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Unlocking the Power of Artichoke Extract: Market Trends and Insights 2024
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According to The Business Research Company's, 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 in the historic period can be attributed to increasing demand for natural supplements, growing awareness of health benefits, expansion of the herbal medicine market, rise in research on phytochemicals, and dietary trends favoring 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 growth in the forecast period can be attributed to the expansion of the nutraceutical industry, the aging population seeking liver health products, the adoption of herbal remedies, increased focus on digestive health, and rising consumer preference for organic ingredients. Major trends in the forecast period include advanced extraction techniques, nanoencapsulation for enhanced bioavailability, application of biotechnology in cultivation, precision farming methods, and development of sustainable packaging.
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Market Drivers and Trends:
The rising preference for natural and functional ingredients is expected to propel the growth of the artichoke extract market going forward. Natural and functional ingredients refer to substances derived from natural sources that provide specific health benefits beyond basic nutrition, often used in food, supplements, and cosmetics. There is a rising preference for natural and functional ingredients due to increasing consumer awareness of health benefits, a desire for transparency in product sourcing, and concerns about synthetic additives. Artichoke extract is utilized in natural and functional ingredients for its potential health benefits, including liver support, digestive aid, and antioxidant properties, appealing to consumers seeking natural remedies for wellness and dietary supplementation. For instance, in June 2022, according to a survey published by the Organic Trade Association (OTA), a US-based business association for the organic industry, it was revealed that organic industry sales surpassed $63 billion, with $1.4 billion (2%) in total growth over the preceding year. Additionally, organic food, which accounted for over 90% of organic product sales, experienced 2% growth, reaching $57.5 billion. Therefore, the rising preference for natural and functional ingredients is driving the growth of the artichoke extract market.
Major companies operating in the artichoke extract market are focusing on shifting toward new formulations and delivery formats, such as innovative health supplements combining artichoke extract with other natural ingredients, to gain a competitive edge in the market. Health supplements combining artichoke extract with other natural ingredients are dietary products formulated to enhance health benefits through synergistic effects. For instance, in August 2021, Enzymedica, a US-based health and wellness company, launched 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 being a natural, effective, and gentle option for those seeking to promote healthier gastrointestinal motility and gastric emptying.
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Major Key Players of the Market:
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
Artichoke Extract Market 2024 Key Insights:
• 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%.
• Natural Ingredients Boost Artichoke Extract Market Growth
• Innovative Formulations And Delivery Formats In The Artichoke Extract Market
• Europe was the largest region in the artichoke extract market in 2023
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