The milk thistle market size is projected to be valued at US$ 97.47 million in 2023 and is expected to rise to US$ 316.35 million by 2033. The sales of milk thistle are expected to grow at a significant CAGR of 8.3% during the forecast period.
Key Insights Covered in the Market Report
Growing demand for natural remedies: The milk thistle market is expected to grow at a considerable rate due to the increasing demand for natural remedies. As consumers have become more aware of the side effects of allopathic drugs, they are turning to natural remedies such as milk thistle supplements.
Rising popularity of multi-herbal products: The popularity of multi-herb products is another trend that has positively impacted the milk thistle market. Milk thistle is an important ingredient in many herbal products used to improve immune function, sleep, liver function, digestion, and cardiovascular disease.
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Increased use in therapeutic formulation development: Milk thistle supplements are used as adjuvants in the development of various therapeutic regimens. They are combined with other natural ingredients such as aloe vera, turmeric, and dandelion to treat a variety of chronic ailments.
Growth of RTE milk thistle products: Ready-to-eat (RTE) milk thistle products, as well as private label and processed milk thistle seeds, are gaining popularity among consumers due to the convenience and affordability of consumption.
Focus on Research and Development: Milk thistle market players are investing heavily in research and development to improve the effectiveness of milk thistle supplements in treating liver disease. Another focus is on developing innovative solutions to address the gastrointestinal challenges associated with milk thistle supplements for women.
Overall, the milk thistle market is expected to continue growing in the coming years as more consumers turn to natural remedies and multi-herbal products for their various health benefits.
Key Takeaways from the Milk Thistle market
- In terms of form, the milk thistle market is divided into powder and granules, capsules, and liquid extract. In 2021, the liquid extract segment was worth more than US$ 33,000 thousand. This was primarily due to favorable product characteristics such as increased shelf life, increased flavors, and resistance to oxidation.
- One of the most popular herbal supplements in the United States is milk thistle. Milk thistle sales increased by 14% in 2000, to an estimated $8.9 million in 2022. In the United States, milk thistle can be purchased as a dietary supplement.
- In 2021, the pharmacy segment accounted for more than 18% of the milk thistle market. According to the report, this can be attributed to the growing footprint of pharmacy stores in several prominent countries around the world. According to the ABDA, Germany has nearly 20,000 pharmacies for a population of over 80 million people, implying a pharmacy density of 25 stores per 100,000 people.
- Milk thistle demand in Asia Pacific is expected to rise at a 9.0% CAGR as ayurvedic clinics and traditional methods gain popularity. With an ongoing rise in ayurvedic tea consumption in these areas, market demand for milk thistle extracts has increased.
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Competitive Landscape
Strategic collaborations with consumers can help manufacturers increase their sales and market share. Natural products are likely to benefit from the introduction of new products and technologies. The company can increase its production capacity by forming a strategic partnership.
- BYHEALTH, a dietary supplement company, is improving the way it provides information about which products contain which ingredients in November 2021, with new initiatives planned for the following year. Using high-quality raw materials is one way the company ensures consumer safety, as well as product effectiveness and bioavailability.
- Milk Thistle 60’s is a key milk thistle supplement launched by Blackmores that sells extremely well online. Blackmores Ltd., an Australian company, distributes a wide range of herbal, mineral, and vitamin supplements throughout Asia-Pacific.
Milk Thistle Market Segmentation
By Form:
- Capsule
- Powder and Granules
- Liquid Extract
- Lubricating
- Specialty Oils
By Distribution Channel:
- Pharmacy Stores
- Hypermarkets/Supermarkets
- Convenience Store
- Online
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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