Global Artichokes Market - 2023-2030

Market Overview

The global artichokes market reached US$ 3,070.5 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 4,333.2 million by 2030. The market is growing at a CAGR of 4.4% during the forecast period (2023-2030).

According to the Food and Agriculture Organization (FAO), global artichoke production has been increasing steadily over the past decade. In 2021 the global production for artichokes is 1470332.21 thousand metric tons and the area harvested is 116350.0 hectares. The reason behind the mass cultivation is the rising health benefits of artichokes. Increasing demand for plant-based foods, Over the past few years, there has been a growing trend towards plant-based diets, and artichokes are a popular choice for vegans and vegetarians due to their nutritional value and versatility in recipes which drives the artichokes market value.

Market Dynamics

Increasing Awareness About Health Benefits Associated With Consumption Of Artichokes.

Artichokes are high in fiber, which can help promote digestive health by regulating bowel movements and preventing constipation. They also contain compounds that can improve gut health by promoting the growth of beneficial gut bacteria. Artichokes are a good source of potassium, which can help lower blood pressure and reduce the risk of heart disease. They also contain antioxidants and anti-inflammatory compounds that can help reduce the risk of heart disease. Artichokes contain compounds that can help improve liver function by promoting the production of bile, which aids in the digestion and absorption of fats. This can be beneficial for individuals with liver disease or those who consume a high-fat diet.

For instance, on March 12, 2020, Citrus bergamia, an Italian bergamot citrus fruit, and Cynara cardunculus sylvestris, an Italian artichoke thistle leaf, are botanical extracts for heart and liver health that DolCas Biotech introduced to the US market as Bergacyn. The new formulation has received organic certification from the USDA and EU.

COVID-19 Impact Analysis

The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it to pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).

Artificial Intelligence Analysis

Artificial intelligence (AI) has the potential to play a significant role in improving various aspects of artichoke production, from crop monitoring and management to yield optimization and supply chain management. AI-based tools can be used to analyze data from sensors, drones, and satellite imagery to monitor crop health and detect early signs of disease or pests. This can help farmers take proactive measures to protect their crops and optimize their yield. AI algorithms can be used to analyze data on soil composition, weather patterns, and other environmental factors to determine the optimal planting and harvesting times for artichokes. This can help farmers maximize their yield while minimizing waste. AI can be used to analyze consumer preferences and develop new artichoke products that meet specific nutritional or flavor profiles. For instance, AI algorithms can be used to identify the ideal mix of spices or seasoning to add to artichokes to create a popular new flavor.

Segment Analysis

The global artichokes market is segmented based on origin type, product, end user and region.

Food and Beverages Segment Accounts Sizable Share In The Global Artichokes Market

Due to the product's rising application demand across the food industry, the food & beverages segment is likely to hold a larger market share. It is frequently used to make a variety of foods, such as salads, pasta, dips, tarts, and pizza toppings. Various dishes are made with it by boiling, steaming, grilling, roasting it, and adding sauces and seasonings, especially in the Middle East, Turkey, North Africa, and Armenia. The segment's expansion and performance are also influenced by the rising demand for frozen and canned artichokes.

For instance, on January 27, 2022, Cutting Vedge, a line of protein-rich frozen food items made from artichokes, has been launched by World Finer Foods. The Bloomfield, New Jersey-based company is putting its new "veggie-forward culinary spin" on a variety of foods, including crumbles and meatballs as well as plant-based burgers and sweet Italian sliced sausage further drives the segment in the forecast period.

Geographical Analysis

Europe Holds The Largest Share In The Global Artichokes Market

By region, the global artichokes market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east and America.

As the primary producing nations are situated in Europe and there is a rise in the consumption of organic foods, Europe is predicted to hold the largest market share for artichokes globally. Only Murcia province produces more artichokes than 7,000 ha annually in Spain, according to the International Society for Horticultural Science. Artichokes are selling better in the area due to the significant rise in demand in Italy, France, Spain, and the U.K. Additionally, producers are funding R&D initiatives to investigate and expand the applications for this vegetable, which is anticipated to increase its local sales.

Competitive Landscape

The major global players include: Caprichos del Paladar S.L.U., Agro T18 Italia, Gaia Herbs inc., Master Fruit Srl, The Sa Marigosa Op, Ocean Mist Farms, Herrawi Group, King Herbs Ltd., Societa Semplice Agricola F.lli Piras and Campo de Lorca.

Why Purchase the Report?

• To visualize the global artichokes market segmentation based on origin type, product, end user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of artichokes market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global artichokes market report would provide approximately 53 tables, 46 figures and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies