Propolis is a resinous mixture gathered by honeybees in order to seal the unwanted open spaces in the beehive. The composition and color of propolis vary from hive to hive depending on the botanical sources, but dark brown is most common. Market Research Future (MRFR) has recently published a report asserting the global and U.S. propolis market is anticipated to project a steady CAGR of 3.5% during the forecast period of 2015-2021.
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Market Drivers and Restraints
The global and U.S. market for propolis is majorly driven by the rapid expansion of the bee farming industries and increasing demand for propolis in various industries such as pharmaceutical industry, health and food industry, cosmetic industry and others. The medicinal properties of propolis such as antifungal, antibacterial, antiviral and anti-inflammatory have created a wide range of application of propolis in the pharmaceutical industry, which is inducing the demand for propolis in the global and U.S. market.
The use of propolis as a varnish for stringed musical instruments and as a sealant for newly made bridges of those instruments is resulting in increased demand of propolis, leading to the expansion of the global and U.S. propolis market. Some chewing gum manufacturing companies are utilizing propolis to make propolis gum which is increasing the application range of propolis in the food industry.
The expansion of the global and U.S. propolis market is propelled by the increased usage of propolis in the pharmaceutical industry owing to its application in manufacturing antibacterial products for skin diseases and dental products that are used after dental surgeries, and also its immune system boosting properties. The application of propolis in the production of car wax is also fueling the expansion of the global and U.S propolis market.
The key players of the global and U.S. Propolis Market are Apis Flora (Brazil), Comvita (New Zealand), Laprell’s Beehive Products, Inc. (Canada), Sunyata Pon Lee (Brazil), Bee Health Limited (UK), Wax Green (Brazil), Apiário Polenectar (Brazil), Manuka Health New Zealand (New Zealand), Zhifengtang (China), and Hi-Tech Natural Product India Ltd. (India) are some of the key players in the global propolis market.
The increasing research and development expenditure to launch new products in the global market is strengthening the competition among the prominent players of the global and U.S. propolis market. The players in the global and U.S. propolis market are focusing on strategic mergers and acquisitions in order to expand their business to sustain the competitive environment of the global market.
The global and U.S. propolis market has been segmented on the basis of application, industry, and treatment. By application, the propolis market is segmented into food, skin cream, and musical instruments. Based on industry, the propolis market is segmented into pharmaceutical industry, health, and food industry. By treatment, the market is segmented into dental treatment and skin disease.
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Detailed Regional Analysis
The North America region is dominating the propolis market due to the presence of a large number of major propolis manufacturers in this region. The expansion of the propolis market in this region is also influenced by the rapid growth of the bee farming industry in North America. The increasing application of propolis in pharmaceutical and cosmetic industries is fueling the expansion of the propolis market in this region.
The Europe region is considered to be an emerging market for propolis. The increasing research to understand the medicinal properties of propolis is driving the expansion of the propolis market in this region. The market in the Europe region is anticipated to project noteworthy growth during the forecast period.