Milk Thistle Supplements Market Size and Forecast
The global milk thistle supplements market size was valued at over US$ 90 Mn in 2019 and is projected to grow at an impressive CAGR of ~7.4% in the forecast period (2020-2030).
Milk thistle supplements have gained momentum in the herbal supplements industry over the years.
Prominent factors which are driving the growth of the global milk thistle supplement market are: channel proliferation though e-commerce, mainstreaming of proteins and the rising production of supplements in convenient formats.
Fact.MR opines that the global market for milk thistle supplements market is expected to reach a valuation of more than US$ 178 Mn by the end of the forecast period.
In addition, shifting consumer preference towards natural ingredients, plant based protein diets and the growth of preventive healthcare is anticipated to bolster the demand of global milk thistle supplements over the long-term forecast period.
Global Milk Thistle Supplements Market Trends
The global milk thistle supplements market is expected to welcome new entrants in the market on the back of growing preference for botanical products.
Herbal supplements play an important role in the health & wellness of consumers. Over the last 3-4 years, global spending on herbal supplements has gone up by ~6% among consumers accruing to milk thistle supplements benefits.
In addition, a spurt in the incidence of liver diseases and cancer is poised to increase healthcare expenditure.
A tectonic shift in healthcare treatment methods will create lucrative opportunities for food and pharma companies engaged in health supplements.
Moreover, increased emphasis on preventive healthcare and rising demand for natural supplements is expanding the sales of milk thistle supplements by 1.8x worldwide over the forecast period.
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Global Milk Thistle Supplements Market Regional Insights
Currently, North America is the leading consumer of milk thistle supplements and is expected to grow at a CAGR of ~6% in the foreseeable future.
The overall sales of milk thistle supplements in North America is mainly driven by clinical research for dietary supplements and high spending on health supplements vis-à-vis other regions.
In addition, the region will witness an upward growth trajectory owing to innovative product offerings and smart marketing and branding to cater to consumer needs.
On this premise North America is expected to account for more than 1/3rd of the overall demand in global milk thistle supplements market by 2030 end.
However, a massive boost to the herbal supplements industry across the Asia Pacific and Latin America regions is anticipated to support the strong growth trajectory of global milk thistle supplements market in these regions over the forecast period.
Global Milk Thistle Supplements Market Key Competitors
The milk thistle supplement market is highly fragmented in terms of sales networks. This fragmentation is the result of low brand awareness and less number of health enthusiasts across the globe.
Historically, modern trade channels and drug stores have dominated the global sales of milk thistle supplements with a combined share of more than 50%.
The leading dominance of these two sales formats is attributed to high demand for quality products and label transparency.
However, online sales formats are gaining more market share across the globe, attributed to rising consumer awareness.
The online sales segment is anticipated to create an absolute dollar opportunity of ~US$ 12 Mn over the forecast period.
Furthermore, social media traction and brand awareness is pushing manufacturers towards collaboration with online players to position themselves as frontrunners and gain an upper hand in the global milk thistle supplements industry.
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Covid-19 Impact Analysis
While it is premature to judge the impact of Covid19 on the milk thistle market’s long-term forecast, however, it will not be wrong to say that it is anticipated to hamper sales in the first quarter of 2020.
Nation-wide lockdowns and state-level curfews have reduced and nullified the sales of milk thistle supplements worldwide.
The governments around the world have stood in favor of citizens’ health and keeping this in mind, most of the sales points excluding the necessary ones, have ceased to operate.
Milk thistle production as well consumption has been impacted to a significant degree. Alongside, the stalled demand will also create significant wastage of inventories which will further impact the industry’s profitability.
In the aftermath of the pandemic, it will take some time for the consumer confidence to reinstate, and it is likely that the prices of food commodities will increase to offset the losses incurred during the pandemic period.
While consumers will adjust to the new prices post pandemic, the companies will also be required to restructure their production as well as distribution strategies.
Increasing life expectancy and growing consumer interest in herbal supplements coupled with high consumer emphasis for quality products with transparency, efficacy and purity has pushed the manufacturers to use branded ingredients in the manufacturing of milk thistle supplements.
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Global Milk Thistle Supplements Market: Scope of the Report
The recent global milk thistle supplements market report by Fact.MR offers a 10-year forecast from 2020 to 2030.
The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global milk thistle supplements market.
A detailed segmental analysis, based on form and sales channel, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global milk thistle supplements market.
In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the milk thistle supplements market.
Global Milk Thistle Supplements Market: In-Depth Assessment on Key Segments
The global milk thistle supplements market is segmented on the basis of form, sales channel, and region.
This taxonomy prepared are confidential and intended exclusively for the individual or entity with whom it is being shared.
Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Global Milk Thistle Supplements Market – Scope of the Report
The following report provides forecast and analysis of the global milk thistle supplements market along with the historical data of 2015, estimated data 2020 and forecast data up to 2030 in terms of value (US$ Mn) and volume (Tons), according to a Fact.MR study.
The research propounds critical trends that are currently influencing growth within the global milk thistle supplements market along with several macro-economic indicators.
This newly published and insightful report on milk thistle supplements sheds light on key dynamics, and their impact on the overall value chain from manufacturers to suppliers to end-users, which are expected to transform the future of the global milk thistle supplements market.
The report also comprises the study of current issues with end users and opportunities for milk thistle supplements.
It also contains value chain analysis, including the key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of milk thistle supplements providers on parameters such as total revenue, product offerings, and key strategies.
A list of key companies operating in the milk thistle supplements market provided in the report adds to the credibility of this exhaustive research study.
Country-specific assessment on demand for milk thistle supplements has been provided for each regional market, along with the market size valuation and forecast, impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous milk thistle supplements providers, experts, and integrators.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use applications.
The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global milk thistle supplements market.
Some of the major competitors operating in the milk thistle supplements market are Doctor’s Best, Nature’s Bounty Co., Divine Bounty, Jarrow Formulas, Inc., Otsuka Pharmaceutical Co., Ltd., Now Foods, Integra Nutrition, Inc., Natures Best, Indena SPA, Amway, Euromed S.A., Naturex, and others.
Global Milk Thistle Supplements Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications.
Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the milk thistle supplements market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the milk thistle supplements market, which includes global GDP growth rate, impact of COVID-19, herbal supplements industry growth rate, e-commerce sales growth rate, per capita disposable income and per capita spending on supplements, etc.
This report serves as an authentic resource of intelligence on the milk thistle supplements market, enabling the readers to take fact-based decisions on the future direction of their b
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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