Global Artichoke Extract Market Size By Type (Powder, Liquid), By Application (Food And Beverages, Cosmetics And Personal Care), By Geographic Scope And Forecast
Report ID: 59292|No. of Pages: 202
Global Artichoke Extract Market Size By Type (Powder, Liquid), By Application (Food And Beverages, Cosmetics And Personal Care), By Geographic Scope And Forecast
Artichoke Extract Market Size And Forecast
Artichoke Extract Market size was valued at USD 2.77 Billion in 2022 and is projected to reach USD 4.22 Billion by 2030, growing at a CAGR of 5.56% from 2023 to 2030.
The market growth is attributed to the increasing demand for natural ingredients in food and beverage products and the growing awareness about the benefits of artichoke extract among consumers. The powder segment is expected to be the fastest-growing segment during the forecast period, owing to its easy availability and use in a variety of applications. The food and beverages application segment is expected to be the largest consumer of artichoke extract during the forecast period, followed by cosmetic & personal care applications. North America dominates the Global Artichoke Extract Market, followed by Europe and the Asia Pacific.
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Global Artichoke Extract Market Definition
Artichoke is a plant whose leaf, stem, and root are used in making extracts. The artichoke extract is collected from plants and is mostly available in the form of powder. These extracts are containing higher concentrations of chemicals that are present naturally in plants. It is a rich source of flavonoids and antioxidants which helps in regulating blood pressure, control cholesterol, and also provide many health benefits. Artichoke leaves and extracts are majorly used in the food and beverage industry for flavoring and are sometimes also used as sweeteners when added with some other chemicals. It is used to stimulate the flow of bile from the liver and also it reduces the symptoms of heartburn and alcohol hangover.
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Global Artichoke Extract Market Overview
The rising awareness among consumers about the health benefits of using Artichoke Extract including liver protection, blood pressure, diabetes, etc. will boost the market of Artichoke Extract Market globally. The high usage of artichoke extract in herbal tea as flavonoids drives market growth. Consumers are nowadays demanding natural products which significantly creates new opportunities for the Artichoke Extract Market. Preference toward nutrition and the food industry of consumers drives the demand of the Artichoke Extract Market. Change in lifestyle is also impacting the market because Artichoke Extract is used in cosmetics and people are nowadays demanding natural personal care products which results in an increase in the demand of the Global Artichoke Extract Market.
Global Artichoke Extract Market Segmentation Analysis
The Global Artichoke Extract Market is Segmented on the basis of Type, Application, And Geography.
Artichoke Extract Market, By Type
- Powder
- Liquid
Based on Type, the market is bifurcated into Powder and Liquid. The powder segment accounted for the largest market share in 2021. Powder artichoke extract is a powder made from dried and ground artichokes. It is used as a dietary supplement and is said to have many health benefits. Some of these claimed benefits include aiding in digestion, helping to lower cholesterol levels, and improving liver function. Powder artichoke extract can be found in capsules or tablets, and can also be added to food or beverages.
Artichoke Extract Market, By Application
- Food and Beverages
- Cosmetics and Personal Care
Based on Application, the market is segmented into Food and Beverages and Cosmetics and Personal Care. Food and Beverages segment accounted for the largest market share in 2021. The product is widely used as a functional ingredient in food products such as sauces, salad dressings, soups, and stews. It also finds applications in beverages such as smoothies and juices where it is utilized to enhance the taste. Cosmetic & personal care was one of the fastest-growing segments with a CAGR of around 9% from 2015 to 2030 owing to the increasing use of artichoke extract-based skincare products especially anti-aging creams which help improve skin texture by reducing wrinkles caused due to loss of collagen fibers after sun exposure.
Artichoke Extract Market, By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
On the basis of Geography, the Global Artichoke Extract Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. Europe dominated the Artichoke Extract Market in terms of revenue share in 2022. The region is expected to dominate the industry over the forecast period on account of increasing demand from countries such as France, Italy, and Spain. Rising consumer awareness regarding the health benefits associated with artichoke extract is one major factor driving growth in this region.
Key Players
The “Global Artichoke Extract Market” study report will provide valuable insight emphasizing the global market. The major players in the market are Jiaherb, Inc., Nutra Green Biotechnology Co. Ltd., Hawaii Pharm LLC, Gaia Herbs, Inc., and Nature’s Way Products, LLC, among others.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.
Key Developments
- In 2021, Enzymedica introduced to market a nutraceutical formula containing a combination of artichoke leaf extract, ginger root CO2 extract, and apple cider vinegar, formulated to target issues related to digestive transport and stomach emptying. The new plant-based supplement, Gut Motility, is linked to be a natural, effective, and gentle option for those seeking to promote healthier gastrointestinal motility and gastric emptying.
- In 2020, DolCas Biotech has launched Bergacyn, a clean-label blend of botanical extracts for heart and liver health derived from the Italian bergamot citrus fruit (Citrus bergamia) and the wild-crafted Italian artichoke thistle leaf (Cynara cardunculus sylvestris), to the US market. The new formulation is now USDA and EU organic certified.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into Active, Cutting Edge, Emerging, and Innovators categories.
Market Attractiveness
The image of market attractiveness provided further helps to get information about the region leading in the Global Artichoke Extract Market. We cover the major impacting factors driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Artichoke Extract Market, gauge the attractiveness of a particular sector, and assess investment possibilities.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2019-2030 |
| BASE YEAR | 2022 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2019-2021 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Jiaherb, Inc., Nutra Green Biotechnology Co. Ltd., Hawaii Pharm LLC, Gaia Herbs, Inc., and Nature’s Way Products, LLC, among others. |
| SEGMENTS COVERED |
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| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
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Industry Analysis Matrix
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