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The global artichokes market size was USD 2.67 billion in 2020. The market is projected to grow from USD 2.71 billion in 2021 to USD 3.19 billion in 2028 at a CAGR of 2.34% in 2021-2028. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -1.07% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over.
Artichoke (Cynara scolymus) is a large perennial plant grown for its edible flower buds and has a delicate, nutlike flavor. This plant is native to the Mediterranean and has been used for centuries for its potential medicinal properties. It is rich in chromium, fiber, folate, and potassium. In addition, cynara scolymus contains inulin, a soluble fiber. This compound is used in the dietary supplement and pharmaceutical industries due to its health-enhancing properties such as digestibility, fat absorption, and ability to bind water and minerals.
According to PubMed Central (PMC), the product has gained significant popularity in recent years due to its flowers' antioxidant property, which is the highest among any other vegetable. With the growing application of the product in various cuisines, the manufacturers are also developing several recipes such as stuff and bake artichokes. Its increasing application in culinary due to its bioactive phenolic compounds and other minerals makes it a functional food, driving the artichokes market growth.
Declined Growth due to Supply Chain Disruptions amid COVID-19
The COVID-19 impact has dramatically changed the situation in agriculture and had a slightly negative effect on the market growth. The coronavirus outbreak, accompanied by the sudden closure of international and national borders, distorted the operational efficiency and value chain, which resulted in revenue loss of the market. Being one of the labor-intensive crops, the production and supply of artichokes saw a significant impact. In addition, implementing measures to combat the spread of the virus exacerbated the situation, as cultivated products had to be left in the fields, and harvested ones were sold at relatively low prices. Furthermore, the shutdown of HORECA has restricted the consumption and demand for the product. However, the expanding market of the product across the pharmaceutical and personal care industries is the new trend that can be seen in the industry.
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Growing Awareness of Medicinal Properties of Artichokes to Proliferate Demand
Artichokes' therapeutic and medicinal properties have already been well known in the past. Modern studies confirmed the stimulating properties of artichoke extracts on the liver. Animal studies have shown that liquid extracts from the product’s roots and leaves can protect the liver and possibly even support the regeneration of liver cells. The study is not yet definitive, but scientists were optimistic that it was justified for many years of human use due to digestive and intestinal problems. Clinical trials and research conducted about the healing and medicinal properties of the extracts for treating several diseases such as metabolic syndrome and hypertension are expected to provide various opportunities for the product in the pharmaceutical sector and aid the growth of the market.
Health Benefits Associated with Consumption of Artichokes to Drive Market
Numerous claimed health benefits of the product, such as better digestion, heart health, and liver health, have enticed consumers into increasing their consumption of the product, which, in turn, augments market growth. Regular consumption of cynara scolymus extract can help protect the liver from damage and ease the symptoms of non-alcoholic fatty liver disease. It also helps lower blood pressure by promoting the eNOS enzymes, which helps in widening blood vessels. According to World Health Organization (WHO), as of 2021, an estimated 1.28 billion adults have blood pressure. The increasing incidence of this health disorder and the rising number of health-conscious people offer further potential growth opportunities for this market in the coming years.
Growing Awareness of Functional Properties of Jerusalem Artichokes to Aid Market Growth
Food products considered healthier and more functional have gained popularity in many areas in recent years. The tubers of Jerusalem artichoke contain many functional components, including secondary metabolites such as oligofructose, phenolic compounds, and inulin. There are many commercial opportunities to use Jerusalem artichoke as an active ingredient not only in foods containing prebiotics but also in developing products with low glycemic index and high antioxidant properties. The inulin of this product type can be an innovative way to increase food value in terms of function and profitability in the food industry due to its prebiotic and antioxidant properties. Additionally, its use as a source of functional foods and bioactive ingredients is recognized as a sustainable source of biofuel production, which is anticipated to further drive the market growth.
Seasonal Dependency for Product Procurement to Hamper Growth
Artichokes/Cynara are seasonal flowers; they have two seasons, spring and fall. The seasonality of the product affects its prices, as in the off-season, the prices are high, which is expected to hamper the market growth. Furthermore, the susceptibility to heat makes the production of the product more challenging, especially during the early stages of development, which is consequently expected to affect the market.
Fresh Artichokes to Hold Major Share due to its High Consumption
On the basis of form, the market is segmented into fresh, frozen, and canned.
The fresh segment is expected to hold a larger share due to its high consumption, owing to exciting flavor and tenderness. The taste, freshness, and nutrition are the main factors influencing its purchase. The natural appearance of the product and awareness of healthy, minimally processed food make it more appealing for consumers, thereby contributing to the growth of this segment.
