Artichokes Market Size, Share, Growth Analysis, By Form (Frozen, Fresh), By End-user (Pharmaceuticals, Personal Care & Cosmetic), By Region - Industry Forecast 2024-2031

Global Artichokes Market size was valued at USD 2.71 billion in 2022 and is poised to grow from USD 2.77 billion in 2023 to USD 3.42 billion by 2031, growing at a CAGR of 2.34% in the forecast period (2024-2031).

Artichokes, primarily cultivated in the Mediterranean region, are gaining traction in various sectors including medical research, genetics, and culinary applications due to their antioxidant properties and rich nutritional profile, which includes high levels of fiber, potassium, magnesium, folate, and vitamin C. This has led to a surge in consumer interest, particularly in Western Europe, North America, and Latin America, while demand remains tepid in the Asia Pacific. The green globe variety, one of the nine main types of artichokes, dominates global consumption. Seasonal availability significantly influences pricing; with the lowest prices occurring in March during peak supply and the highest in winter when demand surges. The artichokes are also well-preserved through effective packing processes, enabling extended shelf life and making long-distance exports feasible. This has bolstered the market presence of frozen and canned artichokes. Moreover, the presence of beneficial compounds like silymarin and cynarin in the leaves not only contributes to their health benefits, particularly in liver repair and treating ailments, but also enhances their marketability. The increasing focus on product compactness and cleanliness further strengthens their appeal in the competitive food market, positioning artichokes as a sought-after addition to health-conscious diets. Overall, the artichoke market holds substantial growth potential, driven by consumer trends favoring health and wellness.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Artichokes market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Artichokes Market Segmental Analysis

Global Artichokes Market is segmented by Form, End-user and region. Based on Form, the market is segmented into Frozen, Fresh, Canned. Based on end user, the market is segmented into Food & Beverages, Pharmaceuticals, Personal Care & Cosmetic. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Artichokes Market

The primary driver for the global artichoke market's growth is the numerous health benefits associated with consuming artichokes. As advancements in food science continue to evolve, the demand for artichokes is significantly increasing. Known for their ability to help regulate blood pressure, artichokes are particularly appealing to health-conscious consumers. Moreover, the digestive benefits gained from processed artichokes have further propelled market growth. The rising consumer spending on organic supplements also plays a crucial role, reflecting a broader trend towards healthier lifestyles. Increased health awareness among the population is expected to further enhance the global artichoke market's expansion.

Restraints in the Global Artichokes Market

The global artichokes market faces certain restraints primarily due to health-related concerns. While artichokes are generally safe for consumption and studies indicate that artichoke supplements can be used for up to 23 months without significant issues, some consumers may experience side effects such as weakness, flatulence, increased hunger, diarrhea, or upset stomach. Furthermore, individuals allergic to marigolds, daisies, and similar plants may encounter adverse reactions upon consuming artichokes. These health concerns and potential allergic responses can deter some consumers from purchasing artichokes, thus posing a challenge to the overall growth and expansion of the market.

Market Trends of the Global Artichokes Market

The Global Artichokes market is experiencing a notable trend driven by increasing consumer awareness of the health benefits associated with artichoke consumption, particularly its positive effects on liver health. As research highlights the efficacy of artichokes in improving liver enzyme levels and potentially mitigating conditions like nonalcoholic fatty liver disease (NAFLD), the demand for artichoke-based products is poised to rise. This trend is further supported by a growing interest in natural supplements and functional foods that promote overall wellness. The market is expected to see enhanced growth, as both health-conscious consumers and the food industry capitalize on artichoke's medicinal properties.