The global milk thistle market is poised to register significant growth over 2022-2030, due to a surge in adult populations worldwide. According to a United Nations World Population Prospects report, the overall population between 40 to 59 years is expected to reach 20,46,991 by 2030. Consumers from this age range prominently use anti-aging products to enhance their skin nourishment, which may boost industry demand.
The cosmetics industry uses milk thistle in its products due to its antioxidant characteristics and potency in Vitamin E. it protects against elastin and collagen breakdown and enhances skin circulation at a cellular level. Moreover, milk thistle has anti-inflammatory properties that help in calming breakouts and mitigating oil production. It suits all skin types and tones and is primarily used for mitigating adverse environmental effects like fine lines, dullness, etc.
Milk thistle is also used as an herbal solution for various diseases, especially gall bladder, kidney, and liver problems. Scientific studies showcase that silymarin, the primary substance found in milk thistle, protects the liver from toxins as well as drugs such as Tylenol, which can damage the liver if consumed in excess.
Furthermore, milk thistle comprises another compound called silybin, which is considered to have a substantial impact on many complications associated with diabetes. The silybin also improves the functioning of some chemotherapy drugs that are consumed by patients diagnosed with ovarian cancer. The herb also reduces the growth of prostate cancer cells. Such extensive benefits may contribute to milk thistle market growth over the estimated timeline.
The global milk thistle industry is bifurcated in terms of form, distribution channel, and region.
Based on form, the market for milk thistle is divided into capsule, liquid extract, and powder & granule. The liquid extract segment is expected to grow at a substantial rate, as a result of favorable properties including increased flavor, oxidation resistance, and extended shelf life.
In terms of distribution channel, the milk thistle industry is divided into supermarkets/hypermarkets, convenience stores, pharmacy, and online.
Among these, the online channel is anticipated to exhibit an appreciable growth rate over the coming years. This growth is characterized by the expansion of the e-commerce industry across several regions and the rising consumer preference to purchase essentials from online channels, especially since the onset of the COVID-19 pandemic during which physical stores were shut due to strict lockdowns.
From a regional frame of reference, the milk thistle market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Middle East & Africa market is expected to grow at a respectable rate. This growth can be credited to the growing awareness among consumers regarding the benefits of herbal supplements like milk thistle, in addition to the widespread availability of brands across a broad range of price and quality levels.