Artichoke is a perennial plant which is related to thistle which is a group of a flowering plant. Artichoke extract is derived from leaves of plant and is majorly available in the form of powder. Phenolic content of artichoke is high in the leaves when compared to the other parts which can soluble in solvents such as n-butanol solution. It is a highly rich source of flavonoids and antioxidants which is beneficial to regulate blood pressure, control cholesterol level and other health benefits. Artichoke extract contains essential bile driving substances such as chlorogenic acid and cynarine which helps in protecting the liver. Increasing awareness of artichoke extract for its health benefits and consumer preference for various application in the nutrition and food industry drives an increase in demand in the global market.
Artichoke Extract Market Segmentation:
Artichoke Extract Market is segmented on the basis of product form, application, and distribution channels.
On the basis of product form, artichoke extract market is segmented into powder, and liquid form. Among both, powder segment holds the major share and is expected to register a growth during the forecast period. Artichoke extract is widely used as a rich and natural source of antioxidants used as a dietary supplements and is gaining traction in global market.
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On the basis of application, it is segmented into dietary supplements, food and beverages, and cosmetic & personal care. Among all of these, dietary supplements segment holds the major share and is expected to register a steady growth over the forecast period. Furthermore, application of artichoke extract in beverages industry as an herbal tea is boosting the growth of the artichoke extract market. Artichoke extract seems to reduce symptoms such as indigestion, vomiting, and nausea. It is also used in the treatment of diseases such as diabetes, heart attack, and atherosclerosis.
On the basis of distribution channel, it is segmented into direct and indirect sales. The indirect sales segment is further sub-segmented into wholesaler, trader and retailer. Among the various retail segments, increasing online sales are a major factor driving the market as online medium substantially reduces the distribution and marketing costs of small-scale producers.
Artichoke Extract Market Regional Outlook:
On the basis of regions, artichoke extract market is segmented into following key regions; North America, Latin America, Eastern Europe and Western Europe, Asia Pacific & Japan, and The Middle East and Africa.
Among all of these, Europe accounts for major share of global artichoke extract market,followed by North America and is expected to register a moderate growth over the forecast period. Due to increasing awareness among consumers of health benefits, consumption of artichoke extract is rapidly growing in global market and it is expected to grow at a steady rate.
Artichoke Extract Market Dynamics:
Increasing awareness among customer regarding artichoke extract health benefits such as liver protection by producing bile juices, diabetes, blood pressure and others is a major factor to drive the global artichoke extract market. Due to presence of flavonoids and antioxidants artichoke extract market is expected to register an increase in demand from the beverages Industry as an ingredient for herbal tea. The market for plant extracts is growing due to consumer preference for natural products and is expected to register a growth during the forecast period. One of the major restraint is availability of other plant extracts with same therapeutic properties which can hamper the growth in global artichoke extract market.
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Artichoke Extract Market Key Players:
Some of the key players participating the global artichoke extract marketinclude Jiaherb, Inc., Nutra Green Biotechnology Co. Ltd., Hawaii Pharm LLC, Gaia Herbs, Inc., and Nature’s Way Products, LLC.