The milk thistle market size is projected to be valued at USD 97.47 million in 2023 and is expected to rise to USD 316.35 million by 2033. The sales of milk thistle are expected to expand at a significant CAGR of 8.3% during the forecast period.
Various Factors Propelling the Demand for Milk Thistle are:
| Attributes | Details |
|---|---|
| Milk Thistle Market CAGR | 8.3% |
| Milk Thistle Market Valuation (2023) | USD 97.47 million |
| Milk Thistle Market Valuation (2033) | USD 316.35 million |
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The milk thistle market was valued at USD 90 million in 2022, recording a CAGR of 8.0% in the analysis period of 2018 to 2022.
Milk thistle has been used for over 2,000 years for its medicinal properties, especially for liver disease. The plant originally originated in the Mediterranean region, but is now cultivated in other parts of the world. Silymarin, the active ingredient in milk thistle, has been extensively studied for its anti-inflammatory, antioxidant, and anti-cancer properties.
Milk thistles have grown in popularity over the years and are now commonly used as a natural remedy for liver disease.They also provide other health benefits such as detoxification and immune system support.
Looking ahead, the milk thistle market is expected to continue to grow, driven by increasing consumer preference for natural remedies and trends toward health and wellness. The use of milk thistle in combination with other herbs as an adjuvant to treat various chronic diseases is expected to further contribute to the market growth.
The convenience and affordability of consuming RTE milk thistle products, private label, and processed milk thistle seeds are expected to increase their popularity among consumers.
With the growing popularity of botanical products, several new players are expected to enter the milk thistle supplement market. Milk thistle extracts have emerged as one of the most popular options for meeting the market's growing demand for natural and effective skincare products.
Consumers' increasing desire for anti-aging and anti-inflammatory properties has propelled market demand for milk thistles.
Considering the above-mentioned factors, FMI opines that the milk thistle market is predicted to value at USD 316.35 million by 2033, recording a progressive growth trajectory of 8.3% in the forecast period from 2023 to 2033.
Consumer preferences are shifting toward spending on food goods that are right for them as a result of the growing clean-label trend. This is a trend that refers to eating foods that are high in nutrients.. Milk thistle’s nutrition profile has earned place in the clean label category as a generally approved ingredient.
According to the Report, an Increase in the Population of Specific Age Group is Emerging as a Significant Factor Driving Market growth.
According to the UN's World Population Prospects 2019 study, the number of people aged 40 to 59 was estimated to be 17,83,309 in 2019. This population is expected to grow to nearly 20,46, 991 by 2050, potentially increasing demand for anti-aging products and creating a favorable growth environment for the milk thistle industry.
Milk Thistle Products are Gaining Popularity in the Market as the Number of Online Pharmacies Filling Prescriptions iIncreases.
The market demand for milk thistle is fueled by the rise of e-commerce websites. During the forecast period, traditional distribution channels such as modern retailers and drugstores are expected to lose 2% of market share due to the shift to e-commerce channels and changes in consumer buying habits.
In recent years, customers have been looking for herbal treatments for specific ailments, which has increased the demand for online sales of these herbs. Given the high discount rates on these products and the constantly expanding range of options for consumers, the number of online sales for these products has increased dramatically in recent years. Manufacturers around the world have implemented online sales strategies to increase milk thistle sales and reach a global audience.
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Milk thistle demand has increased due to the growing demand for herbal supplements in the United Kingdom. The market share in the United Kingdom is expected to be 28%. Milk thistles are in high demand in this area due to increased athletic activity and athletes' use of health supplements to boost stamina and immunity.
Milk thistle's effectiveness in cosmetics has significantly improved over time, resulting in increased demand in these areas. Due to a significant increase in diabetic cases worldwide, the demand for herbal treatments to treat the disease in these regions has increased significantly. As a result, milk thistle is popular in the market.
Latin American milk thistle market is expected to hold a CAGR of more than 6% between 2023 and 2030. According to the report, this is due to an increase in the use of milk thistle plants in tea, food supplements, and infusions. The region is also plagued by a high prevalence of liver diseases, particularly in countries such as Brazil and Mexico.
According to the World Health Organization, in developing countries, nearly two-thirds of the population uses herbal medicines as a part of their healthcare. The use of herbs is common to all indigenous medical systems as well as Ayurvedic, homeopathic, naturopathic, traditional Oriental, Chinese, and traditional American Indian systems.
