Artichoke Extract Market Report 2024

The artichoke extract market size has grown strongly in recent years. It will grow from $2.75 billion in 2023 to $2.89 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth observed during the historic period can be attributed to several factors, rising demand for natural supplements, increased awareness of their health benefits, expansion of the herbal medicine market, a surge in research on phytochemicals, and dietary trends that favor antioxidant-rich foods.

The artichoke extract market size is expected to see strong growth in the next few years. It will grow to $3.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth during the forecast period can be attributed to several factors, the expansion of the nutraceutical industry, an aging population seeking products for liver health, increased adoption of herbal remedies, a heightened focus on digestive health, and a growing consumer preference for organic ingredients. Key trends expected to influence this period include advanced extraction techniques, nanoencapsulation to enhance bioavailability, the application of biotechnology in cultivation, precision farming methods, and the development of sustainable packaging.

The increasing preference for natural and functional ingredients is expected to drive growth in the artichoke extract market. Natural and functional ingredients are substances derived from natural sources that offer specific health benefits beyond basic nutrition, commonly used in food, supplements, and cosmetics. The rising preference for these ingredients is attributed to growing consumer awareness of health benefits, a desire for transparency in product sourcing, and concerns over synthetic additives. Artichoke extract is valued for its potential health benefits, including liver support, digestive aid, and antioxidant properties, making it appealing to consumers looking for natural wellness and dietary supplements. For instance, a survey by the Organic Trade Association (OTA) in June 2022 revealed that organic industry sales exceeded $63 billion, with a $1.4 billion (2%) increase from the previous year. Organic food, which makes up over 90% of organic product sales, grew by 2% to reach $57.5 billion. This increasing preference for natural and functional ingredients is fueling the growth of the artichoke extract market.

Key players in the artichoke extract market are focusing on developing new formulations and delivery formats, such as innovative health supplements that combine artichoke extract with other natural ingredients to gain a competitive edge. These supplements are designed to enhance health benefits through synergistic effects. For example, in August 2021, Enzymedica, a US-based health and wellness company, introduced a new nutraceutical formula that combines artichoke leaf extract, ginger root CO2 extract, and apple cider vinegar. This plant-based supplement, aimed at improving digestive transport and stomach emptying, offers a natural, effective, and gentle option for promoting healthier gastrointestinal motility and gastric emptying.

In January 2023, Chiquita Holdings, a UK-based produce company, acquired the fresh vegetable division of Dole plc for $293 million. This acquisition was intended to bolster Chiquita Holdings' presence in the fresh vegetable market, expand its product range under the Fresh Express brand, and leverage anticipated cost savings to address inflationary pressures in the produce and food sectors. Dole PLC, an Ireland-based provider of artichoke extract, was the company involved in this transaction.

Major companies operating in the artichoke extract market are Croda International Plc, iHerb LLC, Now Health Group, Enzymedica, Jarrow Formulas Inc., Nature's Way Products LLC, Gaia Herbs Inc., Bio-Botanica Inc., Nutricost, Indena S.p.A., Naturalin Bio-Resources Co., Ltd., Martin Bauer Group, Bulk Supplements, Jiaherb Inc., Nutra Green Biotechnology Co. Ltd., Hawaii Pharm LLC, Hunan Huakang Biotech Inc., Hunan NutraMax Inc., DolCas Biotech, OstroVit.

Europe was the largest region in the artichoke extract market in 2023. The regions covered in the artichoke extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the artichoke extract market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Artichoke extract is obtained from the Cynara scolymus plant, also known as the globe artichoke. It is rich in bioactive compounds such as cynarin, luteolin, and chlorogenic acid, and is valued for its antioxidant, liver-protective, and cholesterol-lowering benefits. This extract is commonly used in dietary supplements to support digestive health and enhance liver function.

The main forms of artichoke extract are powder and liquid. The powdered extract is a concentrated version of the plant's beneficial compounds, processed into a fine powder. It is rich in antioxidants and active ingredients such as cynarin and chlorogenic acid, which are believed to support liver health, aid digestion, and promote overall wellness. Artichoke extract can be found in fresh, frozen, and canned forms, and is distributed through various channels, including direct and indirect sales. Its applications span across food and beverages, personal care products, dietary supplements, and the cosmetic industry.

The artichoke extract market research report is one of a series of new reports that provides artichoke extract market statistics, including artichoke extract industry global market size, regional shares, competitors with an artichoke extract market share, detailed artichoke extract market segments, market trends, and opportunities, and any further data you may need to thrive in the artichoke extract industry. This artichoke extract market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The artichoke extract market consists of sales of raw extracts and finished products such as capsules, tablets, and supplements formulated for various health benefits. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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