Propolis Market Outlook
According to a recent analysis from Market Research Future, the global propolis market is expected to reach USD 700 million by 2024, growing at a 6% CAGR (MRFR). Bees make propolis, which aids in wound healing, infection prevention, and more. It has extensive applications, including medical, skincare, haircare, antioxidant, preservative, and others.
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Market Segmentation
The MRFR report gives an inclusive segmental analysis of the global propolis market report based on end use industry and application.
By application, the global propolis market are segmented into medical, skincare, haircare, antioxidant, preservative, and others.
By end user industry, the global propolis market are segmented into personal care and cosmetics, healthcare, food and beverage, and others. Of these, personal care and cosmetics & healthcare segment will dominate the market over the forecast period
Regional Analysis
Based on the region, the global propolis market industry report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), Latin America & the Middle East, and Africa. Of these, the APAC region is predicted to dominate the market over the forecast period. Burgeoning demand in the healthcare sector, increasing use in different beauty products, and accelerating demand for personal care products are adding to the global propolis industry growth in the region. India, South Korea, Singapore, Japan, and China have the maximum share in the region. According to the head of the Biotechnology department of the Indian Institute of Technology in Delhi, the natural compounds present in Propolis have the potential of being an effective COVID-19 preventive drug, which may have a positive effect on the market growth in the region.
The global propolis market in North America are predicted to have sound growth over the forecast period. Burgeoning demand for propolis in the healthcare sector & personal care and cosmetics for the growing preference for natural products is adding to the global propolis market growth in the region. The US has the maximum share in the region for the high consumption and large-scale production of cosmetic products.
The global propolis market industry in Europe is predicted to have healthy growth over the forecast period while in Latin America, and the MEA is predicted to have steady growth over the forecast period.
Key Players
Leading players profiled in the global propolis market report include Sunyata Pon Lee (Brazil), Arataki Honey Ltd (New Zealand), Shaanxi Rebecca Bio-Tech Co. Ltd (China), Natures Goodness (Australia), Hi-Tech Natural Product India Ltd (India), the Propolis People (South Africa), Laprell's Beehive Products Inc. (Canada), Herbaland Naturals Inc. (Canada), Comvita (New Zealand), Pharma Base SA (Switzerland), B Natural SRL (Italy), and Bee Health Limited (UK). Industry players have incorporated several strategies to create a niche in the market and cater to the consumers growing needs. These include yet are not restricted to acquisitions, mergers, joint ventures, partnerships, collaborations, new product launches, new product development, strategic alliances, contracts, geographic expansions, and more.
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