Global Artichoke Extract Market Size Forecast 2024 - 2033
12 Dec, 2024
How Is The Global Artichoke Extract Market Defined?
Artichoke extract is derived from the Cynara scolymus plant, commonly known as the globe artichoke. It is rich in bioactive compounds such as cynarin, luteolin, and chlorogenic acid. This extract is known for its antioxidant, liver-protective, and cholesterol-lowering properties. It is often used in dietary supplements to support digestive health and improve liver function.
Artichoke Extract Global Market Report 2024 provides data on the global artichoke extract market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The artichoke extract market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Artichoke Extract Market Size Expected To Change, And What Are The Growth Rate Projections?
The market has seen robust growth, increasing from $2.75 billion in 2023 to $2.89 billion in 2024 at a CAGR of 5.3%. Historical growth has been driven by rising demand for natural supplements, awareness of health benefits, herbal medicine expansion, and dietary preferences for antioxidant-rich foods. By 2028, the market is forecasted to grow to $3.58 billion at a CAGR of 5.5%, propelled by the aging population, increased adoption of herbal remedies, and rising consumer interest in organic ingredients. Key trends include advanced extraction techniques, nanoencapsulation for bioavailability, sustainable packaging, and biotechnological applications in cultivation.
Which Drivers Are Accelerating Growth In The Artichoke Extract Market?
The growing preference for natural and functional ingredients is expected to propel the expansion of the artichoke extract market. Natural ingredients are increasingly sought after due to consumer awareness of their health benefits and concerns about synthetic additives. Artichoke extract is valued for its potential benefits, including supporting liver function, aiding digestion, and providing antioxidants. For example, the Organic Trade Association reported that organic product sales reached over $63 billion in 2022, reflecting a growing demand for natural products. Therefore, the rising preference for natural ingredients is boosting the growth of the artichoke extract market.
Get Your Free Sample of the Global Artichoke Extract Market ReportWhat Are The Core Segments Of The Global Artichoke Extract Market?
The artichoke extract market covered in this report is segmented –
1) By Type: Powder, Liquid
2) By Form: Fresh, Frozen, Canned
3) By Distribution Channel: Direct Sales, Indirect Sales
4) By Application: Food And Beverages, Personal Care, Dietary Supplements, Cosmetic Industry
Which Emerging Trends Are Reshaping The Artichoke Extract Market Size?
In the artichoke extract market, leading companies are shifting toward new formulations and delivery methods, such as health supplements that combine artichoke extract with other natural ingredients, to gain a competitive edge. These supplements aim to enhance health benefits by leveraging the synergistic effects of combined ingredients. For example, in August 2021, Enzymedica, a US-based wellness company, launched a nutraceutical formula featuring artichoke leaf extract, ginger root CO2 extract, and apple cider vinegar. This plant-based supplement promotes healthier gastrointestinal motility and gastric emptying, offering an effective and natural option for digestive health.
What Is The Largest Region In The Artichoke Extract Market?
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.