The growing popularity of Ayurvedic centers and traditional practices has increased the demand for milk thistles. The continued increase in consumption of Ayurvedic tea in these regions has fueled the demand for milk thistle extract in the market.
The increasing number of cases of fatty liver disease, hepatitis and cancer in these regions has led to a demand for herbal remedies, boosting the demand for milk thistle in the market.
With its relatively simple manufacturing process and ease of availability, the capsule segment is estimated to value at USD 90 million by 2032. Capsules do not rely on complex formulations like other types of medication. During the forecast period, the powder & granule segment is also expected to expand at a reasonable CAGR. This growth is primarily attributed to the powdered form's high absorbability when compared to other forms, which may be beneficial for segmental growth.
Pharmacy has been the preferred choice among consumers worldwide for purchasing milk thistle supplements, with sales recorded USD 43.9 million in 2022. These profitable sales channels for milk thistle supplements include the most recent product launches in a variety of flavors
There has been a significant increase in drug stores in emerging nations, in line with government efforts to improve care provision, which is expected to favor prospects of the milk thistle supplements market.
The milk thistle sales from supermarket/hypermarkets is predicted to surpass by USD 90 million by 2032. The availability of milk thistle supplements in supermarkets and hypermarkets has increased over the years due to growing demand and awareness about the health benefits of milk thistle. The ease of accessibility and convenience of purchasing supplements from supermarkets and hypermarkets has also contributed to the growth of this distribution channel.
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The milk thistle market is highly competitive and fragmented, with a large number of players operating in the market. Some of the key players in the market include Gaia Herbs, Inc., Nature's Bounty Co., Now Foods, Jarrow Formulas, Inc., Himalaya Drug Company, Swanson Health Products, Liver Health Connection, LLC, Herb Pharm, LLC, Natural Wellness, Inc., and Bio Botanica, Inc.
These companies are focusing on various growth strategies, such as product launches, partnerships, and collaborations, to strengthen their market position. For instance,
Companies are also investing in research and development activities to develop innovative and effective milk thistle products. For example, in September 2020, Jarrow Formulas, Inc. announced the launch of its new milk thistle extract product, which uses a proprietary extraction technology to enhance the bioavailability of active ingredients.
Companies are also expanding their distribution networks to increase their market reach. For instance, in June 2021, Himalaya Drug Company announced the expansion of its distribution network in the United States through a partnership with Albertsons Companies, Inc. to sell its range of herbal supplements, including milk thistle, in its supermarkets and pharmacies.
Overall, the competitive landscape in the milk thistle market is expected to remain highly competitive and dynamic, with companies adopting various strategies to increase their market share and meet the growing demand for natural and herbal remedies.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | The United States, Canada, Germany, The United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Türkiye, Northern Africa, and South Africa |
| Key Segments Covered | Form, Distribution Channel, Region |
| Key Companies Profiled | Nature's Bounty Co.; Sundown Naturals; Jarrow Formula Inc.; 21st Century Healthcare Inc.; Puritan's Pride; Swanson Health Products; Bio-Botanica Inc.; Blackmores Limited; NOW Foods; Solgar Inc.; Swisse; GNC; Amway Corp |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 97.47 million in 2023.
Swisse, GNC, Amway Corp are key market players.
The market is forecast to register a CAGR of 8.3% through 2033.
The market will reach USD 316.35 million by 2033.
From 2018 to 2022, the market registered a CAGR of 8%.
The global market size to reach USD 316.35 million by 2033.
The United Kingdom is projected to emerge with a CAGR of 28% till 2033.
The growth potential of the market is 8.3% through 2033.
Capsule segment is highly preferred in the milk thistle market.
Asia Pacific is estimated to record a CAGR of 9% through 2033.
1. Executive Summary | Milk Thistle Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form 5.1. Capsule 5.2. Powder & Granule 5.3. Liquid Extract 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 6.1. Hypermarket/Supermarket 6.2. Convenience Stores 6.3. Pharmacy Stores 6.4. Online Retail 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Blackmores Limited 15.2. Nature’s Bounty Co. 15.3. Jarrow Formula, Inc. 15.4. Bio-Botanica, Inc. 15.5. Puritan’s Pride 15.6. Swanson Health Products 15.7. Sundown Naturals 15.8. NOW Foods 15.9. Solgar, Inc. 15.10. Swisse 15.11. Amway Corp. 16. Assumptions & Acronyms Used 17. Research Methodology
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Milk Thistle Market
