Propolis Extract Products Market

Market Overview

The Global Propolis Extract Products Market size is slated to grow substantially at a CAGR of approximately 5.3% during forecast period.

Bees make propolis to securely close gaps and holes in the hive. For some bees, defence against bacteria is their most important job. Bees mix beeswax with resin and sap from a nearby tree to make propolis. In their stomach, the bee injects these with an enzyme, resulting in a sticky, dark, amber substance. Propolis was used by ancient cultures for its therapeutic properties thousands of years ago. The Greeks used it to treat abscesses. The Assyrians used it on wounds and tumours to aid in wound healing and infection prevention. It was used to embalm mummies in Egypt.

The market for Propolis Extract Products' entire supply chain has been severely impacted by the COVID-19 outbreak. The market for Propolis Extract Products has been impacted by the halt in production and operations in the end use sector. The pandemic has had an impact on the industry as a whole. In 2020 and at the beginning of 2021, a sudden outbreak of the COVID-19 pandemic caused strict lockdown regulations to be put in place in several countries. This made it hard to import and export Propolis Extract Products.

Market Dynamics

Market Drivers

• Growing interest in medical sector

The ever-increasing awareness of propolis's therapeutic properties and its growing interest in the medical services and medical industries are the primary drivers of the propolis market. These aspects are anticipated to significantly contribute to the expansion and development of the propolis industry in the coming years. Major manufacturers are offering propolis-based products to meet specific health requirements. Because of this, the availability of products containing propolis extracts and the numerous health benefits associated with them is one of the primary factors driving interest in propolis in the global market.

• Campaigns for improved packaging and celebrity endorsements

The lack of antiviral treatment and the high death rate of coronavirus disease (COVID-19) drive sales of natural immune-strengthening agents. Celebrity endorsements and improved packaging campaigns: Propolis's antimicrobial, bactericidal, antiviral, anti-inflammatory, and immunomodulatory properties and its high concentration of antioxidants and bioactive compounds are driving market expansion. Aside from that, significant manufacturers supply a wide range of propolis-based products to meet various medical requirements. They also invest in packaging enhancements and marketing campaigns like celebrity endorsements to keep their edge over competitors and expand their market reach.

• Popularity of antioxidants

Consumer interest in food and beauty products that incorporate all sources of antioxidants, including the potentially growing propolis, has been primarily driven by the multifunctional properties of antioxidants, particularly the one that induces younger skin and facial aesthetics. Propolis contains more than 300 compounds, most of which have been identified by researchers as polyphenolic forms. Polyphenols, which are antioxidants, aid in the body's fight against disease and cause damage. All the more unequivocally, propolis contains polyphenols called flavonoids, which comprise an incredible cell reinforcement source. Antioxidants are becoming more popular among consumers, who are willing to include them in their daily diets. As a result, the increasing use of this ingredient in propolis capsules, beauty and health supplements, and extracts are expected to gain traction and see a flourishing increase in sales throughout the forecast period. One well-known propolis supplement, Red Bee Propolis by Natura Nectar, claims to contain one of nature's most potent antioxidants, even more, potent than superfruits.

Market Restraints

A small number of people sensitive to honeybee products are known to experience sensitivities due to propolis side effects. An increase in hypersensitivity cases will slow the projected expansion of the propolis market. In the growth of the global market, a significant obstacle will be the need for more standardization among various brands.

Market Opportunities

The propolis market will expand during the forecast period due to various opportunities supported by new product launches and assortments. Participants in the market now have a better chance of increasing their clientele and business thanks to these exercises. Market participants in the global market are anticipated to benefit from profitable development opportunities due to the growing interest in propolis and its development.

Market Scope

Segmental Analysis

Segment By Type

• Beauty Products

This segment includes propolis extract-based beauty products such as facial creams, lotions, serums, and masks. Propolis extract is known for its antioxidant, anti-inflammatory, and antimicrobial properties, making it an attractive ingredient for beauty product manufacturers.

• Supplements

This segment includes propolis extract-based supplements such as capsules, tablets, and powders. Propolis extract supplements are popular among health-conscious consumers who seek natural alternatives to traditional medications and supplements.

• Others

This segment includes propolis extract-based products that do not fall under the above two categories. This may include propolis extract-based food and beverage products, such as honey and energy drinks.

Segment By Application

• Online

This segment includes propolis extract product sales through online channels such as e-commerce platforms and company websites. With the increasing penetration of the internet and the growing popularity of online shopping, this segment is expected to witness significant growth in the coming years.

• Offline

This segment includes propolis extract product sales through traditional brick-and-mortar stores such as pharmacies, health food stores, and supermarkets. Despite the rise of online shopping, many consumers still prefer to purchase health and beauty products in-store, making this segment an important channel for propolis extract product manufacturers.

Regional Analysis

The Global Propolis Extract Products Market is segmented by region as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

North America

The propolis extract products market share in North America is expected to grow at a moderate rate due to increasing awareness among consumers about the benefits of natural products. The United States and Canada are the major markets in this region, with rising demand for dietary supplements and natural products driving growth.

Europe

Europe is expected to dominate the global propolis extract products market demand due to increasing consumer awareness about the benefits of natural and organic products. The major markets in this region are Germany, France, Italy, and the United Kingdom. The market is expected to grow at a moderate rate due to the high penetration of natural products in these countries.

Asia Pacific

The Asia Pacific region is expected to witness significant growth in the propolis extract products due to the rising demand for natural products in countries such as China, India, Japan, and South Korea. The market is expected to grow at a rapid pace due to the increasing health consciousness among consumers and the rising disposable income in the region.

Latin America

Latin America is expected to witness moderate growth in the propolis extract products due to the rising demand for natural and organic products. The major markets in this region are Brazil, Argentina, and Mexico. The market is expected to grow at a moderate rate due to the increasing awareness among consumers about the benefits of natural products.

Middle East and Africa

The Middle East and Africa are expected to witness moderate growth in the propolis extract products due to the increasing demand for natural and organic products. The major markets in this region are Saudi Arabia, South Africa, and the United Arab Emirates. The market is expected to grow at a moderate rate due to the increasing awareness among consumers about the benefits of natural products.

Key Players

1. Bee Health
2. 1839 Ltd
3. ApiHealth
4. Gaia Herbs
5. Cosrx
6. Raw Artisan Honey
7. Hiwell Health Care
8. Now Foods
9. Benton
10. Blackmores
11. Best Naturals

Recent Developments

• The services offered to brand partners will be further enhanced by INW and Bee Health's highly complementary product capabilities and geographic scope.
• The UK's leading developer and manufacturer of nutritional supplements, Bee Health, was acquired by Innovations in Nutrition + Wellness (INW) in 2021.
• In 2021, Comvita Ltd announced a joint venture with the sports and entertainment agency Creative Artists Agency (CAA) and a strategic partnership with Caravan. By creating a celebrity-backed lifestyle brand that will use the natural healing properties of Mnuka Honey and Propolis for topical use, the new collaboration with Caravan will assist in increasing consumer awareness of the advantages of Mnuka Honey and Propolis.