May 27, 2022 02:55 ET | Source: Market Research Future Market Research Future

New York, New York, UNITED STATES

New York, US, May 27, 2022 (GLOBE NEWSWIRE) -- Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Propolis Market Information by Product Type, Category, Distribution Channel, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 845.5 million by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 6.23% during the review timeframe.

Propolis is one of the most natural resinous mixtures that is developed by honey bees from different substances that are collected from parts of buds, exudates and plants. Given its waxy nature as well as mechanical properties, bees make use of propolis in the repair and construction of their hives to seal the openings as well as cracks while smoothening out internal walls and also as a protective layer against invaders such as lizards, snakes, and so forth. It also helps protect against weathering threats including rain and wind.

At present, propolis’ key antimicrobial applications are the formulations used in cold syndrome (common cold, flu-like infections and upper respiratory tract infections), treatment of acne, burns, genitalis, neurodermatitis, and herpes simplex along with wound healing.

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The prominent vendors in the propolis market are:

The world over, billions of patients are affected by herpes infections, with most of them suffering from genital or oral herpes. These kinds of infections can result in often painful cold sores or blisters. These infections can lead to more deadly disorders.

A recent report by the World Health Organization (WHO) asserts that genital herpes infection is the leading cause of HIV spread globally. The United States has the highest population affected by genital herpes. The Centers for Disease Control and Prevention (CDC) says that there were around 685,000 new genital herpes cases in the United States in 2020. Despite researchers constantly working on achieving vaccines or cures for the ailment, there is still no effective result till date. Additionally, mounting consumer awareness with regard to the dreadful impact of the virus is enhancing the demand for propolis for use as an ointment for healing blisters as well as cold sores.

A notable trend that is bolstering business growth is the heightened prominence and popularity of online shopping among consumers and the emergence of new user-friendly food ordering apps. Most of the online channels are extremely convenient, and offer numerous options to the consumers. Consumers are progressively going for online shopping, considering numerous features as well as the convenience factor. A vast population is now buying food products from various online channels, a trend that is fostered by the surging internet penetration as well as the drastic rise in smartphone usage.

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A major challenge while buying propolis remains the lack of standardization in the available brands. Several brands confirm that their products are made using 20% pure Propolis, but this still does not tell the consumer of the quality of that 20%. This drawback with regard to information transparency can restrain the market growth in the years to follow.

The COVID-19 outbreak has created huge pressure among hypermarkets, supermarkets, food suppliers, and convenience stores worldwide. This has resulted in a much higher sales of a variety of immunity-boosting foods including propolis, given the stockpiling of various shelf-stable foods among panic-stricken consumers. This stockpiling practice led to a sudden spike in the market value for propolis in 2020, thereby stabilizing the growth.

Furthermore, bee farmers are finding it tough to move bee boxes from one point to another, given the lockdown measures and the restrictions on movements. This has led to bees starving and ultimately dying. This has brought down bee pollination as well as the production of propolis. In addition, availability of lower labor power has further negatively impacted the production of various end products, ultimately leading to slowed-down growth of the propolis market.

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Product types covered in the study are Extract, Spray, Capsules & Tablets, and more. The highest gainer in the market will be the capsules and tablets segment.

Categories studied in the report are Alcohol-Based as well as Alcohol-Free.

Distribution channels are Store-Based (Convenience Stores, Supermarkets & Hypermarkets, and more) along with Non-Store-Based. On one hand, maximum growth will be shown by the store-based channels, on the other hand, the highest growth rate will be captured by the non-store-based channels.

The booming sale of propolis in North America can be the result of the surging health awareness and the product’s ability to foster digestive health, reduce wrinkles and immune system among adults. Additionally, since propolis is gluten-free that can be consumed by those that suffer from coeliac diseases, its demand has risen considerably over the years. Currently, in the United States, more than 30% of the overall population is above the age of 65 years. The expanding elderly populace, coupled with the consumers’ ability to expend heavily on healthcare products, can elevate the market position. Various preclinical and epidemiological studies have revealed that propolis contains a chemo-preventive activity that help reduce the risk of cancer. The surging cases of cancer in the region are enhancing the need for propolis, giving a boost to the market growth rate.

Asia Pacific will be achieving the fastest growth rate in the years to come, as more and more firms continue to adopt strategies like joint ventures, mergers and partnerships to uplift their positions in the market. In the past couple of years, boosting presence in emerging countries has been a major strategy behind most of the international companies. Meanwhile, China is currently in the lead in the region, sourcing propolis from Brazil and Australia to develop healthcare products. This will help encourage the growth of the propolis market in the region over the next few years.

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