Propolis Market To Achieve Potentially Significant Gains With Rising CAGR In Forecast Period 2022-2028Posted by Mrudula Anil Karmarkar on March 1st, 2023 The global propolis market size is expected to reach USD 746.4 million by 2028, registering a CAGR of 2.3% over the forecast period, according to a new report by Grand View Research, Inc. The increasing rate of herpes simplex virus type 1 and type 2 is a major factor propelling the market growth. These infections lead to cold sores and blisters, and are often painful, which, in turn, will drive the market. As per the WHO report 2020, genital herpes infection plays important role in spreading HIV infection. The U.S. is among the leading countries that have a larger population with genital herpes. As per a survey carried out by the Centers for Disease Control and Prevention (CDC) in 2022, around 572,000 people were recorded with genital herpes infections. The increasing demand for propolis in the pharmaceutical and healthcare industry is a major factor driving market growth. It is also used in various dermatology products which are used to treat burns, acne, fungal infection, and neurodermatitis. Propolis is also used in the preparation of ointments and cancer treatment as it helps in restricting the growth of cancerous cells and also in their multiplication. The capsules and tablets segment contributed to the highest revenue share of 61.0% in 2021. These are widely preferred by the customers as it is the simplest product type of propolis. Propolis is available in various capsule and tablet forms in the market. These are used to treat various diseases and also help in boosting the immune system. Propolis capsules and tablets are also used as a dietary food supplement. The online distribution channel segment is estimated to register the fastest CAGR of 2.7% from 2022 to 2028. Propolis can be purchased at a low price on an online distribution channel. It also offers various benefits such as discounts, coupon benefits, and other offers. Additionally, a variety of propolis products with different brands can be easily available on an online platform. Hence, the segment is estimated to show growth over the forecast period. North America accounted for the largest revenue share of over 30.0% in 2021 due to the high demand for propolis in the U.S. and Canada. Due to increasing cases of genital herpes in the U.S., its demand is seen rising in this region. The U.S. is among the top leading countries that have the highest cases of genital herpes and other herpes viruses. Also, due to rising import demand, the industry is expected to witness momentous growth over the forecast period. In Asia Pacific, the market is expected to witness a CAGR of 2.7% from 2022 to 2028. This can be credited to the growing demand for propolis in this region. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/propolis-market-report/request/rs1 The increasing demand for propolis in the pharmaceutical and healthcare industry is a major factor driving market growth. It is also used in various dermatology products which are used to treat burns, acne, fungal infection, and neurodermatitis. The product had its application in ointments and cancer treatment as it helps in restricting the growth of cancerous cells and also in its multiplication. Propolis is made by bees from the bud of cone-bearing and poplar trees. It is rarely available in pure form and is generally obtained from beehives. The product is used in the treatment of cold sores, diabetes, and oral mucositis. Owing to this reason its demand is seen increasing in recent years. Hence, the market is anticipated to grow over the assessment period. Propolis Market Report Highlights
An increasing rate of herpes simplex virus type 1 and type 2 is a major factor propelling the market growth. These infections lead to cold sores and blisters and are often painful. As per the WHO report 2020, genital herpes infection plays important role in spreading HIV infection. The U.S. is among the leading countries that has a larger population with genital herpes. As per a survey carried out by the Centers for Disease Control and Prevention (CDC) in 2022, around 572,000 people were recorded with genital herpes infections. As propolis ointment is used to treat cold sores and blisters its demand is expected to witness significant gains over the forecast timeline. Consumers are more inclined toward the product with a rise in health consciousness. Further, improvement in living standards, an increase in health expenditure, a surge in disposable income, and large-scale promotion of processed propolis will boost market growth over the forecast period. Its ability to boost the immune system, reduce wrinkles, and improve digestive health is further driving the market growth. The supply chain was adversely affected due to the Covid-19 pandemic. It created problems for beekeepers and bees. As various countries were in lockdown, bees farmer found it difficult to move their bees from one location to other and also internationally. This resulted in many bees starving to death. Due to this reason, the production of propolis was reduced. The distribution channel of the market also suffered restrain owing to the closure of specialty stores and ban on online delivery during the lockdown. List of Key Players of Propolis Market
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