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Milk Thistle Market size to surpass $200 Mn by 2032
- Published Date: February 28, 2023
Milk Thistle Market size is expected to cross USD 200 million by 2032, according to a new research report by Global Market Insights Inc.
Robust use of milk thistles in the cosmetics sector will influence the market growth. The antioxidant characteristics of milk thistle promote its use in skincare products. It is one of the latest under-the-radar skincare ingredients that help in upping the skin’s defense against greasiness and other issues. It has properties that help hydrate the skin from the inside. Companies in the cosmetic sector are launching new products that contain milk thistle. For instance, in Givaudan, one of the leading cosmetics ingredient manufacturers, has unveiled a new anti-aging ingredient, Siliphos which is made from milk thistle extract and helps reduce redness by up to 23% and forehead wrinkles by up to 21%.
Consumer shift towards online e-commerce platforms
The milk thistle market from online distribution channels segment is estimated to observe a 10.5% CAGR between 2023 and 2032. Increasing number of online pharmacies have boosted the sales of milk thistle products. Over the past few years, technological developments like detailed product information, customer support, and real-time order tracking are increasing online sales. As per the Census Bureau of the Department of Commerce data, U.S. retail e-commerce sales for the third quarter of 2022, was USD 265.9 billion, an increase of 3% from the second quarter of 2022.
Browse key industry insights spread across 350 pages with 294 market data tables and 31 figures & charts from the report, “Milk Thistle Market Size By Form (Capsule, Powder & Granule, Liquid Extract), By Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Pharmacy, Online), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
High demand for liquid milk thistle extracts
The milk thistle market from liquid extract segment is anticipated to reach USD 75 million by 2032. A wide variety of milk thistle liquid extracts are available in the market, some of which include milk thistle which helps with alcohol detoxification and protection against fatty liver, and milk thistle seed oil produced by cold pressing seeds that are high in vanillin and p-coumaric acid. These substances improve flavor, shelf life, and oxidation resistance.
Milk thistle tea or morning detox tea is a very popular drink due to its progressive liver cleansing abilities and it also prevents blood sugar spikes. Dandelion root tea, for instance, is one of the products of milk thistle liquid extract. These teas are made from the plant's seeds & leaves. It is available in other liquid forms like breakfast juices, lunch drinks, snack drinks, and supper drinks.
Growing awareness regarding the benefits of milk thistle in North America
North America milk thistle market will expand at a CAGR of 7.5% from 2023 to 2032. The introduction of new milk thistle products and robust product demand across North American countries like Canada, California, and eastern parts of the United States will support this growth. Consumer awareness of milk thistle's health benefits, particularly its ability to protect the liver, is likely to drive market expansion. For instance, Eclectics, an American medical group, used milk thistle for liver disease therapy.
Strategic initiatives by leading milk thistle companies
Major players involved milk thistle market include Nature’s Bounty Co., Puritan’s Pride, Swanson Health Products, Blackmores Limited, Solgar Inc., and Amway Corp. Companies are launching new products, announcing mergers and acquisitions, and working on other strategic developments.
For instance, in August 2021, Nestle Healthe Science acquired the key brands of the Solgar Inc., Puritan’s Pride, Nature’s Bounty Co. This agreement establishes Nestle as a leader in the VMHS sector, further reinforcing its position in the industry.