REPORT SCOPE & OVERVIEW
The Artichokes Market size was USD 2.77 billion in 2022 and is expected to Reach USD 3.32 billion by 2030 and grow at a CAGR of 2.29 % over the forecast period of 2023-2030.
Artichokes are high in fiber, vitamins, and minerals, and they have been linked to a variety of health advantages. Anti-inflammatory substances found in artichokes may aid to lessen inflammation in the body. People who suffer from rheumatoid arthritis or other chronic inflammatory diseases may find this helpful.
Fresh artichokes have a significant share in the market due to their functional properties. The product's natural appearance and consumer awareness of healthy, minimally processed food make it appealing to customers, adding to the segment's growth.
The frozen segment and canned segment are likely to witness fast growth owing to their availability throughout the year. They are typically blanched before freezing, which helps to preserve their flavor and texture. Frozen artichokes are often used in cooked dishes, such as stews and pasta dishes.
Canned artichokes are the most convenient form of artichokes and are available year-round. They are typically packed in water or brine, and they may contain added salt or preservatives. Canned artichokes are often used in salads and dips.
Potential health benefits of artichokes
Artichokes are high in antioxidants and bioactive compounds such as apigenin and luteolin. Several studies have detected silymarin, a flavonoid that acts as an anticancer agent, is present in artichoke extracts which has a negative impact on breast cancer cells. Artichokes' polyphenols and antioxidants, including quercetin, rutin, and gallic acid, have also been found to suppress the growth of malignant cells. Artichokes help to promote liver function and cleansing.
Due to seasonal variations, there's a scarcity of artichokes
Artichokes is a flower obtained seasonally, generally, they have two seasons, fall and spring. The product's seasonality has an impact on its prices because off-season prices are high, which is anticipated to impede expansion. Also, Artichokes are prone to a variety of pests and diseases, which can result in crop losses.
Development of new varieties of artichokes
Awareness of Jerusalem artichokes' functional properties
Jerusalem artichokes are high in inulin, a form of soluble fiber with numerous health advantages, including improving gut health by feeding beneficial bacteria in the gut, controlling blood sugar levels, lowering cholesterol levels, promoting weight loss, and protecting against cancer. There are numerous applications for Jerusalem artichoke as an active ingredient, including not just prebiotic foods but also products with a low glycemic index and high antioxidant characteristics.
High cost of Artichokes
Competition from other vegetables
Artichokes fight for market share with other vegetables such as broccoli and asparagus. These crops are frequently less expensive and simpler to find, making it harder for artichokes to compete.
IMPACT OF RUSSIA-UKRAINE WAR
Russia and Ukraine are major producers of artichokes. Russia was the world's leading producer of artichokes in 2021, followed by Ukraine. The war has hindered the production and export of artichokes from these countries, resulting in a global shortage of artichokes. The artichoke export market has fallen by 25%. The war has also influenced artichoke demand. The war has produced economic instability and inflation, resulting in a drop in consumer expenditure. This has reduced demand for artichokes, particularly in Europe, which is a significant market for the vegetable.
IMPACT OF ONGOING RECESSION
The recession has increased artichoke prices, resulting in a decline in exports, yet market demand is static due to its functional features. Artichokes have increased in price by 20% since the start of the war. During a recession, consumers may reduce their discretionary expenditure, and artichokes are frequently regarded as a luxury item. This could result in less demand for artichokes, resulting in lower pricing and job losses in the industry. Also, the consumption of artichokes declined in the United States and Europe in a particular period.
Food & Beverage
Personal Care & Cosmetic
European region dominates the artichokes market as countries like France, Italy, Belgium, Germany, and Switzerland are major importers of artichokes. The increase in consumption of organic fruit in Europe has driven the market growth. According to the American Society for Horticultural Science Italy ranks first in terms of artichoke surface area (35.593 hectares), followed by Egypt (17.895 ha) and Spain (16,000 ha). Furthermore, manufacturers are spending on R&D initiatives to investigate what is driving market growth.
South America is expected to develop due to increased production in Argentina and Peru, as well as the widespread use of Cynara in a variety of food products. Because of their pungent green flavor, Peruvian artichokes are preferred. It's a healthful addition to appetizers. The Association of Exporters from Peru (ADEX) will increase production capacity, which will raise market value even more.
North America, particularly the United States, is likely to see significant growth as people become more aware of the product's health benefits. To meet the increased demand, major businesses are producing products with the nutritious content of artichokes. The rising Hispanic population and the rising popularity of Mediterranean cuisine are the main factors driving the demand for artichokes.
