Artichokes Market - Forecasts from 2023 to 2028

The artichokes market was valued at US$2.622 billion in 2021 and is expected to grow at a CAGR of 2.18% during the forecast period.

The artichokes market is anticipated to rise at a steady pace during the projected period. The Mediterranean area is home to the cultivation of the artichoke plant, as it has various possible health advantages including antimicrobial, antifungal, antibacterial, antioxidant, and anticancer characteristics with good taste. As it includes compounds that assist in lessening nausea, vomiting, spasms, and gas, artichokes are frequently eaten as food. An artichoke leaf extract may aid with digestion, cholesterol reduction, and liver protection, owing to an increase in artichoke market share globally.

The availability of artichokes is regarded to drive the market growth

The availability of artichokes is expected to affect the pricing. While demand for artichokes is highest in the winter, supplies are at their most in March when prices are at their lowest. The most popular artichoke type globally is the green globe kind. Using the proper packing and preservation techniques, the artichokes are kept fresh, allowing for longer shelf life and worldwide exporting over greater distances. The artichokes market has thus been significantly impacted by the canned and frozen varieties of the vegetable.

Production of artichokes

The Food and Agriculture Organisation (FAO) reports that during the past ten years, artichoke output has gradually increased worldwide. The widespread production of artichokes is motivated by its expanding health advantages. rising interest in plant-based meals, The artichokes market share is driven by the popularity of plant-based diets, which has increased over the past several years. Artichokes are a popular choice for vegans and vegetarians, due to their nutritional content and adaptability in recipes, driving the artichokes market.

Growth drivers for the artichokes market

The vegetable's nutritious content has a significant impact on the artichoke market growth. Advances in food science are mostly responsible for the global demand for artichokes. People who are concerned about their health should be informed that artichokes are thought to assist individuals to control their blood pressure. Furthermore, consuming processed artichokes has been demonstrated to enhance digestion, which has fueled the artichokes market expansion. The number of people making an effort to live better lifestyles has increased total spending on natural supplements. This element had a direct impact on the rate of expansion of the world artichoke market size.

Increasing awareness about the health benefits of artichokes

Artichokes can regulate bowel motions and ward off constipation due to their high fibre content, therefore promoting digestive health. They also include substances that support the development of good bacteria in the stomach, hence enhancing gut health. Potassium, which helps lower blood pressure and lower the risk of heart disease, is found in abundance in artichokes. They also include anti-inflammatory and antioxidant substances that can aid in lowering the risk of heart disease. By encouraging the creation of bile, which assists in the digestion and absorption of lipids, artichoke chemicals can help the liver operate. People who have a liver illness or who eat a high-fat diet may benefit from this.

Technological advancement plays a major role in the growth of artichokes

From crop monitoring and management to yield optimisation and supply chain management, artificial intelligence (AI) has the potential to significantly enhance several facets of artichoke production. To monitor crop health and find early indicators of disease or pests, AI-based technologies may analyse data from sensors, drones, and satellite photography. To choose the best periods for planting and harvesting artichokes, AI algorithms may be used to analyse data on soil composition, weather patterns, and other environmental parameters. Utilising AI, new artichoke products that adhere to certain nutritional profiles may be created by analysing consumer preferences, propelling artichoke market size.

Rising sales of fresh artichokes

The fresh artichoke market is anticipated to keep a higher proportion, due to its high consumption, intriguing flavour, and tenderness. The primary determinants of its demand are its flavour, freshness, and nutritional value. Customers find the product more appealing due to its natural look and the growing popularity of healthy, minimally processed foods, which supports the expansion of this market.

The canned food category is predicted to grow significantly, due to its year-round availability and increased demand from American, French, and Spanish processing industries. Every meal may include canned artichokes, which makes it a popular option and contributes to the canned artichokes market.

Europe is anticipated to be the largest market shareholder

As the primary producing nations are situated in the area and there is a rise in the consumption of organic foods, Europe is predicted to have the greatest artichokes market share globally. Only Murcia province produces more artichokes than 6,335 hectares in 2021 (13% more than the previous years) annually in Spain, according to the International Society for Horticultural Science. Artichokes are selling well in the area due to the huge 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 projected to increase local sales.

South America holds a significant market share

South America is projected to present considerable development potential due to rising production in Argentina and Peru as well as the widespread use of Cynara in many culinary products. The item is highly adaptable and is frequently prepared into a paste or baked into a tart. Peruvian artichokes are appreciated because of their sour, green flavour. It is added to appetisers as a nutritious ingredient. Additionally, it is anticipated that the Peruvian Exporters' Association's (ADEX) investment in research and development (R&D) for this industry to increase output would help the artichokes market in the area flourish.

Market Key Developments

• In May 2023, The North American Ocean Mist Farms began its yearly spring advertising campaign, emphasising the virtues of its renowned Gold Standard artichokes in terms of nutrition and health.
• In January 2022 World Finer Foods introduced Cutting Vedge, a brand of artichoke-based, protein-rich frozen foods.

Segmentation:

By Origin

• Organic
• Conventional

By Product Type

• Globe Artichokes
• Elongated Artichokes

By End-Use

• Food Processing
• Direct Consumption
• Beverages Processing
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others