Milk thistle, a natural remedy for liver problems, has been gaining popularity in recent years due to its potential health benefits. As a result, the milk thistle market has been growing steadily, offering opportunities for manufacturers of herbal supplements.
Market Research:
According to a report by Market Research Future, the global milk thistle market is expected to grow at a CAGR of 6.9% during the forecast period (2018-2023). The increasing prevalence of liver diseases, growing demand for natural and herbal supplements, and rising awareness about the benefits of milk thistle are the key factors driving the market growth.
The report further highlights that the capsules segment dominated the market in 2017, accounting for the largest market share due to its ease of consumption and long shelf life. However, the powder segment is expected to witness the highest CAGR during the forecast period, owing to its versatility and ease of formulation.
North America dominated the milk thistle market in 2017, with a market share of 41.1%. This can be attributed to the increasing prevalence of liver diseases and growing adoption of natural and herbal supplements in the region. However, the Asia Pacific region is expected to witness the highest CAGR during the forecast period, owing to the increasing awareness about the benefits of milk thistle supplements and the rising healthcare expenditure in the region.
Opportunities for Manufacturers:
The growing demand for milk thistle supplements presents opportunities for manufacturers of herbal supplements to expand their product portfolio and capture a larger market share. Manufacturers can focus on product innovation and research and development activities to differentiate their products from competitors and cater to the evolving consumer preferences.
Moreover, manufacturers can leverage the growing trend of e-commerce to reach a wider consumer base and increase their sales. With the increasing availability of information on the internet, consumers are becoming more aware of the benefits of natural remedies and are opting for such products. Therefore, manufacturers can leverage this trend to offer their products through online channels and increase their reach.
Furthermore, manufacturers can focus on developing partnerships and collaborations with distributors and retailers to expand their distribution network and increase their market penetration. This can help them reach a larger consumer base and increase their sales.
In conclusion, the milk thistle market presents significant opportunities for manufacturers of herbal supplements to expand their product portfolio and capture a larger market share. Manufacturers can focus on product innovation, research and development, e-commerce, and partnerships and collaborations to differentiate their products and increase their market penetration.
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.