Rest of Eastern Europe
Rest of Western Europe
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East
Rest of Africa
Rest of Latin America
Ocean Mist Farms, Caprichos del Paladar S.L.U., Gaia Herbs Inc., King Herbs Ltd., Anklam Extrakt GmbH, Agro T18 Italia Srl, Master Fruit Srl, The Sa Marigosa Op, Herrawi Group, Ole!, and other key players are mentioned in the final report.
Ocean Mist Farms-Company Financial Analysis
In 2023, Ocean Mist Farms, a top producer and distributor of fresh artichokes in North America, started its yearly spring campaign to highlight the advantages of its renowned Gold Standard of artichokes in terms of health and nutrition.
In 2023, Ocean Mist Farms launched the "Eat Your Heart Out" Consumer Artichoke Sweepstakes promotion. To increase demand and in-store sales, this comprehensive campaign includes marketing to a large network of artichoke merchants and vegetable purchasers, social media promotion, and sweepstakes prizes.
|Market Size in 2022||US$ 2.77 Billion|
|Market Size by 2030||US$ 3.32 Billion|
|CAGR||CAGR of 2.29 % From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Form (Fresh, Frozen and Canned)
• By End-User (Food & Beverage, Personal care & Cosmetic, Pharmaceutical)
|Regional Analysis/Coverage||North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)|
|Company Profiles||Ocean Mist Farms, Caprichos del Paladar S.L.U., Gaia Herbs Inc., King Herbs Ltd., Anklam Extrakt GmbH, Agro T18 Italia Srl, Master Fruit Srl, The Sa Marigosa Op, Herrawi Group, Ole!|
|Key Drivers||• Potential health benefits of artichokes|
|Market Challenges||• High cost of Artichokes
• Competition from other vegetables
Ans: Artichokes Market is anticipated to expand by 2.29 % from 2023 to 2030.
Ans: Artichokes Market size was valued at USD 2.77 billion in 2022
Ans: USD 3.32 billion is expected to grow by 2030.
Ans: Europe region dominated the market in 2022.
Ans: Challenges are the High cost of Artichokes and competition from other vegetables
TABLE OF CONTENT
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of Russia- Ukraine War
4.2 Impact of Ongoing Recession
4.3.1 Impact on Major Economies
18.104.22.168 United Kingdom
22.214.171.124 South Korea
126.96.36.199 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Artichokes Market Segmentation, By Form
9. Artichokes Market Segmentation, By End-User
9.1 Food & Beverage
9.2 Personal Care & Cosmetic
10. Regional Analysis
10.2 North America
10.2.1 North America Artichokes Market by Country
10.2. 2North America Artichokes Market by Form
10.2.3 North America Artichokes Market by End-User
10.2.4.1 USA Artichokes Market by Form
10.2.4.2 USA Artichokes Market by End-User
10.2.5.1 Canada Artichokes Market by Form
10.2.5.2 Canada Artichokes Market by End-User
10.2.6.1 Mexico Artichokes Market by Form
10.2.6.2 Mexico Artichokes Market by End-User
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Artichokes Market by Country
10.3.1.2 Eastern Europe Artichokes Market by Form
10.3.1.3 Eastern Europe Artichokes Market by End-User
10.3.1.4.1 Poland Artichokes Market by Form
10.3.1.4.2 Poland Artichokes Market by End-User
10.3.1.5.1 Romania Artichokes Market by Form
10.3.1.5.2 Romania Artichokes Market by End-User
10.3.1.6.1 Hungary Artichokes Market by Form
10.3.1.6.2 Hungary Artichokes Market by End-User
10.3.1.7.1 Turkey Artichokes Market by Form
10.3.1.7.2 Turkey Artichokes Market by End-User
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Artichokes Market by Form
10.3.1.8.2 Rest of Eastern Europe Artichokes Market by End-User
10.3.2 Western Europe
10.3.2.1 Western Europe Artichokes Market by Country
10.3.2.2 Western Europe Artichokes Market by Form
10.3.2.3 Western Europe Artichokes Market by End-User
10.3.2.4.1 Germany Artichokes Market by Form
10.3.2.4.2 Germany Artichokes Market by End-User
10.3.2.5.1 France Artichokes Market by Form
10.3.2.5.2 France Artichokes Market by End-User
10.3.2.6.1 UK Artichokes Market by Form
10.3.2.6.2 UK Artichokes Market by End-User
10.3.2.7.1 Italy Artichokes Market by Form
10.3.2.7.2 Italy Artichokes Market by End-User
10.3.2.8.1 Spain Artichokes Market by Form
10.3.2.8.2 Spain Artichokes Market by End-User
