Market Trends of Propolis Industry
Rising Demand for Supplements Including Antioxidants
The multifunctional attributes of antioxidants, specifically the one inducing younger skin and facial aesthetics, have been primarily drawing consumer interest toward food and beauty products incorporating all sources of antioxidants, including the potentially growing propolis. Researchers have identified more than 300 compounds in propolis, the majority of which are found to be forms of polyphenols. Polyphenols being antioxidants, help fight disease and damage prompted in the body. There has been a rise in demand for various health supplements across the globe over the past few years owing to the increase in awareness of the health benefits provided by the same. For instance, as per the data published by Statistics Canada, in the fourth quarter of 2021, sales of vitamins, minerals, and other dietary supplements totaled over CAD 1.17 billion.
Additionally, propolis contains polyphenols called flavonoids, which constitute a great antioxidant source. More consumers are willing to include antioxidants in their daily intake, and so the growing prevalence of the ingredient in beauty and health supplements, propolis capsules, and extracts is anticipated to gain traction and witness a flourishing growth in sales during the forecast period. For instance, Red Bee Propolis by Natura Nectar is among the well-known propolis supplements claiming to provide one of nature's most powerful antioxidants even higher than super-fruits.
Europe Holds the Largest Market Share
The growing demand for propolis in Europe can be attributed to rising health awareness and its ability to boost the immune system and digestive health and reduce wrinkles among adults. Additionally, propolis is a gluten-free product that can be used by people suffering from celiac disease. As per The Ministry of Health Italy, in 2021, there were about 242 thousand cases of celiac disease across the nation. Such factors also play a crucial role in driving the market studied.
As per the World Bank Data, 18.92% were over 65 in 2021. The rise in the elderly population and the ability to spend more on healthcare products is expected to augment market growth. On account of their nutritional and health benefits, they are widely used to boost immunity. Additionally, based on epidemiological and preclinical studies, propolis has a chemo-preventive activity, which decreases the risk of cancer. As per the data from Cancer Research United Kingdom, every two minutes, someone in the United Kingdom is diagnosed with cancer. The rising cancer incidence among the British people and evidence from clinical studies aid the propolis market growth.
Moreover, the growing consumer interest in certified organic products on account of the rising concerns around the presence of metals, impurities, and microbial contamination has led to various manufacturers labeling the product as organic. For instance, Herbiolys Laboratoire is among the domestic producers and marketers of propolis in France having the product labeled as vegan and organic. Such initiatives by the players have been gaining consumers trust and burgeoning the market growth.
