Global Propolis Market Is Expected To Be Driven By Increasing Demand For Propolis From Various Industries For A Wide Range Of Application
Pune, Maharashtra, Jun 11, 2019 (Wired Release) Prudour Pvt. Ltd. – Propolis is a resinous mixture collected from buds of poplar and cone-bearing trees by honeybees and is also known as bee glue. Propolis is a mixture of saliva and beeswax with extrude gathered from botanical sources like tree buds, sap flowers and more. Interestingly, it is a complex composition of more than 200 substances which have been identified as having known potential biological effects, including active organic chemical compounds such as flavonoids, aromatic acids, amino acids and essential oils. Propolis is rarely available in pure form. It consists of ingredients that have advantageous effects on human health, owing to which, it is gaining tremendous popularity worldwide. Cosmetic and personal care products market is expected to be one of the driving factors for the growth of the Global Propolis Market, foreseeing propolis as an ingredient that has detoxifying and sanitising effects.
The Global Propolis Market was valued at US$ 41.1Mn in 2018 and is expected to reach US$ 60.9Mn by 2028 at a CAGR of 4.0%. Robust growth of cosmetic and personal care products cosmetic product market across various regions, as manufacturers incorporate propolis in these products is boosting the growth of global propolis market. In addition to this, increasing demand for propolis from various industries for a wide range of application is one of the key factors positively influencing the growth of the propolis market globally.
Furthermore, augmented demand for propolis in the pharmaceutical and healthcare sector due to its antimicrobial and detoxifying properties is one of the major reasons driving the growth of global propolis market during the forecasted period. However, shortage in bees and honeycomb in the market, due to several reasons, is directly related to a shortage in supply and has led to increased prices of propolis. This might impede the growth of the propolis market during the forecasted period. Nonetheless, increasing demand in the healthcare sector, coupled with personal care products, is expected to drive the growth of the over the forecasted period.
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Global Propolis market is segmented based on product type, applications and region. On the basis of product type Supercritical Extraction CO2 (SFE), Ethanol Extracted Propolis (EEP), Glycol Extracted Propolis (GEP) and others. Ethanol Extracted Propolis (EEP) segment accounts for the majority share in the global propolis market, and also it is expected to register the highest growth rate over the forecast period. On the basis of the end-user market is segmented into, food, cosmetics, pharmaceuticals, and others and Pharmaceuticals accounts for a majority share in the global propolis market.
Based on the region, the market is segmented into North America, Europe, Asia Pacific and rest of the world. Rest of the world accounts for the majority share in the global propolis market with the Asia Pacific registering highest growth rate in the region owing to robust growth in end-use industries in the region. North America and Europe are expected to register stable growth over the forecast period. The research report on the global propolis market includes profiles of some of the major companies such as Comvita Limited, Manuka health, Apis Flora Industrial E Comercial, Zhejiang Jiangshan Hengliang Bee Products Co, Ltd, Kings Gel, Uniflora Apicultores Associados Ltda and Bee Health Limited.