USD 2.71 billion
Report ID: SQSG30C2012 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 63 | Figures: 75
Artichokes Market size was valued at USD 2.71 billion in 2021 and is poised to grow from USD 2.77 billion in 2022 to USD 3.42 billion by 2030, growing at a CAGR of 2.34% in the forecast period (2023-2030).
The plant's blossom buds, or artichokes, are primarily grown close to the Mediterranean region. Artichokes are advantageous in medical research, genetics, liqueur, herbal tea, and cuisine due to their entire antioxidant property. In addition to this, artichokes are high in fibre, potassium, magnesium, folate, and vitamin C, which has increased consumer demand for artichokes. In contrast to the lacklustre demand in the Asia Pacific region, artichokes are predicted to have a strong market in Western Europe, North America, and Latin America. The green globe variety, one of the nine primary artichoke kinds, appears to be the most popular worldwide.
One of the elements influencing the cost is the availability of artichokes. While prices for artichokes are at their lowest in March when supplies are at their highest, they reach their highest point in the winter when demand is at its highest. The most widely consumed artichoke kind worldwide is the green globe variety. The artichokes are preserved using the required packing and preservation processes, allowing for a lengthy shelf life and international exportation over greater distances. As a result, the market for artichokes has been greatly influenced by the frozen and canned versions of the vegetable.
The chemicals silymarin and cynarin, which are contained in artichoke leaves, have powerful antioxidant effects and have been shown to be very successful at repairing healthy liver tissues and treating a number of ailments. Other than this, compactness and cleanliness are the main aspects that help the food product's marketing.
US Artichokes Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.71 billion
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The Global Artichokes Market is segmented based on the Product Type, End Use, and Region. Based on the Product Type, the Global Artichokes Market is segmented as globe artichokes and elongated artichokes. Based on the End Use the market is segmented as food processing, direct consumption, beverage processing, and others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Artichokes Market Analysis by Product Type
The market for artichokes is segmented into two categories based on the kind of product: globe artichokes and elongated artichokes. Globe artichokes held the largest market share in 2021 and are anticipated to maintain their dominance during the forecast period. A vegetable crop indigenous to the Mediterranean region is the globe artichoke. They are the world's most widely grown, fat (4-5 inches), and oblong artichokes. The most common and consumed varieties of globe artichokes are green globe, baby Anzio, and giant heart. The immature flower buds, which contain vital nutrients including inulin, fibers, and minerals, are the major reason it is grown. Additionally, the globe artichoke is a well-known medicinal plant, and its heads and leaves are a rich source of polyphenolic chemicals. escalating consumption of healthy and nutritional food among the populace is the major driving factor for the growth of the globe artichokes segment.
Artichokes Market Analysis by End Use
The market for artichokes is segmented into food processing, direct consumption, beverage processing, and others based on end use. The large part of market share of the global artichokes market in 2021, was accounted for by the food processing sector. The food processing industries are increasing the need for artichokes. The market for artichokes is expanding due to the availability of a wide variety of them as well as a growing consumer preference for nutritious foods. Artichokes are frequently used in culinary preparation, particularly in pasta dishes and salads. They are additionally employed as pie and pizza toppings, as well as in dips and tarts. In particular in North Africa, the Middle East, Turkey, and Armenia, they are boiled, steamed, grilled, or roasted with sauces and tastes to form a variety of dishes. Artichokes' supposed health advantages have spurred the consumers to include it in their daily diet.
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In 2021, the Europe region led the global Artichokes market. The growth of the regional market can be attributed to the fact that the primary artichoke-producing nations are located in Europe, Europe held the greatest market share for artichokes in 2021. The demand for artichokes has significantly increased in Italy, France, Spain, and the UK due to the rise in the consumption of nutritive and organic food products, which is boosting their overall sales in Europe. The market is expanding in the area as a result of consumer awareness of the uses and advantages of artichokes. Additionally, the producers are spending money on R&D projects to expand the applications for artichokes. The demand for the goods in the area has also increased as a result.
In contrast to the lackluster demand in the Asia Pacific region, artichokes are predicted to have a strong market in Western Europe, North America, and Latin America. The green globe variety, one of the nine primary artichoke kinds, appears to be the most popular worldwide.
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Artichokes Market Driver
Artichokes Market Restraint
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The Global Artichokes market is relatively fragmented, with a high level of competition. Companies are working on product differentiation and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and are forming strategic and creative partnerships with other start-up businesses to increase market share and profitability.
Artichokes Market Top Player's Company Profiles
Artichokes Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Artichokes Market Analysis, In 2021, the Europe region led the global Artichokes market. The growth of the regional market can be attributed to Due to the fact that the primary artichoke-producing nations are located in Europe. On the other hand, among segments the segments of Globe artichokes is the most preferred option due to its is abundantly grown in various regions of the world and the segment of food processing is a largely growing segment owing to the varieties of delicacies that are been prepared worldwide. The market is been driven by ample of health benefits of artichokes whereas it is restrained by the side effects of it.
|Market size value in 2021||USD 2.71 billion|
|Market size value in 2030||USD 2.77 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Artichokes Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Artichokes Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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On the basis of origin, the global artichokes market is segmented into:-Organic artichokes,Conventional artichokes.
Western Europe, North America, and Latin America are expected to witness increasing demand for artichokes during the forecast period, owing to increasing consumption of healthy and nutritional foods.
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