May 21, 2020
Milk Thistle Supplements Market Receives Tailwinds as Sales of Herbal Supplements Soar, Market to Witness Plummeting Sales in US During COVID-19 crisis, Projects Fact.MR
by Team Fact.MR
The global milk thistle supplements market is estimated to surpass the value of US$ 178 Mn by 2030 end, gaining significant traction in the diverse herbal supplements industry. The recently published report by Fact.MR estimates that the global milk thistle supplements market is projected to witness a positive growth rate of ~7.4% over the long term forecast period (2020-2030). One of the active ingredients of milk thistle supplements is silymarin which is known to have antioxidant properties, used to treat liver conditions. In addition, robust sales of herbal supplements in the coming years will bolster global demand for milk thistle supplements market. Furthermore, increasing consumer awareness and proliferating trends around preventive healthcare is anticipated to provide momentum to the global milk thistle supplements market.
Key Takeaways from the Milk Thistle Supplements Market Study:
- North America is projected to account for 1/3rd of the total spending in the global milk thistle supplements market and is likely to remain a frontrunner over the forecast period.
- Asia Pacific excluding Japan is projected to record an expansion of over 5% during the forecast period. This is on the back of increased utilization of supplements among millennials and gen-x population along with a massive boom in online sales in Asian countries.
- Conventional sales channels such as modern trade and drug stores are likely to lose their combined market share by 2% over the forecast period due to increasing adoption of e-commerce channels coupled with panic consumer purchasing behavior.
- Fluctuations, market volatility and regulatory pressure will shift the key manufacturers’ focus towards offering more transparent and clean label milk thistle supplement products.
- Availability of various forms of milk thistle supplements such as powder, tablets, soft gels, and others will boost the global market for milk thistle supplements by 1.8x.
“Increasing demand for herbal supplements coupled with rising health consciousness shall provide significant momentum to the sales of milk thistle supplements. Also, manufacturers need to focus on introducing more consumer centric products and online brand promotional activities.” says the FACT.MR analyst.
Milk Thistle Supplements Market Registers Steady Growth as Investment Opportunities Abound
The global milk thistle supplements market is abound with untapped opportunities and is expected to witness prolific growth across high-potential markets. Manufacturers of milk thistle supplements are primarily focusing on improving their product portfolios by adding new flavors to their already existing portfolio. In addition, volatility fluctuations and regulatory pressure will shift the key manufacturers’ focus towards avenues which have better investment prospects, such as introducing transparent and clean label milk thistle supplement products.
COVID-19 Impact Analysis
The coronavirus pandemic has impacted certain areas of business in the milk thistle supplements market. Currently, US accounts for the largest consumption share in global milk thistle market and the country is highly affected amid COVID-19, witnessing a declining in the sales of these supplements. Various regulatory measures to prevent COVID-19 from spreading are impeding supply chain functions. This can have a negative market impact. When customers want to reduce their time in the supermarket and want to buy food, processed foods containing food additives are an excellent choice during this period.
Find More Valuable Insights on Milk Thistle Supplements Market
Fact. MR, in its new offering, brings to fore an unbiased analysis of the global milk thistle supplement market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the milk thistle supplement market on the basis of form (softgel, capsules, liquids, tablets, and powder & granules) and Sales Channel (drug stores, health & beauty stores, modern trade channel, direct selling, third party online channel, and company online channel), across several major regions.
>>> To Get more insights on milk thistle supplement market, visit- https://www.factmr.com/report/662/milk-thistle-supplements-market
About The Food & Beverage Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.