The artichoke extract market has grown robustly, increasing from $2.75 billion in 2023 to $2.89 billion in 2024, with a compound annual growth rate (CAGR) of 5.3%. This growth is driven by rising demand for natural supplements, increased awareness of health benefits, the expansion of the herbal medicine market, research on phytochemicals, and dietary trends favoring antioxidant-rich foods. The market is expected to reach $3.58 billion by 2028, growing at a CAGR of 5.5%. Future growth will be supported by the expansion of the nutraceutical industry, an aging population seeking liver health products, growing adoption of herbal remedies, increased focus on digestive health, and a rising preference for organic ingredients. Notable trends include advancements in extraction techniques, nanoencapsulation for improved bioavailability, biotechnology applications in cultivation, precision farming methods, and sustainable packaging development.
Major Driver In The Artichoke Extract Market
The artichoke extract market is expected to benefit from the rising preference for natural and functional ingredients. Consumers are increasingly drawn to ingredients derived from natural sources for their health benefits and transparency in sourcing. Artichoke extract is valued for its potential benefits, including liver support, digestive aid, and antioxidant properties. The Organic Trade Association reported that organic industry sales exceeded $63 billion in 2022, with significant growth in organic food products. This rising demand for natural and functional ingredients is driving the artichoke extract market, which is anticipated to grow through 2024 and beyond.
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Artichoke Extract Market Competitive Landscape
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
Key Artichoke Extract Market Trend
The artichoke extract market is focusing on new formulations and delivery formats, such as health supplements combining artichoke extract with other natural ingredients. These supplements offer enhanced health benefits through synergistic effects. In August 2021, Enzymedica launched a nutraceutical formula combining artichoke leaf extract, ginger root CO2 extract, and apple cider vinegar. This plant-based supplement, gut motility, targets digestive transport and stomach emptying issues. The artichoke extract market, with a value of $2.11 billion in 2023, is projected to grow to $2.26 billion in 2024 and is expected to reach $2.97 billion by 2028.
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Artichoke Extract Market Segmentation
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
By Geography:The regions covered in the artichoke extract market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the artichoke extract market in 2023.
The Artichoke Extract Global Market Report 2024 furnishes information about the global artichoke extract market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
