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Milk Thistle Market Size By Form (Capsule, Powder & Granule, Liquid Extract), By Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Pharmacy, Online) Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 – 2030

  • Report ID: GMI5308
  • Published Date: Aug 2022
  • Report Format: PDF

Industry Overview

Milk Thistle Market size was valued at more than USD 87,600 thousand in 2021.  The industry is further expected to register a CAGR of 7.7% from 2022 to 2030, owing to the rising demand for liver disease therapies.
 

milk thistle market overview

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Milk thistle is being increasingly used as a solution for treating liver disorders, which are growing at a rapid pace. For instance, according to American Liver Foundation, around 21,000 men and 8,000 women suffered from liver cancer, while around 16,000 men and 8,000 women die from liver-associated diseases. As the proportion of liver diseases increases, the requirement for non-conventional therapies will continue to rise, pushing the demand for milk thistle.
 

Ease of manufacturing will positively impact the industry growth from capsules segment

milk thistle market by form

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In terms of form, the milk thistle market is fragmented into capsule, power & granule, and liquid extract. The capsule segment was valued at over USD 37900 thousand in 2021 due to the relatively easy manufacturing process and ease of availability. Capsules do not rely on formulations as complex as other types of medication. This makes it easier and more cost-effective to produce them, which may impact segmental development.
 

Growing number of supermarkets will boost product sales

milk thistle market by distribution channel

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As per the distribution channel, the industry is bifurcated into supermarkets/hypermarkets, convenience stores, pharmacy, and online. The milk thistle industry from the supermarkets/hypermarkets segment was valued at over USD 39260 thousand in 2021, due to a rise in the number of supermarkets across developed and developing economies. As of 2022, there are close to 63,328 supermarkets in the United States, which could foster market expansion. Additionally, supermarkets/hypermarkets are considered the most convenient and common source for purchasing milk thistle products.
 

Robust brand promotion initiatives to bolster product demand in North America

milk thistle market region

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Geographically, the milk thistle industry is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America milk thistle market held an business share of over 34% in 2021. This is credited mainly to growing awareness regarding personal health in the region. In addition, North America depicts an increasing focus on creating robust brand marketing strategies to promote milk thistle products. The Asia Pacific market is projected to depict a CAGR of 9% during the forecast period, driven by a rise in the number of patients diagnosed with liver disorders. According to the International Agency for Research on Cancer (IARC), China records the highest age-standardized mortality rate (ASR) for liver cancer per 100,000 population.
 

Strategic acquisitions by key players will define industry landscape

Nature’s Bounty Co., Jarrow Formula, Inc., 21st Century Healthcare Inc., Puritan’s Pride, Swanson Health Products, Sundown Naturals, Blackmores Limited, NOW Foods, Solgar, Inc., Swisse, Bio-Botanica Inc., GNC, Amway Corp are some of the key players operating in the milk thistle market. Some industry players are focusing on strategic mergers and acquisitions to reinforce their market position. In August 2021, Nestle Health Science completed the acquisition of the key brands of The Bountiful Company comprising Solgar®, Nature’s Bounty®, Osteo Bi-Flex®, Ester-C®, Puritan’s Pride®, and Sundown®. This agreement established Nestle as a leader in the VMHS (vitamins, minerals, herbals, and supplements) sector, further strengthening its position in the milk thistle industry.
 

Impact of COVID-19 on milk thistle market

The COVID-19 outbreak created significant disruption across the food industry. The fear and panic around the disease generated rumors pertaining to the effect of the virus on processes and raw food materials, negatively impacting the food processing and packaging industries. However, the preference for foods known to improve the immune system gained momentum as an important measure to curb viral transmission and complications associated with the COVID-19 disease. This could enhance the demand for milk thistle, especially among patients suffering from liver disorders.
 

The milk thistle market research report includes in-depth coverage of the industry with estimates & forecasts in terms of “Units” & “USD Thousand” from 2018 to 2030 for the following segments:

By Form

  • Capsule
  • Power & Granule
  • Liquid Extract

By Distribution Channel

  • Hypermarket/Supermarket
  • Convenience Store
  • Pharmacy

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Spain
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

 

Authors: Kiran Pulidindi, Hiralkumar Patel

Frequently Asked Questions (FAQ) :

The global market for milk thistle is expected to be valued at over USD 87,600 thousand in 2021 due to the rising usage of milk thistle for treating liver disorders.

The capsule segment recorded a value of USD 37,900 thousand in 2021 owing to ease of availability and the convenient manufacturing process.

North America milk thistle industry held a market share of 34.3% in 2021 and will register further growth over the forecast spell due to rising awareness about personal health in the region.

Nature’s Bounty Co., Jarrow Formula, Inc., 21st Century Healthcare Inc., Puritan’s Pride, and Sundown Naturals are some of the companies involved in the milk thistle market.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 13
  • Tables & Figures: 325
  • Countries covered: 18
  • Pages: 350

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