Food and Beverages

Milk Thistle Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : January 2024

Format :Pdf Ppt Xls

Report ID:KR158

Author : Priyanka V.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 98.7 million

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Forecasted Value (2030)

USD 234.2 million

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CAGR (2023 – 2030)

9.2%

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Fastest Growing Region

Europe

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Largest Region

Asia-Pacific

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By Form

Capsule, Powder & Granule, Liquid, Others

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By Application

Healthcare, Pharmaceutical, Cosmetics

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By Distribution Channel

Supermarkets/Hypermarkets, Pharmacy, Convenience Stores, Online


 Market Perspective

The global Milk Thistle Market was valued at USD 98.7 million in 2022 and is projected to reach USD 234.2 million by 2030, growing at a CAGR of 9.2% from 2023 to 2030.

One of the main factors propelling the growth of the milk thistle market is the growing recognition of the health advantages and properties offered by milk thistle. Milk thistle products, commonly consumed as capsules and tablets, are renowned for their detoxifying properties. Moreover, they also promote cell regeneration and growth, contributing to overall well-being.

Furthermore, there is an increasing need for products that combine multiple herbs, which is becoming popular among consumers in emerging markets. These products are known to enhance various aspects of health, such as cardiovascular function, libido, digestion, liver function, sleep, and immune system performance.

Analyst’s Review on the Milk Thistle Market

The growing number of chronic illnesses has led to an increased market demand for organic and natural remedies. Moreover, the rising awareness of the potential side effects of conventional medications has propelled the demand for ayurvedic therapies and medicines, resulting in a surge in the popularity of milk thistle products.

Moreover, in response to the increasing preference for botanical and natural products, manufacturers are introducing new products, like milk thistle supplements, into the market. Additionally, the rising demand for cosmetic products, such as skincare and anti-aging solutions, is contributing to the growing demand for milk thistle. Consequently, milk thistle and its extracts have emerged as a widely favored option to meet the increasing demand for natural and effective ingredients in the cosmetic and healthcare industries, thereby driving market growth.

Market Definition

Milk thistle, scientifically known as silymarin, is a botanical plant belonging to the daisy and ragweed family. It is primarily known for its antioxidant properties derived from the seeds of the milk thistle plant. Milk thistle is available in multiple forms, including capsules, powders, granules, liquids, and more. These various forms find applications in diverse fields such as healthcare, pharmaceuticals, cosmetics, and other industries.

Furthermore, milk thistle has been historically utilized for diverse therapeutic applications, including the treatment of liver and gallbladder issues, heart-related disorders, cholesterol reduction, and cirrhosis, as well as assists in managing type 2 diabetes.

Market Dynamics

The milk thistle market is experiencing strong growth due to the rising number of e-commerce platforms and online pharmacies. Online pharmacies that fulfill prescriptions are witnessing an increased demand for milk thistle, which is also gaining popularity. The growth of the milk thistle market is primarily attributed to the expansion of the e-commerce sector and the presence of various websites.

Moreover, in today's era, customers are actively seeking herbal remedies for specific ailments, resulting in a surge in the demand for online purchases of herbs like milk thistle. Additionally, the online sales of these herbs have experienced substantial growth over time, largely attributed to factors like lucrative discounts and an ever-expanding array of choices for consumers. As a result, manufacturers worldwide have embraced online sales strategies to enhance the global reach of milk thistle sales.

However, limited consumer awareness regarding the health benefits of milk thistle and its products may hinder market growth. Thus, to enhance consumer understanding, it is crucial to undertake effective marketing endeavors and educational campaigns since, without proper knowledge of the potential benefits of milk thistle, consumers may disregard it and choose alternative options. Hence, it is imperative to develop marketing strategies that highlight milk thistle's liver-detoxifying properties and antioxidant effects. Additionally, educational initiatives should be implemented to educate consumers about the various ways in which milk thistle can improve their overall well-being, thereby promoting growth in this sector.

