Global Milk Thistle Market Size Likely to Reach at a CAGR of 9.1% By 2033

As per the current market research conducted by the CMI Team, the global Milk Thistle Market size is expected to record a CAGR of 9.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 123.1 Million. By 2033, the valuation is anticipated to reach USD 269.5 Million.

Milk Thistle Market: Growth Factors and Dynamics

• Increasing Consumer Awareness: The escalating awareness surrounding milk thistle’s potential health benefits, especially its reputed efficacy in liver health and detoxification processes, is significantly influencing consumer preferences. This heightened awareness spans diverse demographic groups, fostering a growing demand for milk thistle products.

• Rising Demand for Natural Supplements: Amid a broader societal shift toward natural and herbal remedies, there is a discernible uptick in the demand for milk thistle supplements. Consumers are increasingly opting for these natural alternatives, viewing milk thistle as a preferable choice for liver support and overall well-being compared to synthetic pharmaceuticals.

• Expanding Application in Pharmaceuticals: The pharmaceutical industry’s increasing exploration of milk thistle extracts’ therapeutic properties is leading to the formulation of novel drugs targeting various health conditions, particularly those related to liver disorders. This expansion of applications underscores the pharmaceutical sector’s recognition of milk thistle’s potential contributions to healthcare.

• Supportive Regulatory Environment: A supportive regulatory environment in many countries recognizes milk thistle as a safe dietary supplement. This recognition has facilitated the seamless availability of milk thistle products in the market, providing regulatory backing that has encouraged its inclusion in various health-oriented products.

• Growing Health Consciousness: The ongoing trend of heightened health consciousness is prompting individuals to adopt a proactive approach to disease prevention. This shift is reflected in the surging demand for functional foods and supplements like milk thistle, which are perceived as offering potential health benefits, supporting holistic wellness, and aligning with contemporary health-focused lifestyles.

• Expanding Distribution Channels: Accessibility to milk thistle products has broadened significantly through diverse distribution channels. These include pharmacies, health food stores, online retail platforms, and supermarkets. This expanded availability accommodates consumer preferences, allowing them to conveniently purchase milk thistle products, thereby contributing to the sustained growth of the market.

• Diversification of Product Offerings: To mitigate the impact of COVID-19, the milk thistle market explored diversification by introducing new product variants or combining milk thistle with other complementary ingredients. This strategy aimed to appeal to evolving consumer preferences and expand the product range, fostering renewed interest and market growth.

Milk Thistle Market: Partnership and Acquisitions

• In 2021, Gaia Herbs, Inc. introduced “Liver Cleanse Everyday Support,” a new product featuring milk thistle extract. Specifically designed to aid the liver’s natural detoxification, this innovation aligns with the growing consumer focus on holistic wellness and herbal solutions for overall health.

• In 2022, A proposal seeks to permit the incorporation of milk thistle seed extract (silymarin) as a supplemental ingredient in foods under Canada’s Supplemented Foods Regulations. These regulations, outlined in Division 29, Part B of the Food and Drug Regulations, govern the use and regulation of supplemental ingredients.

Report Scope

Milk Thistle Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Milk Thistle Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruption in Supply Chain: The milk thistle market experienced disruptions in its supply chain due to lockdowns, restrictions, and logistical challenges imposed during the pandemic. This led to difficulties in raw material sourcing, manufacturing, and distribution.

• Shift in Consumer Priorities: The pandemic prompted a shift in consumer priorities towards essential goods, impacting discretionary spending on health supplements like milk thistle. Economic uncertainties and health concerns led to a temporary decline in consumer demand for non-essential products.

• Emphasis on E-Commerce Platforms: To counter the limitations imposed by physical store closures and movement restrictions, the milk thistle market embraced e-commerce platforms. Companies leveraged online channels for product sales, reaching a wider consumer base and compensating for reduced in-store footfall.

• Promotion of Immune Health Benefits: With heightened awareness of health during the pandemic, the milk thistle market strategically highlighted its immune health benefits. Marketing efforts focused on the herb’s potential role in supporting overall well-being, including immune system function, to align with changing consumer health priorities.

• Investment in Research and Development: Companies invested in research and development to explore and communicate additional health benefits of milk thistle, capitalizing on the growing consumer interest in natural remedies. This approach aimed to enhance the perceived value of milk thistle products and stimulate renewed consumer interest.

• Collaboration with Healthcare Professionals: The milk thistle market sought to rebuild consumer trust by collaborating with healthcare professionals and influencers. Endorsements and recommendations from trusted sources were leveraged to communicate the safety and efficacy of milk thistle products, reassuring consumers, and restoring confidence in the market.

• Adoption of Sustainable Practices: The post-COVID recovery phase witnessed an increased emphasis on sustainability. Milk thistle market players adapted by incorporating sustainable practices in their production, packaging, and distribution processes. This eco-friendly approach not only aligned with changing consumer values but also contributed to a positive brand image and recovery.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Milk Thistle Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Milk Thistle Market:

• Gaia Herbs
• NOW Foods
• Jarrow Formulas
• Nature’s Bounty
• Swanson Health Products
• Puritan’s Pride
• Nature’s Way
• Solaray
• Source Naturals
• Herb Pharm
• Organika Health Products
• Life Extension
• Himalaya Wellness
• Zhou Nutrition
• Oregon’s Wild Harvest
• Others

The Milk Thistle Market is segmented as follows:

By Application

• Pharmaceuticals
• Dietary Supplements
• Functional Foods
• Others

By Form

• Capsule
• Powder and Granules
• Liquid Extract
• Lubricating
• Specialty Oils
• Others

By Distribution Channel

• Pharmacies/Drugstores
• Health Food Stores
• Online Retail
• Supermarkets/Hypermarkets

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America