The milk thistle supplements market registered a value CAGR of approximately 6.0% during the period, 2013 to 2018. Growth of the milk thistles industry remains driven by its natural remedial benefits, which range from reducing insulin resistance in patients with type-2 diabetes, to high effectiveness as an anti-aging solution.
Sales of milk thistle supplements closed in on revenues worth US$ 99 Mn in 2018, and are estimated to exhibit a Y-o-Y growth at over 7.0% in 2019.
Softgel continues to remain the preferred form of milk thistle supplements among consumers, accounting for nearly one-third value share.
North America continues to reign supreme in the milk thistle supplements market, underpinned by efforts of leading players to introduce novel forms of these health-improving products.
Asia-Pacific excluding Japan (APEJ) is expected to be a high-growth market for milk thistle supplements, succored majorly by growing GHDI of consumers that, in turn, allows them to spend more on health products. However, lower number of retail outlets that sell milk thistle supplements continues to arrest the market growth in APEJ.
What are Key Challenges Faced by Players in the Milk Thistle Supplements Market?
Despite the anti-fibrotic, antioxidant, and anti-inflammatory properties of the milk thistle supplements, their efficacy in the treatment of liver diseases has not been completely compelling. Although milk thistle preparations are observed to be tolerated well in patients with liver disease, potential of the formulation’s interaction has been slow, which continues to remain a major concern among players in the milk thistle supplements market.
Although milk thistle supplements are beneficial for women in terms of breastfeeding, several cases have emerged where women experience constipation and other ailments associated with digestive tract. Key players in the milk thistle supplements market are now taking measures for overcoming the challenge with innovative measures.
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Milk Thistle Supplements – Competitive Landscape
Entity Health has recently taken steps to leverage the Australian pharmacy expansion, amidst the ‘anti-hangover’ supplement trend. The company’s new anti-hangover supplement, LiviUP, includes Silybum marianum derived from the milk thistle extract, to enhance the product’s antioxidant property.
Amway, one of the leading producers of milk thistle supplements, is an American company, which sells homecare, beauty and health products. Amway’s Nutrilite Milk Thistle Plus 60n is one of the most effective milk thistle products in the form of tablets. Amway, along with its sister companies, has reported sales of approximately US$ 8.8 Bn in 2018.
Maypro Industries Inc., headquartered in the U.S., is a leading supplier of fine chemicals and specialty nutraceutical ingredients to various industries including sports nutrition and nutritional supplements. In 2017, overall revenues of the Maypro Industries Inc. closed in on US$ 70 Bn. Milk Thistle (Silymarin) Powder/Extract, is a highly effective milk thistle supplement product launched by the company which has gained high popularity among consumers worldwide.
Piping Rock Health Products LLC, based in the U.S., offers a range of products developed to help consumers achieve their healthy-lifestyle goals at affordable costs. The overall revenue generation of the Piping Rock Health Products LLC surpassed US$ 100 Mn in 2018, and the company has gained significance as one of the leading producers of the milk thistle supplements, with its strong distribution channel worldwide.
Milk Thistle 60’s is a key milk thistle supplement launched by Blackmores, which sells online with utter popularity. The Australian company, Blackmores Ltd., supplies an extensive range of herbal, mineral, and vitamin supplements, across the Asia-Pacific. Blackmores recorded an overall revenue worth over US$ 600 Mn in 2018.
What are Key Growth Influencers of the Milk Thistle Supplements Market?
Promoting cell regeneration and growth, and ability of being consumed as capsules or tablets owing to their detoxification properties, in line with growing health & wellness trend, have favored the adoption of milk thistle supplements.
Milk thistle supplements are used as adjuvants for developing various therapeutic formulas, by using these in combination with aloevera, turmeric and dandelion, for treating and managing various chronic ailments.
Growing popularity of multi-herb products is a key trend that has augured well for milk thistle supplements sales. Milk thistles are key ingredients used in the multi-herb products, which are increasingly beneficial for improving immune functions, sleep disorders, liver functions, digestion, and cardiovascular diseases.
Milk thistle supplements industry will remain driven by growing preference among consumers for natural remedies, which eliminate the side-effects linked with allopathic and other conventional medicines.
RTE milk thistle products, and private-label and processed milk thistle seeds, are gaining significant popularity among consumers in light of their convenience of consumption and affordability.
Milk thistle supplements have also been gaining traction as a natural solution for new mothers in increasing breast milk, which has further driven their demand worldwide in the recent past.
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