10.3.2.9.1 Netherlands Artichokes Market by Form
10.3.2.9.2 Netherlands Artichokes Market by End-User
10.3.2.10.1 Switzerland Artichokes Market by Form
10.3.2.10.2 Switzerland Artichokes Market by End-User
10.3.2.11.1 Austria Artichokes Market by Form
10.3.2.11.2 Austria Artichokes Market by End-User
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Artichokes Market by Form
10.3.2.12.2 Rest of Western Europe Artichokes Market by End-User
10.4.1 Asia Pacific Artichokes Market by Country
10.4.2 Asia Pacific Artichokes Market by Form
10.4.3 Asia Pacific Artichokes Market by End-User
10.4.4.1 China Artichokes Market by Form
10.4.4.2 China Artichokes Market by End-User
10.4.5.1 India Artichokes Market by Form
10.4.5.2 India Artichokes Market by End-User
10.4.6.1 Japan Artichokes Market by Form
10.4.6.2 Japan Artichokes Market by End-User
10.4.7 South Korea
10.4.7.1 South Korea Artichokes Market by Form
10.4.7.2 South Korea Artichokes Market by End-User
10.4.8.1 Vietnam Artichokes Market by Form
10.4.8.2 Vietnam Artichokes Market by End-User
10.4.9.1 Singapore Artichokes Market by Form
10.4.9.2 Singapore Artichokes Market by End-User
10.4.10.1 Australia Artichokes Market by Form
10.4.10.2 Australia Artichokes Market by End-User
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Artichokes Market by Form
10.4.11.2 Rest of Asia-Pacific Artichokes Market by End-User
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Artichokes Market by Country
10.5.1.2 Middle East Artichokes Market by Form
10.5.1.3 Middle East Artichokes Market by End-User
10.5.1.4.1 UAE Artichokes Market by Form
10.5.1.4.2 UAE Artichokes Market by End-User
10.5.1.5.1 Egypt Artichokes Market by Form
10.5.1.5.2 Egypt Artichokes Market by End-User
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Artichokes Market by Form
10.5.1.6.2 Saudi Arabia Artichokes Market by End-User
10.5.1.7.1 Qatar Artichokes Market by Form
10.5.1.7.2 Qatar Artichokes Market by End-User
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Artichokes Market by Form
10.5.1.8.2 Rest of Middle East Artichokes Market by End-User
10.5.2.1 Africa Artichokes Market by Country
10.5.2.2 Africa Artichokes Market by Form
10.5.2.3 Africa Artichokes Market by End-User
10.5.2.4.1 Nigeria Artichokes Market by Form
10.5.2.4.2 Nigeria Artichokes Market by End-User
10.5.2.5 South Africa
10.5.2.5.1 South Africa Artichokes Market by Form
10.5.2.5.2 South Africa Artichokes Market by End-User
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Artichokes Market by Form
10.5.2.6.2 Rest of Africa Artichokes Market by End-User
10.6 Latin America
10.6.1 Latin America Artichokes Market by Country
10.6.2 Latin America Artichokes Market by Form
10.6.3 Latin America Artichokes Market by End-User
10.6.4.1 Brazil Artichokes Market by Form
10.6.4.2 Brazil Artichokes Market by End-User
10.6.5.1 Argentina Artichokes Market by Form
10.6.5.2 Argentina Artichokes Market by End-User
10.6.6.1 Colombia Artichokes Market by Form
10.6.6.2 Colombia Artichokes Market by End-User
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Artichokes Market by Form
10.6.7.2 Rest of Latin America Artichokes Market by End-User
11 Company Profile
11.1 Ocean Mist Farms
11.1.1 Company Overview
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Caprichos del Paladar S.L.U.
11.2.1 Company Overview
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Gaia Herbs Inc.
11.3.1 Company Overview
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Anklam Extrakt GmbH
11.4 Company Overview
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 King Herbs Ltd
11.5.1 Company Overview
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Agro T18 Italia Srl
11.6.1 Company Overview
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Master Fruit Srl
11.7.1 Company Overview
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 The Sa Marigosa Op
11.8.1 Company Overview
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9.1 Company Overview
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Herrawi Group
11.10.1 Company Overview
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
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