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Pharmacy benefit management market
PROPOLIS MARKET REPORT OVERVIEW
The global Propolis market size was valued at USD 516.2 million in 2019 and will reach USD 689.8 million by 2026, exhibiting a CAGR expansion of 4.2% during the forecast period.
Propolis is a resinous substance collected by bees from tree buds, sap flows, or other botanical sources. Bees use propolis to seal gaps in the hive, reinforce its structure, and protect against predators and pathogens. It has been used for various medicinal purposes for centuries due to its purported antibacterial, antiviral, antifungal, and anti-inflammatory properties. Propolis contains a complex mixture of substances, including beeswax, essential oils, pollen, amino acids, vitamins, minerals, and various bioactive compounds. These compounds may contribute to its therapeutic effects.
The health and wellness sector is experiencing significant growth as more people prioritize preventive healthcare and overall well-being. Propolis, with its potential health benefits and medicinal properties, is gaining traction as a valuable ingredient in various health and wellness products, driving market expansion.
COVID-19 Impact: Market Faced a Rise in Demand Due to Growing Preference for Natural Health Solutions During the Pandemic
The global COVID-19 pandemic has been unprecedented and staggering, with the Propolis market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The pandemic has accelerated the trend towards natural health solutions, driven by concerns about synthetic medications and a desire for holistic approaches to wellness. Propolis, as a natural product with purported medicinal benefits, has benefitted from this shift in consumer preferences.
Latest Trends
"Integration with Emerging Technologies to Make Market More Efficient"
The Propolis market is as dynamic as any other market. Manufacturers are developing innovative formulations and delivery methods for propolis-based products to enhance efficacy and consumer convenience. This includes incorporating propolis into various formats such as capsules, tablets, tinctures, sprays, creams, and serums for different applications ranging from dietary supplements to skincare.
Propolis Market Segmentation
By Type Analysis
According to type, the market can be segmented into supercritical extraction CO2 (SFE), ethanol extracted propolis (EEP), glycol extracted propolis (GEP), and others.
- Supercritical Fluid Extraction (SFE) with CO2: Supercritical fluid extraction is a method that uses supercritical carbon dioxide (CO2) as a solvent to extract bioactive compounds from natural materials, including propolis. In this process, CO2 is pressurized above its critical temperature and critical pressure, resulting in a supercritical fluid state with properties of both a liquid and a gas. This state allows CO2 to penetrate the raw propolis material and dissolve its desired compounds, which are then separated upon depressurization. SFE with CO2 is considered a clean and efficient extraction method, yielding high-quality propolis extracts with minimal solvent residue.
- Ethanol Extracted Propolis (EEP): Ethanol extraction involves soaking the raw propolis material in ethanol (or sometimes another alcohol solvent) to dissolve its bioactive compounds. The mixture is then filtered to remove insoluble impurities, and the solvent is evaporated to obtain the propolis extract. Ethanol extraction is a widely used method due to its simplicity, cost-effectiveness, and ability to extract a wide range of compounds from propolis. However, it may result in the loss of some heat-sensitive or polar compounds and can leave behind residual ethanol in the final extract.
- Glycol Extracted Propolis (GEP): Glycol extraction involves using glycol solvents, such as propylene glycol or polyethylene glycol, to extract propolis compounds from the raw material. Similar to ethanol extraction, the propolis is immersed in the glycol solvent, allowing the desired compounds to dissolve. The mixture is then filtered, and the solvent is evaporated to obtain the propolis extract. Glycol extraction is valued for its ability to extract a wide range of bioactive compounds from propolis while offering advantages such as lower toxicity and improved stability compared to ethanol.
By Application Analysis
Based on application, the market can be divided into food industry, cosmetic industry, pharmaceutical industry, and others.
- Food Industry: Propolis extracts or powders are used as natural additives in functional foods and beverages to enhance their nutritional value and health benefits. Propolis may be incorporated into energy bars, granola bars, beverages, honey blends, and dietary supplements to provide antioxidant support and potential immune-boosting effects.
- Cosmetic Industry: Propolis is a popular ingredient in skincare formulations due to its antioxidant, antimicrobial, and anti-inflammatory properties. It is used in various skincare products such as creams, lotions, serums, masks, and cleansers to help soothe irritated skin, protect against environmental damage, promote skin regeneration, and address acne or other skin conditions.
- Pharmaceutical Industry: Propolis is utilized in pharmaceutical formulations for its potential therapeutic properties. It may be formulated into oral supplements, throat lozenges, cough syrups, and topical ointments or creams for wound healing, immune support, respiratory health, oral care, and dermatological conditions.
Driving Factors
"Growing Demand for Natural and Functional Ingredients have Increased Demand in the Market"
Consumer preferences are shifting towards natural and functional ingredients in food, cosmetics, and pharmaceutical products. Propolis, with its rich composition of bioactive compounds, antioxidants, and antimicrobial properties, is increasingly sought after as a natural ingredient that can provide health benefits and functional properties in these industries. Consumers are increasingly seeking products with natural ingredients due to concerns about synthetic chemicals and their potential health effects. Propolis, being a natural resinous substance collected by bees from plants, aligns with this preference for natural ingredients. Its perceived purity and origin from nature make it attractive to consumers seeking natural alternatives in various products. The growing demand for natural and functional ingredients serves as a catalyst for the propolis market, driving innovation, product diversification, and market expansion across various industries. As consumer preferences continue to evolve towards clean label, natural, and health-promoting products, propolis is poised to remain a key ingredient of interest for manufacturers and consumers alike.