The canned segment is likely to witness the fastest growth, owing to its availability throughout the year and rising demand by the processing companies of the U.S., France, and Spain. Canned artichoke can be incorporated into every meal, making it a popular choice, further driving the segment’s growth.
The frozen segment is anticipated to witness substantial growth due to increased demand for frozen vegetables from the convenience food sector. The frozen food industry witnesses high demand for the high-quality Individual Quick Frozen (IQF) artichoke. Moreover, the IQF method has made the idea of frozen foods more attractive to today's health-conscious consumers.
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Food & Beverages to be Leading End-use Segment Owing to its Wide Application in Various Products
On the basis of end-use, the market is segmented into food & beverages, pharmaceuticals, and personal care & cosmetic.
The food & beverages segment is likely to account for larger market share, owing to the product’s growing application demand across the food industry. It is widely used in preparing several cuisines, including salads and pasta and dips, tarts, and toppings in pizza. It is boiled, steamed, grilled or roasted with sauces and seasonings to make various dishes, particularly in the Middle East, Turkey, North Africa, and Armenia. Furthermore, the growing demand for frozen and canned artichokes contributes to the segment's growth and performance.
Pharmaceutical is also expected to witness significant growth due to numerous pharmacological properties associated with the product, including antibacterial, anti-HIV, anti-oxidative, and anti-carcinogenic. The industry mainly uses the cynarin present in the leaves of this vegetable, which helps increase the liver's production of bile, which can reduce body cholesterol.
The personal care & cosmetic industry is anticipated to witness substantial growth due to various beneficial contents in this vegetable. It is very effective in the prevention and treatment of sagging skin. According to Ichimaru Pharcos, a Japanese company, the plant extract can help maintain skin elasticity and prevent the appearance of fine lines and wrinkles on the skin. Furthermore, its ability to treat dry and damaged hair makes the product popular in the hair care industry, aiding the segment's growth.
Europe Artichokes Market Size, 2020 (USD Billion)
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This market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa in terms of geography.
Europe is anticipated to hold the largest artichokes market share in the global market as the main producing countries are located in the region and there is increased consumption of organic food. According to the International Society for Horticultural Science, only Murcia province produces more than 7,000 ha of artichoke per year in Spain. The significant increase in demand for artichokes in Italy, France, Spain, and the U.K. is aiding its sales in the region. In addition, manufacturers are investing in research and development activities to explore and diversify the uses of this vegetable, which is anticipated to boost its regional sales.
South America is likely to exhibit significant growth opportunities due to increasing production in Peru and Argentina and the wide application of cynara in several food products. The product is incredibly versatile and is commonly baked into a tart or made into a paste. Peruvian artichoke is preferred due to its spicy green taste. It is used as a healthy additive to appetizers. Furthermore, the investment in research and development (R&D) for this industry by the Peruvian Exporters' Association (ADEX) to expand production is expected to contribute to the market growth in the region.
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North America, especially the U.S., is expected to witness substantial growth due to consumers' rising awareness about the product's health benefits. Leading players in the country market are launching products with nutritional value of artichoke to suffice the rising demand. Furthermore, increasing popularity and wide usage of Jerusalem artichoke in biomass and production of bioproducts, a native North American plant, are expected to boost the region's market.
New Product Launches by Market Players to Aid Market Growth
The market players operating in different regions have realized the growth potential of artichoke and are continually committed to market innovation and launching new products to expand their product portfolio. Leading companies are also focusing on incorporating the vegetable variety in various products to address the requirements of a broader consumer base. For instance, in June 2020, Ocean Mist Farms, the leading producer of fresh artichokes in the U.S., announced the launch of its exclusive purple artichoke. This latest addition is a colorful variety of seasonal artichokes chosen for great taste and appearance.
An Infographic Representation of Artichokes Market
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The research report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of its forms, end-use, market size, and growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, research methodology, recent industry developments such as mergers & acquisitions, regulatory scenario in critical countries, and key industry trends.
Value (USD Billion)
Fortune Business Insights says that the value of the market was at USD 2.67 billion in 2020 and is projected to reach USD 3.19 billion by 2028.
Growing at a CAGR of 2.34% over the forecast period (2021-2028), the market will exhibit significant growth.
The fresh artichoke segment is expected to be the leading segment in the global market during the forecast period.
Health benefits associated with the consumption are driving the market growth.
Ocean Mist Farms, Caprichos del Paladar S.L.U., Anklam Extrakt GmbH, and Agro T18 Italia Srl are a few of the key players in the market.
Europe is expected to hold the highest market share.
The food & beverages segment is expected to grow fastest during the forecast period.
Growing awareness about medicinal properties is becoming increasingly popular across the globe.
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