Milk Thistle Market size is anticipated to exceed USD 170.1 million by 2030, according to a new research report by Global Market Insights Inc.
The report cites a rise in the population of certain demographics as a key driver for milk thistle market development. According to a 2019 report from the United Nations World Population Prospects, the total population between the age range of 40 and 59 years was around 17,83,309 in 2021 and is anticipated to rise to 20,46,991 by 2030. This age group is the primary user base of anti-aging products, and its escalating rise will promote market growth over the coming years. Although milk thistle is consumed for treating liver disorders, indigestion, and diabetes, it has certain gastrointestinal side effects such as constipation, diarrhea, vomiting, nausea, abdominal bloating, itchiness, and headaches. This could potentially hamper the industry growth to a certain extent.
Favorable absorption characteristics to boost demand for powder & granule milk thistle products
Based on form, the milk thistle market is fragmented into capsule, powder & granule, and liquid extract. The powder & granule segment is expected to grow at a CAGR of 6.4% from 2022 to 2030. This growth can be credited to its easy absorption characteristics in comparison to other forms of milk thistle.
Expansive presence of convenience stores to expedite industry growth
According to the distribution channel, the industry is segmented into supermarkets/hypermarkets, convenience stores, pharmacy, and online. The convenience stores segment is projected to depict a CAGR of over 6% through the forecast period. This growth is accredited to a growing footprint of convenience stores which enables consumers to easily purchase essentials from approachable distances. Furthermore, some market players are targeting merger and acquisition activities to strengthen their industry position and facilitate easier purchases for customers.
In January 2022, Jarrow Formulas and Natrol merged to form Vytalogy Wellness. Even after the merger, both companies will carry the brand names that are known to consumers. Such developments aimed at improving the convenience of buying products may further drive segmental expansion.
Browse key industry insights spread across 350 pages with 302 market data tables & 23 figures & charts from the report, “Milk Thistle Market Demand By Form (Capsule, Powder & Granule, Liquid Extract), By Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Pharmacy, Online) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 – 2030” in detail along with the table of contents:
Growing presence of key manufacturers in Europe to accelerate industry expansion
Europe market for milk thistle accounted for a 26.1% share of the global industry in 2021. This was credited primarily to the strong presence of major manufacturers and distributors of milk thistle products in the region. Increasing prevalence of liver disorders may also emerge as a major driving factor for the regional market expansion, cites the report.
Strategic business activities from key players operating in the milk thistle market outlook
Companies involved in the milk thistle industry include Nature’s Bounty Co., Sundown Naturals, Jarrow Formula, Inc., 21st Century Healthcare Inc., Puritan’s Pride, Swanson Health Products, Bio-Botanica Inc., Blackmores Limited, NOW Foods, Solgar, Inc., Swisse, GNC, Amway Corp. Market competitors are involved in activities such as business expansion to bolster industry growth. For instance, in April 2022, Australian health brand Swisse expanded its operations in Sri Lanka through an exclusive collaboration with local healthcare and pharmacy chain Healthguard, after a successful expansion in India two years ago. With this business activity, the company expanded its presence in 11 markets across the world, addressing the growing demand for health supplements such as milk thistle.