"Increasing Awareness of Health Benefits have Influenced the Demand in the Market"
Research into the health-promoting properties of propolis, including its potential antioxidant, anti-inflammatory, antimicrobial, and immune-boosting effects, has contributed to rising consumer awareness. As consumers become more informed about the potential health benefits of propolis, they are more likely to seek out products containing this ingredient, driving demand across different sectors. Increasing awareness of the health benefits of propolis contributes to consumer demand for propolis-based products across various industries, driving market growth and innovation. As research continues to uncover the therapeutic potential of propolis and consumer education efforts expand, the propolis market is expected to continue to thrive. In this way this factor resulted in Propolis market growth.
Restraining Factor
"Quality Control Challenges lead to a Declining Trend in the Market "
Ensuring consistent quality and purity of propolis extracts can be challenging due to natural variations in raw materials, extraction methods, and processing techniques. Quality control issues, such as contamination, adulteration, and variability in bioactive compound content, can undermine consumer confidence and hinder market growth.
Propolis market Regional Insights
"North America Region Dominates the Market owing to Growing Consumer Awareness"
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
North America has the largest Propolis market share as it has been a significant increase in consumer awareness of natural health remedies and functional ingredients in North America. As consumers become more health-conscious and seek alternatives to synthetic products, there is a growing demand for natural supplements and health products like propolis. North America is home to many research institutions, universities, and companies conducting research on natural health products. The region has a robust scientific community exploring the potential health benefits of propolis, leading to the development of innovative products and formulations. Expanding Health and Wellness Industry: The health and wellness industry in North America is thriving, driven by trends such as preventive healthcare, holistic wellness, and clean living. Propolis fits into this trend as a natural ingredient with purported health benefits, leading to its incorporation into dietary supplements, functional foods, cosmetics, and other health products. North America has well-established regulatory frameworks governing the production, labeling, and marketing of dietary supplements, cosmetics, and food products. This provides consumers with confidence in the safety and quality of propolis-based products, facilitating market growth. North America has a diverse population with varied health needs and preferences. Propolis appeals to a wide range of consumers seeking natural solutions for immune support, skincare, oral health, and other wellness concerns, contributing to its market dominance in the region.
Key Industry Players
"Key Players Focus on Product Development and Quality Assurance for Market Expansion"
Key players invest in research and development to develop innovative propolis-based products tailored to consumer needs and market trends. This includes formulating dietary supplements, functional foods, beverages, cosmetics, skincare products, oral care products, and pharmaceuticals incorporating propolis as an active ingredient. Key players prioritize quality assurance and compliance with regulatory standards to ensure the safety, efficacy, and legality of their propolis-based products. This involves implementing rigorous quality control measures, testing for purity and potency, and adhering to regulations governing labeling, packaging, and marketing of dietary supplements, cosmetics, and food products. Key players leverage their distribution networks and partnerships to expand their market reach and make propolis-based products accessible to consumers worldwide. This may involve distributing products through retail channels, e-commerce platforms, healthcare practitioners, and direct sales channels to reach diverse consumer segments and geographic regions.
List of Market Players Profile
- Zhifengtang(China)
- Wang's(U.S.)
- Bricaas(China)
- Baihua(China)
- Beewords(Ireland)
INDUSTRIAL DEVELOPMENT
September 2021: Comvita Ltd has unveiled a strategic collaboration with Caravan, a venture formed in conjunction with the renowned entertainment and sports agency, Creative Artists Agency (CAA). This partnership aims to elevate consumer understanding of the advantages offered by Mānuka Honey and Propolis. Through the establishment of a lifestyle brand endorsed by celebrities, the alliance with Caravan seeks to harness the inherent healing properties of Mānuka Honey and Propolis for topical applications.
Report Coverage
The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others.
Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 516.2 Million in 2019 |
Market Size Value By |
US$ 689.8 Million by 2026 |
Growth Rate |
CAGR of 4.2% from 2019 to 2026 |
Forecast Period |
2022-2026 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the Propolis market expected to touch by 2026?
The Propolis market is expected to touch USD 689.8 million by 2026.
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What CAGR is the Propolis market industry expected to exhibit during 2022-2026?
The Propolis market is expected to exhibit a CAGR of 4.2% over 2022-2026.
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What are the factors which help in pushing the Propolis market?
Growing demand for natural and functional ingredients and increasing awareness of health benefits are the driving factors of the Propolis market.
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What are the Propolis market segments?
The Propolis market segmentation that you should be aware of, which includes, Based on type the Propolis market is classified as supercritical extraction CO2 (SFE), ethanol extracted propolis (EEP), glycol extracted propolis (GEP), and others. Based on application the Propolis market is classified as food industry, cosmetic industry, pharmaceutical industry, and others.