Market Research Report
Propolis Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Propolis Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
Published: May 13, 2021
Mordor Intelligence Pvt Ltd
Content info: 118 Pages
Delivery time: 2-3 business days
The global propolis market was valued at USD 607.10 million in 2020 and it is expected to register a CAGR of 5.48% during the forecast period 2021-2026.
The supply chain of the market studied was vastly affected by the falling production of propolis as an ingredient. The COVID-19 lockdown has presented a peculiar problem for beekeepers and bees. As countries go into extended lockdowns, the movement of non-essential vehicles has come to a standstill. Consequently, bee farmers found it difficult to move their bee boxes from one place to another, both cross-country and internationally, which resulted in bees starving to death. This reduced bee pollination and the production of propolis. Moreover, the availability of limited labour power further the production of end products.
Propolis intake strengthens the immune system, simultaneously serving as an antioxidant, anesthetic, and wound healer, which makes it an important component of the pharmaceutical sector.
One of the challenges while purchasing Propolis is the lack of standardization across available brands. Many brands state they are made from 20% pure Propolis, however this does not inform the consumer of the quality of that 20%. Such a drawback in information transparency might restrain the growth of the market.
Rising rate of herpes simplex virus type 1 and type 2
Globally, billions of people are living with herpes infections, and are affected by oral as well as genital herpes. These infections can lead to frequent, often painful, blisters or cold sores. These infections can cause more deadly diseases. According to a recent report launched in May 2020 by the World Health Organization (WHO), genital herpes infections play a substantial role in the spread of HIV globally. The United States is among the leading population with genital herpes. According to the Centers for Disease Control and Prevention (CDC), there were close to 572,000 new cases of genital herpes infections in the United States in 2019. Although researchers are continuously working on finding vaccines or proper cures to the ailment, still there is no proper result obtained till date. Moreover, the surging consumer awareness regarding the dreadful effects of this virus is contributing to the growth of propolis as an ointment to heal blisters and cold sores.
Europe holds a Largest Market Share
The growing demand for propolis in Europe can be attributed to the rising health awareness and its ability to boost the immune system, digestive health, and reducing wrinkles, among adults. Additionally, propolis is a gluten-free product, which can be used by people suffering from coeliac diseases. At present, in the United Kingdom, around 20% of the total population is aged above 65 years. The rise in the elderly population, along with the ability to spend more on healthcare products, is expected to augment the market growth. On account of their nutritional and health benefits, they are widely being used to boost immunity. Based on the epidemiological and preclinical studies, propolis has a chemo-preventive activity, which decreases the risk of cancer. As per the data from the Cancer Research UK, every two minutes, someone in the United Kingdom is diagnosed with cancer. The rising incidence of cancer among the British people and evidence from clinical studies aid the propolis market growth.
The use of propolis is taking place at an enlarged scale since the disclosing of associated healthcare benefits. The manufacturers from countries like Brazil, New Zealand, China, Russia, and Turkey are introducing the extraction of propolis at industrial scale and the products are visible in the market in the form of capsules, sprays, and extracts. The major players of the market are Comvita, Wax Green, Apis Flora, Apiario Polenectar, and MN Propolis. The strategy for partnerships, joint ventures, and mergers has been the crucial strategy behind the development of these companies in the global market scenario. Over the past few years, expanding the market presence to emerging economies has been a key strategy behind the growth of major companies.