Artichokes Market ($4.44Bn by 2028) Growth Forecast at 3.6% CAGR During 2021 to 2028 COVID Impact and Global Analysis by TheInsightPartners.com
The Artichokes Market Growth impelled by health benefits associated with artichokes and the rise in application of artichokes in the beverages industry.
/EIN News/ — New York, Sept. 14, 2021 (GLOBE NEWSWIRE) — Artichokes Market: Key Insights
According to our new research study on “Artichokes Market to 2028 – Global Analysis and Forecast – by Category, Product Type and End Use,” the Artichokes Market was valued at US$ 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 seasonal availability and concentrated production of artichokes may impede the market growth.
Artichokes Market: Competition Landscape and Key Developments
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 key companies operating in the global artichokes market. The market leaders are continuously looking forward to tapping prevailing business opportunities by expanding and diversifying their market presence and acquiring new customer bases.
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In 2019, Ocean mist Farms launched frost Kissed artichokes which are darker in color due to the freezing conditions. Such types of artichokes impart more flavor and a nuttier taste to the final product and hence, are termed as Frost Kissed artichokes.
In 2019, Ocean Mist Farms announced a partnership with Harry & David, the premier choice for gourmet gifts in the US, to offer long-stem artichoke gift packs.
In 2020, Europe was the largest market shareholder for artichokes as the major artichokes producing countries are in Europe. Owing to the rise in the consumption of nutritional and organic food products, the demand for artichokes has substantially surged in Italy, France, Spain, and the UK, which is boosting their overall sales in Europe. Also, consumer awareness about the uses and benefits of artichokes is propelling the growth of the market in the region. Moreover, the manufacturers are investing in research and development activities to diversify the use of artichokes. This has also surged the demand for the product in the region.
Artichokes are loaded with several essential nutrients such as vitamins, minerals, and dietary fibers that help cure several diseases and boost the immune system of the human body. However, cooking artichokes into edible foods is a quite tedious process as it takes a lot of effort and time to clean them, cook them, and then include them in homemade recipes or dishes. Also, the taste of artichokes is bitter, and thus, a lot of other ingredients, herbs, and spices are used to give desired flavors and tastes.
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Artichokes are also used to prepare herbal liqueur. Preparing liqueur from artichokes is quite easy, and it is a time-saving and cost-effective method. For instance, Campari Group—an Italy-based liqueur manufacturer—produces a distributes Cynar, a herbal liqueur majorly produced from artichoke with 13 other herbs and plants. Apart from this, artichokes are used to prepare many cocktails in countries such as Italy, Spain, Argentina, Egypt, and Peru, where the production is high as compared to other countries. The unique and exotic flavor and digestive and aphrodisiac characteristics of artichokes attract the manufacturers 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 the medicinal properties of artichokes. In addition, owing to the growing demand for artichokes in beverages, manufacturers have started to focus on the development of new and innovative products. For instance, Tam Chau, Vietnam’s leading tea producer, offers artichoke tea through online retail. The growing consumption of artichoke-based beverages in restaurants, bars, and households is expected to drive the market.
Artichokes Market: Segmental Overview
In terms of category, the organic segment is anticipated to register a higher CAGR in the market during the forecast period. The growth of the segment is attributed to the increasing focus on environmental sustainability, along with the growing trend of natural and healthy food consumption. In terms of product type, the globe artichokes segment accounted for 67.3% share of the artichokes market in 2020. The growing consumption of health and nutritional food among the populace is the major driving factor for the globe artichokes segment. In terms of end use, the food processing segment accounted for 56.4% of the market share in 2020. Apart from direct consumption, artichokes are significantly demanded across the food processing industry. They are used to produce canned, frozen, and pickled artichokes. They are mostly used in the preparation of various cuisines such as salads and pasta. They are also used in dips, tarts, and toppings in pizza. They are boiled, steamed, grilled, or roasted with sauces and flavors to make a variety of dishes, especially in North Africa, the Middle East, Turkey, and Armenia.
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