Milk thistle is a herb that has been used for centuries as a natural remedy for various ailments. The active ingredient in milk thistle is silymarin, which is known for its antioxidant and anti-inflammatory properties. Milk thistle is widely used in the healthcare industry for the treatment of liver diseases, diabetes, and high cholesterol levels. The global milk thistle market is expected to grow at a steady pace in the coming years, driven by increasing consumer awareness of the health benefits of milk thistle.
Market Analysis:
According to a recent market research report, the global milk thistle market was valued at USD 67.3 million in 2020 and is projected to reach USD 106.1 million by 2027, growing at a CAGR of 6.5% during the forecast period. The market is primarily driven by the increasing demand for milk thistle-based products in the healthcare industry. The rising prevalence of liver diseases, such as cirrhosis and hepatitis, is one of the major factors driving the growth of the milk thistle market. In addition, the increasing consumer preference for natural and herbal remedies over synthetic drugs is expected to further drive market growth.
Key Trends:
One of the key trends in the global milk thistle market is the increasing adoption of milk thistle-based products by the cosmetics industry. Milk thistle is known for its anti-inflammatory and antioxidant properties, which make it a popular ingredient in skincare products. Milk thistle extracts are used in a wide range of cosmetic products, including creams, lotions, and serums, as they help in reducing skin damage caused by pollution, sun exposure, and other environmental factors.
Another key trend in the milk thistle market is the growing popularity of milk thistle supplements. Milk thistle supplements are widely used for the treatment of liver diseases, high cholesterol levels, and diabetes. The supplements are available in various forms, including capsules, tablets, and powders, making them easy to consume. The increasing popularity of milk thistle supplements is expected to drive the growth of the milk thistle market in the coming years.
Forecast:
Based on geography, the global milk thistle market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the milk thistle market during the forecast period, owing to the increasing prevalence of liver diseases in the region. In addition, the growing consumer preference for natural and herbal remedies is expected to further drive market growth in the region. The Asia-Pacific region is expected to witness the highest growth during the forecast period, owing to the increasing demand for milk thistle-based products in the healthcare industry.
Conclusion:
In conclusion, the global milk thistle market is expected to grow at a steady pace in the coming years, driven by increasing consumer awareness of the health benefits of milk thistle. The rising prevalence of liver diseases, the increasing adoption of milk thistle-based products by the cosmetics industry, and the growing popularity of milk thistle supplements are some of the key factors driving market growth. The North American region is expected to dominate the market during the forecast period, while the Asia-Pacific region is expected to witness the highest growth.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.