the retail store segment has contributed more than 72% of revenue share in 2023.
- By distribution channel, the online segment is expected to grow at a rapid pace during the forecast period.
Market Overview
Propolis, a resinous substance collected by bees from tree buds and sap flows, has been utilized for centuries for its medicinal properties. Known for its antibacterial, antiviral, antifungal, and anti-inflammatory effects, propolis is widely used in traditional medicine, cosmetics, and as a health supplement. The global propolis market is experiencing significant growth due to increasing consumer awareness about natural and organic products and the rising demand for health supplements and natural remedies.
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Growth Factors
The growth of the propolis market is driven by several factors. Firstly, the rising consumer preference for natural and organic products over synthetic alternatives has boosted the demand for propolis. Secondly, the expanding awareness of the health benefits associated with propolis, including its role in boosting immunity and treating various ailments, is fueling market growth. Additionally, the increasing application of propolis in cosmetics, owing to its skin-healing properties, is contributing to the market expansion. The growing trend of integrating propolis into dietary supplements and functional foods is also a significant growth driver.
Region Insights
The propolis market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America holds a prominent share of the market due to the high consumer awareness and demand for natural health products. Europe follows closely, driven by a strong preference for natural remedies and stringent regulations favoring organic products. The Asia-Pacific region is expected to witness the fastest growth, propelled by the increasing disposable income, rising health consciousness, and expanding middle-class population. Countries like China, Japan, and South Korea are significant contributors to the market’s growth in this region.
Propolis Market Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 720.13 Million |
| Market Size in 2024 | USD 736.91 Million |
| Market Size by 2033 | USD 906.65 Million |
| Propolis Market Growth Rate | CAGR of 2.33% from 2024 to 2033 |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Product Type, Distribution Channel, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Dynamics
Drivers
Key drivers of the propolis market include the rising health and wellness trend, which has led to an increased consumption of natural supplements. The proven health benefits of propolis, such as its antimicrobial and anti-inflammatory properties, drive its use in the pharmaceutical and nutraceutical industries. The growing popularity of natural cosmetics and personal care products also fuels the market, as consumers seek products with minimal chemical additives. Moreover, the increasing research and development activities focused on propolis’s therapeutic potential are further driving market growth.
Opportunities
The propolis market presents numerous opportunities for growth and innovation. One significant opportunity lies in the development of new product formulations and applications of propolis in various industries, including pharmaceuticals, cosmetics, and food and beverages. The expanding online retail sector offers a robust platform for the distribution and sale of propolis products, catering to a broader audience. Additionally, the growing interest in sustainable and environmentally friendly products presents opportunities for companies to market propolis as a natural and eco-friendly alternative.
Challenges
Despite the promising growth, the propolis market faces several challenges. One major challenge is the variability in the quality and composition of propolis, which can affect its efficacy and consumer trust. The lack of standardized regulations and quality control measures can lead to discrepancies in product quality. Additionally, the high cost of propolis, due to the labor-intensive collection process, can limit its affordability and accessibility. Furthermore, the market faces competition from synthetic alternatives and other natural products, which can impact its growth prospects.
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Propolis Market Companies
- Apis Flora
- Herb Pharm LLC
- Bee Health Limited
- YS Organic Bee Farms
- Comvita Ltd
- Wax Green
- Apiary Polenecter
- Uniflora Health Foods
- Sunyata Pon Lee
- NOW Foods
Recent Developments
- In April 2024, Millpledge Veterinary launched an ocular lubricant named Oculeze. This ocular lubricant consists of ingredients such as aloe vera, glycerine, chamomile, and propolis extract, and it helps treat eye problems in various animals.
- In January 2024, Apiotix launched a propolis-based skin care product. This product comes with several features such as anti-oxidative, anti-inflammatory, and antimicrobial properties and will reduce dependency on common preservatives that are used in skin care treatment.
- In June 2022, BEE&YOU launched a new propolis-containing food supplement. This supplement consists of propolis and vitamin C to strengthen the immune system, provide energy support, and help consumers fulfill their essential nutrient requirements.
- In April 2022, Fytexia partnered with B Natural. This partnership was made to launch their propolis-based ingredient, ‘Promunel,’ which will increase immunity and treat mild respiratory tract infections.
Segments Covered in the Report
By Product Type
- Capsules & Tablets
- Liquids
- Others
By Distribution Channel
- Retail Store
- Online
- Others
By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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