Segmentation Analysis

The global milk thistle market is segmented based on form, application, distribution channel, and geography.

Based on form, the milk thistle market is bifurcated into capsule, powder & granule, liquid, and others. The capsule segment is expected to hold a significant revenue share in 2022. This is due to their easy manufacturing process and ease of availability. In addition, capsules have the simplest formulations, unlike other types of medications. This simplicity makes capsules a preferred choice for many pharmaceutical companies as they can be easily manufactured in large quantities. Moreover, capsules offer several advantages, such as improved stability, controlled release, and better bioavailability compared to other dosage forms.

Based on application, the milk thistle market is bifurcated into healthcare, pharmaceutical, and cosmetics. The pharmaceutical segment is expected to hold the largest share in 2022. This is primarily due to the increasing demand for milk thistle extract in the production of herbal medicines and supplements. Additionally, the growing prevalence of liver diseases and the recognized benefits of milk thistle in promoting liver health have further fueled the demand for milk thistle in the pharmaceutical industry

Based on distribution channel, the milk thistle market is bifurcated into supermarkets/hypermarkets, pharmacy, convenience stores, and online. The Pharmacy segment is expected to hold the lion’s share in 2022. This is due to the growing footprint & trust in pharmacy stores across the globe, along with the increasing number of online pharmacies, which are considered a convenient option to purchase the product.

Geographical Analysis

Based on region, the global milk thistle market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Asia-Pacific held the largest market share in 2022 due to the growing awareness and acceptance for ayurvedic clinics and conventional methods. In addition, the increased awareness about the benefits associated with milk thistle in developing countries. Furthermore, the growing demand for milk thistle in the form of ayurvedic tea is also supporting the growth of the market in the region.

Europe is anticipated to register the fastest growth rate over the forecast period. This is due to the rising demand for herbal supplements in countries such as the UK. growth in demand for milk thistle in Europe is also associated with increased awareness about its benefits, such as the rising inclination towards athletic activities and the use of health supplements by athletes to boost their stamina and immunity. Thus, owing to these factors, the demand for milk thistle in the region is increasing, which is driving the growth of the market.

Competitive Landscape

The global milk thistle market study will provide valuable insight, with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers and acquisitions, product innovations, and joint ventures, to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization. The major players in the market are:

  • Indena
  • Euromed
  • Panjin Tianyuan Pharmaceutical
  • Panjin Huacheng Pharmacy
  • Liverd Pharma
  • Shengbo Silymarin
  • Bio-Botanica
  • Amway Corp
  • NOW® Foods
  • KEB Biotech

Key Developments

  • January 2020 (Partnership): Nature's bounty co. partnered with the vitamin shoppe in order to launch a new line of herbal supplements, that also includes milk thistle supplements.

The global Milk Thistle Market is segmented as:

By Form

  • Capsule
  • Powder & Granule
  • Liquid
  • Others

By Application

  • Healthcare
  • Pharmaceutical
  • Cosmetics

By Distribution Channel

  • Supermarkets/Hypermarkets
  • Pharmacy
  • Convenience Stores
  • Online

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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Frequently Asked Questions (FAQ's)
The global milk thistle market is projected to reach USD 234.2 million by 2030, growing at a CAGR of 9.20% from 2023 to 2030.
The global milk thistle market was valued at USD 98.7 million in 2022.
The major driving factor for the market growth is the increased awareness about the benefits of milk thistle extract, rise in demand for ayurvedic medicines has driven the market growth.
Top manufacturers of milk thistle market are NOW® Foods, Indena, Euromed, Panjin Tianyuan Pharmaceutical, Panjin Huacheng Pharmacy, Liverd Pharma, KEB Biotech, Shengbo Silymarin, Bio-Botanica, and Amway Corp, among others.
Europe is the fastest growing region in the forecasted period (2023-2030).
By form segment, capsule segment will hold the maximum share in the milk thistle market in the forecast period.
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