In 2018, sales of milk thistle supplements surpassed 890 tons and are estimated to grow at over 6% Y-O-Y in 2019, according to a recent report published by Research Report Insights (RRI). Gains of milk thistle supplements market are further upheld by growing demand for nutritional supplements boosting kidney, gallbladder, and liver health. According to the report, a plethora of broad factors, such as inclination toward preventive healthcare and awareness of physical & cognitive well-being, is further fuelling investments in the milk thistle supplements market.
“With health becoming more of a lifestyle choice, consumers are increasingly drawn toward elixirs that support and nurse their physical well-being. This, in turn, is foreseen to create considerably new opportunities for the companies operating in milk thistle supplements market space. Milk thistle supplements assist in ridding the body of toxins, which makes them an ideal choice among consumers for natural detoxification and rejuvenation”, says RRI report.
According to the report, softgel will continue to be the widely-preferred form of oral dosage in the milk thistle supplements landscape, with worldwide sales estimated to surpass 270 tons in 2019. Consumers prefer formats that are easy-to-swallow and are willing to pay a price premium for the same, which is a key factor providing credence to high demand of softgels. With a majority of the consumers citing softgels as ‘fast & effective’ and easily digestible, sales of softgels will continue to outperform sales of other forms in the milk thistle supplements market space.
The research study finds that demand for milk thistle supplements in liquid forms will also gain notable traction over the forecast period. While supplements will continue to be typically consumed in pill formats, increasing consumer interest in alternative forms on account of ‘pill fatigue’ is driving the consumption of liquid milk thistle supplements. In addition, liquid milk thistle supplements offer unparalleled ease of administration and are opted for faster-consumption, thereby standing out as second-most preferred form in the milk thistle supplements over the assessment period.
Drug Stores to Steer Sales of Milk Thistle Supplements
The report finds that consumers will continue to show patterns of frequent and repeated purchases from drug stores, with global sales estimated to 380 tons in 2019. Repeated purchases of milk thistle supplements from drug stores can be ascribed to the fact that pharmacists play a vital role in helping consumers identify effective and safe supplements best-suited to their requirements.
Among all the chief drivers shaping growth of milk thistle supplements market, the increase in number of self-directed consumers is a prominent one. Gone are the days when primary care by doctors was the only option for sound health as modern consumers have started relying on alternative propositions to self-diagnose and meet their targeted health needs. This trend, in turn, is benefiting the milk thistle supplement manufacturers, owing to the fact that consumers are following the discipline of self-care by including nutritional supplements into their dietary regimen.
According to the report, North America will retain its lead in the milk thistle supplements, against the backdrop of a ‘health halo’ influencing consumers’ dietary preferences. Exciting innovations focusing on new & unconventional flavors and functionalities will continue to strengthen customer loyalty and retention in the North American milk thistle supplements market while grabbing the attention of newer and younger target audiences. Europe is likely to follow suit, given that Europeans seem to be keener than ever to include nutritional supplements into their dietary preferences.
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According to the research study, lack of product understanding and over-the-top expectations of consumers are likely to create considerable challenges for the players in milk thistle supplements market. In a bid to best position themselves in the global market space, manufacturers of milk thistle supplements are emphasizing on specific product benefits, targeting profitable segments, and honing their online presence.
The RRI research study gives an in-depth assessment of opportunities in the milk thistle supplements market from 2019 to 2027. As per the report, the milk thistle supplements market is estimated to grow at a value CAGR of over 7% during the forecast period.