The global artichokes market size was USD 2.67 billion in 2020. The market is projected to grow from USD 2.71 billion in 2021 to USD 3.19 billion in 2028 at a CAGR of 2.34% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Artichokes Market, 2021-2028.” Factors, such as the inclusion of chromium, fiber, folate, and potassium, and health-enhancing properties, such as digestibility, fat absorption, and ability, to bind water and minerals will boost the market growth during the forecast period. Additionally, rising popularity and increasing application base in the culinary world will fuel the market growth.
List of Key Players Present in the Artichokes Market
- Ocean Mist Farms (California, U.S.)
- Caprichos del Paladar S.L.U. (Murcia, Spain)
- Anklam Extrakt GmbH (Anklam, Germany)
- Agro T18 Italia Srl (Piedmont, Italy)
- Gaia Herbs Inc. (Carolina, U.S.)
- Master Fruit Srl (Sicily, Italy)
- The Sa Marigosa Op (Sardinia, Italy)
- Herrawi Group (Alexandria, Egypt)
- Ole! (Alicante, Spain)
- King Herbs Ltd. (Hunan, China)
Declined Production Levels to Hamper Market During COVID-19
The COVID-19 impact had a drastic change due to decreased demand from the consumer base. The sudden closure of international and national borders led to fewer exports and caused disruptions in the existing supply chain. Since the crop is highly labor induced, lower yield was extracted due to a fragmented workforce. However, rising applications across the pharmaceutical and personal care sector will show signs of revival for the market as the pandemic looms on.
The market report provides qualitative and quantitative data by offering a detailed analysis of various segments such as forms, end-use, market size, and growth rate. The report further encompasses the market’s dynamics and a competitive landscape in order to provide our readers with an informative read. Factors such as research methodology, recent industry developments, mergers & acquisitions, and the regulatory scenario in critical countries are noted.
Drivers & Restraints
Raising Awareness of Functional Properties to Bolster Market Growth
Health benefits, such as better digestion, heart health, and liver health, and rising incidence of health disorders among consumers will boost the artichokes market growth during the forecast period. Additionally, the product has prebiotic and antioxidant properties when consumed. They are also considered to have bioactive ingredients and often used for biofuel production, which trigger incremental market growth.
However, seasonal dependency for production will limit the market growth during the forecast period.
Europe to Hold Highest Market Share due to Rising Organic Consumption
Europe will witness the highest artichokes market share during the forecast period due to rising consumption of the product in the region and rising demand from emerging economies such as Italy, France, Spain, and the U.K. Rising investment toward research & development and diversifying usages will further fuel the market growth.
South America will occupy a substantial market share in terms of global contribution due to rising production in Peru and Argentina and the rising application of artichokes in several food products. Expanding production capabilities by the Peruvian Exporters’ Association (ADEX) will further boost the market value.
Product Launches and Collaborations to Drive Market Growth
The market players are striving for launching novel iterations of their products and continuing market innovation. The dominant players are also focused on expanding the vegetable variety for addressing a wider consumer base. For example, in March 2020, Euromed launched a new addition to its research-backed fruit extracts. This product is inspired by customer demand for plant-based and eco-friendly food supplements containing artichoke extract – Cynamed. Efforts are also being made for improving the taste and appearance for achieving a greater aesthetic impact.
Key Industry Development
- April 2020: Ocean Mist Farms launched an annual spring promotion for improving its health and nutrition of the renowned gold standard artichokes. With this promotion measurement, the firm looks forward to displaying its expertise and ensuring trading partners know what goes into the gold standard and the extraordinary nutritional value of the fresh product.
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