Market Size of Propolis Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.48 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Propolis Market Analysis
The Propolis Market size is expected to grow from USD 675.46 million in 2023 to USD 881.96 million by 2028, at a CAGR of 5.48% during the forecast period (2023-2028).
The COVID-19 pandemic led to the increased demand for propolis for its functional properties. However, 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 labor power further impacted the production of end products, negatively impacting the propolis market.
Over the long term, 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.
