Propolis Market Analysis:

The global Propolis Market will touch USD 1.0336 billion at a 6.23% CAGR by 2032, as per the recent Market Research Future report.

Drivers:

Increasing Adoption in Healthcare Industry to Boost Market Growth

The increasing adoption of propolis in the healthcare sector will bolster market growth in the forecast period. Propolis is used in different dermatology products that are used for treating acne, burns, neurodermatitis, and fungal infection. It is also used in cancer treatment and ointments as it works wonders to restrict cancerous cells’ growth as well as in the multiplication.

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Opportunities:

Organic and Natural Trend to offer Robust Opportunities

The increasing organic and natural trend will offer lucrative opportunities for the propolis market in the forecast period. As consumers seek organic and natural products, a natural resin, propolis produced by bees align with such trends thus impacting the market revenue favorably.

Restraints and Challenges:

Lack of Standardization to act as Market Restraint

The lack of standardization and side effects in some cases may act as market restraints over the forecast period.

Market Segmentations:

The global propolis market is bifurcated based on distribution channel, category, and product type.

By product type, capsules and tablets will lead the market over the forecast period.

By category, alcohol-free will domineer the market over the forecast period.

By distribution channel, store-based will spearhead the market over the forecast period.

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COVID-19 Analysis:

The COVID-19 epidemic possessed a negative impact on the propolis market with beekeepers facing challenges due to supply chain disruptions. Its distribution channel too was impacted negatively as specialty stores had to close down and restrictions had been laid on online deliveries at the time of the lockdown. Such constraints hindered the smooth flow of the propolis products to the customers, exacerbating the challenges that the industry faced during the epidemic.

Regional Analysis:

North America to Spearhead Propolis Market

North America will spearhead the propolis market over the forecast period as it is highly sought-after both in Canada and the US alike. Rising prevalence of the genital herpes within the US has boosted its need in this area. One amid the leading nations having utmost rates of herpes especially genital herpes is the US. Besides, rising import demand, increase in disposable income, and rising incidences of cancer are also favoring market growth in this region.

Key Players:

Eminent industry players profiled in the global propolis market report include Apis Flora (Brazil), Bee Health Limited (UK), Apiário Polenectar (Brazil), Wax Green (Brazil), Zhifengtang (China), Comvita (New Zealand), Laprell’s Beehive Products, Inc. (Canada), Manuka Health New Zealand (New Zealand), Sunyata Pon Lee (Brazil), Sunyata Pon Lee (Brazil), and Hi-Tech Natural Product India Ltd. (India).

Key players have incorporated several strategies to stay head and shoulders above others such as mergers, geographic expansions, new product development, acquisitions, partnerships, to name a few.

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