Global Milk Thistle Market - 2023-2030

Global Milk Thistle Market - 2023-2030

Market Overview

Milk Thistle Market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2030, growing at a CAGR of 6.7 % during the forecast period (2023-2030)

An annual plant called milk thistle has purple flower heads. Silymarin, a combination of flavonoids and polyphenols, is the active component of milk thistle. There are various concentrations of milk thistle extract, which is produced from the plant's seeds. A flowering plant known as milk thistle has been used medicinally for centuries. The milk thistle extract is made from the plant's roots and is used to treat many medical conditions. Silymarin is the primary active component of milk thistle extract. Silymarin is a substance with anti-inflammatory and antioxidant properties. Due to its high nutritional value, milk thistle has various medicinal properties. It is effective in treating liver conditions, jaundice, and hepatitis B and C, as well as reducing inflammation. Increasing demand for milk thistle supplements, particularly from the pharmaceutical industry for treating diabetes and cancer, is anticipated to fuel market expansion throughout the forecast period. The use of milk thistle extract in numerous food applications has also been driven by growing consumer awareness of the health benefits of milk thistle, such as management.

Market DynamicsThe rise in the number of online pharmacies that fill prescriptions drives market expansion

Milk thistle products have increased in popularity on the market due to an increase in the number of online pharmacies that fill prescriptions. The market's demand for milk thistle has been fueled by the rise in e-commerce websites. During the forecast period, traditional sales channels like modern trade and drug stores are predicted to lose 2% of their market share due to a shift to e-commerce channels and shifting consumer purchasing habits. Customers have been searching for herbal treatments for specific ailments in recent years, which has increased the demand for online sales of these herbs. The number of online sales for these products has increased dramatically over the past few years as a result of the high discount rates on these products and the constantly expanding range of options for consumers. Manufacturers have adopted online sales strategies worldwide to boost milk thistle sales and reach a global audience.

Market Segmentation: Capsule segment accounted for the highest share in global milk thistle market

The capsule segment was valued USD YY million in 2021, owing to the relatively easy manufacturing process and ease of availability. Capsules do not rely on formulations as complex as other types of medication. The powder & granule segment is also projected to exhibit a decent CAGR during the forecast period. This growth is attributed primarily to the higher absorbability of powdered form as compared to other forms which may prove beneficial for segmental growth.

The pharmacy segment held over YY% of the milk thistle market share in 2021. This can be credited to the rising footprint of pharmacy stores across several prominent countries worldwide, the report suggests. According to ABDA, Germany has close to 20,000 pharmacies for a population of over 80 million, indicating a pharmacy density of 25 stores per 100,000 inhabitants.

Geographical Penetration: Asia Pacific is the dominating region during the forecast period

The Asia Pacific region is anticipated to grow significantly during the forecast period because Milk thistle demand has increased due to the growing acceptance of ayurvedic clinics and conventional methods. The market demand for milk thistle extracts has increased due to the ongoing rise in ayurvedic tea consumption in these areas. The World Health Organization estimates that in developing nations, nearly two-thirds of the population uses herbal medicine for some medical care. All indigenous medical systems, including Ayurvedic, homeopathic, naturopathic, traditional oriental, Chinese, and Native American Indian systems, use herbs.

On the other hand, Europe is the fastest-growing region in the global milk thistle market. Milk thistle demand has increased due to the rising demand for herbal supplements in the UK. The market in the United Kingdom is anticipated to have a 28% market share. The need for milk thistles has increased in these areas as a result of rising levels of athletic activity and the use of health supplements by athletes to boost their stamina and immunity. The effectiveness of milk thistle in cosmetics has significantly improved over time, leading to a rise in demand in these areas. The need for herbal treatments to treat the disease in these regions has increased substantially due to a significant rise in diabetic cases worldwide. As a result, milk thistle is in high demand on the market.

Competitive Landscape

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some of the key players in the market are Thompsons, Puritan's Pride, Swanson Health Products, Sundown Naturals, Solgar, Blackmores, Good 'N Natural and Jarrow Formula among others. To increase business operations and strengthen their market positions, many important players are concentrating on strategic mergers and acquisitions. For instance, the dietary supplement company BYHEALTH is enhancing the way it communicates information about which products contain which ingredients in November 2021 with new initiatives coming up the following year. The business ensures consumer safety, product efficacy, and bioavailability by using high-quality raw materials. Customers who buy the product from JD Tmall flagship stores will have access to raw milk thistle seeds that have traceability certification. Each purchaser of the product will also receive a certificate stating the location of the planting of the milk thistle's firm seeds. This will be a very original way to interact with customers.

COVID-19 ImpactPositive impact on the global milk thistle market

The COVID-19 pandemic has had a significant impact on the global milk thistle market. Sales of milk thistle increased as a result of the recent COVID-19 pandemic's favourable impact on consumer demand for immunity-enhancing herbs and supplements. As a muco-inhalable delivery system, silymarin/curcumin-loaded albumin nanoparticles coated with chitosan were used to observe anti-inflammatory and anti-COVID-19 properties in oleic acid-triggered lung injury and an in vitro COVID-19 experiment. Encapsulated polyphenolic compounds from milk thistle and chamomile flowers have anti-oleic acid-induced lung injury therapeutic potential. So, the demand for the global milk thistle market expected to grow in the anticipated time period.

The global milk thistle market report would provide an access to approximately 53 market data tables, 44 figures and 97 pages