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Milk Thistle Market Size
Milk Thistle Market size exceeded USD 90 million in 2022 and is projected to observe around 8% CAGR from 2023 to 2032.
Growing cases of liver diseases and awareness about the medical benefits of milk thistle would drive the market growth. Milk thistle and its derivatives are used to cure liver-associated diseases like cirrhosis, jaundice, hepatitis, and gallbladder. It contains high levels of antioxidant and anti-inflammatory features. With factors like environmental pollutants, drug addiction, excessive alcohol consumption, viral infections, and autoimmune illnesses on a rise, the cases of toxic hepatitis would prevail in the coming years, driving milk thistle demand.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 90 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 8% |
| 2032 Value Projection: | USD 200 Million |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 350 |
| Tables, Charts & Figures: | 325 |
| Segments covered: | Region, Form and Distribution channel |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Possible side effects of milk thistle may impede the market demand. Milk thistle may create abdominal discomfort, gas, bloating, diarrhea, and other gastrointestinal issues. Its oral ingestion has been linked to bowel irregularities, anorexia (lack of appetite), and unpleasant or uncomfortable stomach symptoms. People who are also allergic to marigolds, ragweed, daisies, and chrysanthemums are particularly susceptible to milk thistle allergic responses.
Milk Thistle Market Analysis
The milk thistle market share from supermarkets/hypermarkets distribution channel segment is anticipated to cross USD 90 million by 2032. Presence of well-trained personnel that assist customers in meeting their needs and wide product availability will contribute to this growth. Supermarkets and hypermarkets gather a range of products from multiple suppliers. Rising number of supermarket stores across urban localities would boost product reach in the ensuing years. According to estimates, in 2023, there were around 63,348 Supermarkets & Grocery Stores in the US.
The milk thistle market from the capsules segment is expected to surpass USD 90 million by 2032. Milk thistle in capsules form has both anti-inflammatory and antioxidant effects in equal measures. The usage of capsules is more prevalent among consumers compared to powdered form due to its ease of consumption. Other factors like its high vitamin E and C content, has also driven the industry demand.
The COVID-19 pandemic created boosted the demand for medicines that have immunity-boosting properties. Milk thistle supplements include paracetamol-like qualities in addition to other immune-stimulating qualities. It is also gaining popularity as a potential drug to help treat and manage diabetes. According to medical research, milk thistle, when taken in combined with traditional treatment, can improve diabetes. It is also suggested that people with type-2 diabetes can use milk thistle to lower their blood sugar levels.
Asia Pacific milk thistle market size is predicted to record more than 9% CAGR during the forecast timeline, as it is highly used in traditional Chinese medicines to relieve heat and toxicity in the body and also regulate the flow of Qi (life force) in the liver. Typically, milk thistle is used to address issues with the gallbladder and the liver. It has long been employed to dispel heat, eliminate toxins, relax the liver, and increase bile production. Milk thistle also contains glutathione, a strong antioxidant that is naturally created by the body and aids in disease prevention and liver detoxification.
Milk Thistle Market Share
Prominent participants operating across the milk thistle market include
- Jarrow Formula, Inc.
- Puritan’s Pride
- Blackmores Limited
- Swanson Health Products
- Nature’s Bounty Co
- SolgarInc
- Swisse
- NOW Foods
- Amway Corp.
- 21st Century Healthcare Inc
Innovative product launches, strategic partnerships, and much more influence are some of the initiatives used by some of these companies. For instance, in August 2021, Nestle Health Science finalized the acquisition of Solgar Inc., Puritan's Pride, and Nature's Bounty Co. This agreement solidified Nestle's position as a market leader in the VMHS sector and strengthened its hold on the market.
Impact of COVID-19 pandemic
The COVID-19 pandemic had slightly positive impact on the milk thistle industry growth. The product has gained popularity as a potential treatment for COVID-19 as it contains at least 3 anti-Covid-19 substances. The demand for milk thistle extracts is also set to grow in the medical sector as it gains approval as an add-on therapy for various liver diseases.
This milk thistle market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:
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Market, By Form
- Capsule
- Powder & Granule
- Liquid Extract
- Lubricating
- Specialty Oils
Market, By Distribution Channel
- Hypermarket/Supermarket
- Convenience Stores
- Pharmacy
- Online
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
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