Artichokes Market is expected to reach US$ 4,448.21 Million by 2028

Published Date: 30 Jun 2021

Report : Artichokes Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Category (Organic and Conventional); Product Type (Globe Artichokes {Baby Anzio, Big Heart, Green Globe and Others} and Elongated Artichokes {Siena and Others}); End Use (Food Processing, Direct Consumption, Beverages Processing and Others)

Rising Application of Artichokes from Beverages Industry to Escalate Artichokes Market Growth During 2021–2028

 

According to our latest market study on “Artichokes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Category (Organic and Conventional); Product Type (Globe Artichokes {Baby Anzio, Big Heart, Green Globe and Others} and Elongated Artichokes {Siena and Others}); End Use (Food Processing, Direct Consumption, Beverages Processing and Others),” the market was valued at US$ 3,343.42 Million in 2020 and is projected to reach US$ 4,448.21 Million by 2028; it is expected to grow at a CAGR of 3.6% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

 

Artichoke plant is a type of thorn, enduring blooms, and individual from the sunflower family, which is for the most part developed in the nations circumscribing Mediterranean district. It is generally eaten when flower buds are immature. Tender base part of the bud is fruity delightful which is cooked and eaten. Increasing focus on health and novelty food consumption among the people is main consideration driving the worldwide artichokes market. Owing to its healthful advantages, which incorporate elevated levels of chromium, antioxidants, fiber, folate, magnesium, and nutrient C has raised its demand among consumer in recent years. In addition, number of medical researches have been conducted to discover the medicinal properties of artichokes. Growing demand from end user industries such as food, beverages, personal care and pharmaceutical industry is expected to propel the growth of market.

 

Artichokes are loaded with number of essential nutrients such as vitamins, minerals and dietary fiber that help to cure several diseases and boost immune system of human body. However, cooking artichokes into edible foods is quite tedious process. As it took lot of efforts and time to clean it, cook it and then include it into homemade recipes or dishes. Also the taste of artichokes is not that great it is bitter and thus lot of other ingredients, herbs and spices are used to give desired flavors and taste. This process results into loss of nutrients to some extent plus the main objective of getting enough benefits from artichokes remains intact. Also Artichokes are also used to prepare herbal liqueur. And on contrary, preparing liqueur from artichokes is quite easy, time saving and cost-effective method. For instance, Campari Group Italy-based liqueur manufacturer, produce & distribute Cynar, herbal liqueur majorly produced from artichoke with 13 other herbs and plants. Apart from this, artichokes are used to prepare number of cocktails in countries such as Italy, Spain, Argentina, Egypt and Peru where the production is high as compared to other countries. Unique and exotic flavor, digestive and aphrodisiac characteristics of artichokes attracts the manufacturer to produce artichoke-based beverages. Not only, liqueur manufacturers but consumers are also trying to make non-alcoholic beverages such as herbal tea, cordials or tonics at home to utilize medicinal properties of artichokes. In addition, owing to the growing demand of artichokes in beverages, manufacturers have started to focus on development of new and innovative products. For instance, Tam Chau, Vietnam's leading tea producers offers artichoke tea through online retail. The growing consumption of artichoke-based beverages in restaurants, bars and households are expected to drive the market growth.

 

Caprichos del Paladar; Agro T18 Italia Srl; Gaia Herbs; Master Fruit Srl; The Sa Marigosa Op; Ocean Mist; Herrawi Group and Ole are among the well-established players operating in the global artichokes market.

 

Impact of COVID-19 Pandemic on Artichokes Market

The ongoing pandemic has drastically altered the status of the agriculture industry and have negatively impacted the growth of the artichokes market. Being one of the labor-intensive sectors, the agriculture industry has witnessed significant impact due to COVID-19 pandemic, especially in fruits and vegetable production. The COVID-19 outbreak has distorted operational efficiency and disrupted the value chains due to the sudden closure of national and international boundaries, creating revenue loss and damage. As per Food and Agriculture Organization, the production and supply of artichokes have been significantly impacted by the COVID-19 outbreak along with severe climatic changes. Further, the implementation of measures to combat the spread of the virus has aggravated the situation as the cultivated artichokes must be left in the field and the harvested ones are sold at comparatively lower price. The disruptive value chain along with effect upon labor-supply has accrued to negative impact upon the growth of the artichokes market. Moreover, the closure of food service chains has restricted the demand and consumption of artichokes. However, in the US, the impact of COVID-19 upon the consumption of artichokes is comparatively less compared to other major fruits and vegetable commodities. Nevertheless, as the economies are planning to revive their operations, the demand for artichokes is expected to rise globally. Although the focus over just in time production is another concerning factor hindering the market growth. The expanding demand of artichokes across food & beverage, pharmaceutical, and other industries along with significant investment by prominent manufacturers is expected to drive the growth for the artichokes market.

 

Global Artichokes Market Breakdown – by Region, 2020
Global Artichokes Market Breakdown – by Region, 2020

 

The report includes the segmentation of the global artichokes market as follows:


Artichokes Market, by Category

  • Organic
  • Conventional

Artichokes Market, by Product Type

  • Globe Artichokes
    • Baby Anzio
    • Big Heart
    • Green Globe
    • Others
  • Elongated Artichokes
    • Siena
    • Others

Artichokes Market, by End Use

  • Direct Consumption
  • Food Processing
  • Beverage Processing
  • Others


Artichokes Market, by Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Turkey
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • Japan
    • Singapore
    • Rest of Asia Pacific
  • Middle East &Africa (MEA)
    • Egypt
    • Morocco
    • Iran
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Peru
    • Rest of South America
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