South Korea Propolis Market Share: Size, Growth, Analysis, Global Trends, Top Companies, Forecast Report 2032
Propolis Market Overview:
Studies have revealed that the global Propolis Market is
expected to grow with a CAGR of 6.23% during the forecast period of 2023-2032. The
propolis market industry is projected to grow from USD 0.637 Billion in 2023 to
USD 1.0336 Billion by 2032. The market forecast report is made based on an
extensive analysis of the current and past market trends.
The South
Korea Propolis Market is experiencing rapid growth driven by the
country's vibrant beauty and wellness industry and consumer demand for natural
and functional ingredients. Propolis, known for its antibacterial and
skin-soothing properties, is a popular ingredient in South Korean skincare
formulations, including creams, serums, and masks. With South Korean consumers
increasingly prioritizing skincare routines and seeking products with proven
efficacy, propolis-based skincare solutions are gaining traction in the market.
Additionally, propolis supplements are witnessing growing popularity among
health-conscious consumers in South Korea, further contributing to the market's
expansion. Thus, South Korea emerges as a key market for propolis suppliers
aiming to tap into the Asia-Pacific region's thriving beauty and wellness
market.
Propolis is a resin-like mixture that is produced due to the
mixing of beeswax and bee-saliva with secretions collected from different parts
of plants like buds, flowers, or sap.
Due to its anesthetic and antioxidant properties, there is
high demand for Propolis in the pharmaceutical sector across the globe.
During the COVID-19 pandemic, the growth of Propolis Market
was severely hampered due to strict lockdown. Production of Propolis was
low due to lesser transportation facilities and the non-availability of
laborers. But the global Propolis Market Value is estimated to reach high in
the coming years due to the growth of the pharmaceutical sector in every region
of the world.
Lack of standardization of different Propolis Brands is an
important challenge and would hamper the growth of this sector. Due to the lack
of transparent information, consumers would hesitate in buying ointments or
other products with Propolis as a constituent. This will affect the global
market of Propolis negatively.
Key Players:
The global Key Propolis Market Players attempting to
increase market demand by investing in research and development operations
include Apis Flora (Brazil), Sunyata Pon Lee (Brazil), Bee Health Limited (UK),
Zhifengtang (China), Laprell's Beehive Products, Inc. (Canada), Apiário
Polenectar (Brazil), Comvita (New Zealand), Wax Green (Brazil), Manuka Health
New Zealand (New Zealand), and Hi-Tech Natural Product India Ltd. (India).
Market Segmentation:
The global Propolis Market is huge and it is segmented based
on various factors such as region, application, product types, and distribution
channels.
Based on the product type, the market is divided into
tablets & capsules, creams, liquid, and others.
Based on the distribution channel, the market is divided
into Online Retail Stores and Online Retail stores. The Offline retail stores
are again sub-divided into pharmacies, supermarkets, and others.
Based on application, the market is divided into cosmetic,
pharmaceutical, and food sectors.
Industry News:
The key players of the global Propolis Market
are going for joint ventures, acquisitions, and new product launches which
contribute to the steady growth of the market.
Comvita Ltd had announced a partnership with Caravan in 2021
which will lead to the formation of a new lifestyle brand using propolis. This
joint venture also aims at making consumers aware of the benefits of propolis.
INW (Innovations in Nutrition + Wellness) had acquired Bee
Health (UK), a leading manufacturer of nutritional supplements in 2021.
Lehning Laboratories had come up with its new organic
supplement brand, Propolis da Baccharis in 2019. There are two ranges of
products under this brand- Api Spray and Propomax.
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