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Marketing & Advertising
Market Research Future (MRFR) asserts that the global propolis market is anticipated to demonstrate a healthy CAGR during the forecast period (2018-2023) owing to its augmenting demand in the healthcare sector. Also termed as bee glue, propolis is referred to as a resinous substance which is generally obtained from honeybees and contains active organic chemical compounds like essential oils, flavonoids, amino acids, and aromatic acids. Being antiviral, antibacterial, anti-inflammatory, and antifungal, propolis is extremely used to treat abscesses and heal wounds.
Market Potential and Pitfalls
With the augmenting demand for propolis in the healthcare sector, the market is likely to foster throughout the assessment period. Propolis is extensively used in treating cancer of the throat and nose owing to its anticancer and anti-tumoral properties. The product is highly used to treat chronic diseases like tuberculosis and cancer including other diseases such as cold sores, canker sores, upper respiratory tract infections, oral mucositis, and ulcers. Such factors are likely to offer an impetus to the market growth in the coming years. Propolis extract is also used in several cosmetic products like lotions, anti-acne soaps, shampoos, and anti-dandruff conditioners. It is also used as an anti-acne, anti-aging, moisturizing, and conditioning agent. Consumers are inclined towards personal care and well-being products which fuel the market growth globally. Moreover, with the increasing use of propolis in the food and beverage sector as food preservation and as an antioxidant, the market is anticipated to boom. The market is also driven by the development and advancements made in the harvesting technology which results in improved production. Increasing focus on R&D results to innovation in propolis harvesting that further leads to increased quality and quantity of the final product.
Global Propolis Market: Segmental Analysis
The global propolis market has been segmented on the basis of application and end-use industry.
By mode of application, the global propolis market has been segmented into preservative, antioxidant, haircare, skincare, medical, and others.
By mode of end-user industry, the global propolis market has been segmented into food & beverage, healthcare, personal care & cosmetics, and others. Among these, the healthcare and personal care & cosmetics segment occupies a significant share in the global market. While in the healthcare sector, propolis is extensively used to treat cancer and other chronic diseases, the product is used to make several cosmetic products such as lotions, anti-acne soaps, shampoos, and anti-aging products in the personal care & cosmetics segment.
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