Global Artichokes Market to Record 4.4% CAGR During 2019-2027

June 24, 2020

According to the research report titled ‘Artichokes Market to 2027 - Global Analysis and Forecasts By Origin; Product Type, Application, available with Market Study Report LLC, global artichokes market reached a valuation of USD 3,048.1 million in the year 2018 and is reckoned to witness a y-o-y growth rate of 4.4% during the forecast period, subsequently accounting for USD  4,464.1 million by the year 2027.

For the uninitiated, artichoke is a plant from the sunflower family and is generally produced in countries around the Mediterranean region. Flower buds of the plant are consumed when immature and the tender base of the bud is rich and pleasant in taste.

Shifting focus towards healthy lifestyle and increasing consumption of innovative food products are major factors driving the artichokes market. The product is a rich source of vitamin C, magnesium, folate, fiber, antioxidants and chromium. Moreover, rising research activities in order to identify medical properties of artichokes is further aiding the market expansion.

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Mounting adoption of jarred or fresh artichokes in numerous cuisines such as pastas and salad is also stimulating the industry outlook. The product is widely used as topping in pizzas as well as in tarts and dips. Artichoke is roasted, grilled, steamed boiled with different flavors and sauces in regions such as Armenia, Turkey, Middle East and North Africa to prepare novel dishes.

Authentic and traditional recipes of artichoke were made in Egypt, Ireland, Turkey, Spain and Italy. For instance, an Italian artichoke stuffing is usually made up of sausage, prosciutto, grated cheese, parsley, oregano, garlic and breadcrumbs. Notably, seasonal availability of the product has enhanced the demand for processed or frozen artichokes, which in turn is fueling the market growth.

As per type, the market is split into globe artichokes and elongated artichokes. Globe artichokes segment is further classified into green globe, big heart, baby Anzio and others. On the other hand, elongated artichokes segment is bifurcated into Siena and others. Based on application spectrum, global artichokes market is divided into pharmaceutical, food, liqueur and others.

Regionally, Italy artichokes market is projected to grow substantially over the forecast timeframe. Rapid globalization, favorable tax regulations, employment laws and government stability are also positively impacting the growth of artichoke market in Italy.

The major contenders in global artichokes market are Herrawi Group, Olé!, Ocean Mist, Sa Marigosa Societa Consortile A.r.l., Master Fruit S.r.l., Gaia Herbs, Agro T18 Italia Srl and Caprichos del Paladar among others.

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