Artichokes Market

Global Artichokes Market Outlook

According to the research of Future Market Insights, over the projected period, the Artichokes Market is expected to expand at a CAGR of 4.4%. The industry's estimated value will increase from US$ 2,253.5 Million in 2023 to US$ 3,466.3 Million in 2033. The Artichokes Market was worth US$ 2,134.0 Million at the end of 2022.

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 fiber, potassium, magnesium, folate, and vitamin C, which has increased consumer demand for artichokes.

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.

Historical Outlook versus Future Projections for Artichokes Market

With a CAGR of 5.6% between 2018 and 2022, the global market for Artichokes Market expanded from US$ 1,716.1 Million to US$ 2,134.0 Million .

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.

With a high CAGR of 4.4% over the projected period, it is expected that the global Artichokes Market would increase from US$ 2,253.5 Million in 2023 to US$ 3,466.3 Million by 2033.

Country-wise Insights

How is the Artichokes market developing in North America?

The Artichoke market in North America is developing rapidly, offering consumers a variety of healthy and delicious food options. With increased demand for artichokes due to their high nutritional value, the market has seen an increase in production throughout the continent.

Artichokes are now grown in many parts of North America, from California to Florida. This has created a steady supply of fresh artichokes for consumers. Improved production methods have made it possible for artichoke farmers to cultivate more crop each season, increasing yields and making them available year-round. Growers are also experimenting with different types and varieties of artichokes to create unique flavors and textures that appeal to a wide range of palates.

Retailers across the continent are stocking up on artichokes due to their popularity among health-conscious shoppers seeking tasty alternatives that offer great nutrition at reasonable prices.

How is the market for Artichokes in Europe developing?

Europe is no stranger to the artichoke market and it continues to grow each year. Artichokes are a popular vegetable in many European countries with Italy, France, Spain and Greece being among the top consumers of this delicacy. With the increasing popularity of artichokes in Europe, farmers are expanding their production of these vegetables to meet consumer demand.

The recent development of Europe's artichoke market has resulted in an increase in imports from other countries such as Morocco and Turkey. As more countries join the European Union (EU), access to foreign markets means that there is potential for further growth in the European artichoke sector. Furthermore, technological advances have enabled farmers to increase yield while reducing costs which helps keep prices competitive on a global scale.

How is the market for Artichokes expanding in Asia Pacific?

The artichoke market in the Asia Pacific region is growing rapidly, with a steady increase in demand for the nutritious vegetable. Artichokes are becoming increasingly popular among consumers across the region, as more and more people recognize their health benefits.

This surge in popularity has been driven by both increased exports of artichokes to Asia Pacific countries such as Japan, South Korea and China, as well as an increase in domestic production. In recent years, farmers have started investing heavily in artichoke cultivation and processing facilities to meet rising consumer demand. This investment has led to an expansion of production areas throughout regional countries such as India, Vietnam and Indonesia.

Nandini Roy Choudhury

Principal Consultant

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Category Wise Insights

How Artichokes can be used in making of Herbal Tea?

Herbal tea is an excellent way to reap the benefits of various medicinal herbs. Artichokes are one of these beneficial medicinal herbs and can be used in creating a delicious herbal tea. Artichokes contain powerful antioxidants which help fight free radicals, reduce inflammation, and may even improve digestion.

In order to make artichoke herbal tea, start by combining 1 teaspoon of dried or fresh artichokes with 8 ounces of boiling water in a teapot or cup. Allow the mixture to steep for 10 minutes before straining into a cup. Adding honey or lemon can be done for extra flavor if desired. Drinking this tea once per day can increase its health benefits significantly, helping rid the body of toxins and reduce stress levels over time.

How Artichokes can be used in liqueur?

The artichoke is a delicious and versatile vegetable that can be used in many different dishes. It's also an ingredient that has surprising applications, including being used to make liqueur. This flavorful liqueur brings the distinctive taste of artichokes along with a range of other flavors such as herbs, spices and citrus fruits. If you're looking for an interesting new way to enjoy this unique vegetable, then learning how artichokes can be used in liqueur is a great place to start.

Making your own artichoke-based liqueur involves infusing spirits with the flavors of this vegetable along with other ingredients such as herbs, spices and citrus fruits. Start by steeping the artichoke hearts in vodka or gin until they soften and take on the flavor of the spirit.

Competitive Landscape of Artichokes market

The competitive landscape of the artichoke market varies depending on the location and region of the market. In general, the market is characterized by a moderate level of competition among growers and suppliers. Some of the major players in the market include Ocean Mist Farms, Green Globe Artichokes, and Bard Valley Medjool Date Company. These companies have a significant market share and a strong presence in the industry.

Additionally, there are also small-scale and local growers who may have a presence in specific regions or markets. The market also has a presence of imports, especially from countries like Spain, Italy, Peru, and Chile which can impact the domestic market.

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Artichokes Market Report Scope

Segmentation of Artichokes Market

Segmentation by Origin:

• Organic artichokes
• Conventional artichokes

Segmentation by Variety:

• Baby Anzio
• Big Heart
• Green Globe
• Siena
• Mercury
• Omaha
• Fiesole
• Chianti
• King

Segmentation by Application:

• Cooking
• Herbal Tea
• Liqueur
• Medical research
• Genome

Segmentation by Region:

• North America
• Latin America
• Europe
• Asia Pacific
• MEA