Artichoke Market

The global artichoke market is projected to experience a slight increase in performance over the next eight years, with consumption and market value on the rise. Consumption of artichokes saw a recent increase in volume and value, with Italy, Egypt, and Spain leading the way in both consumption and production. Nigeria emerged as a growing consumer and producer of artichokes, with significant increases in both consumption and production. Import and export trends show notable growth, with Spain and Tunisia leading in exports and Nigeria, France, and Italy dominating imports. Overall, the market is expected to continue to expand, with fluctuations in prices and consumption patterns amongst major players.

Market Forecast

Driven by rising demand for artichoke worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.6% for the period from 2022 to 2030, which is projected to bring the market volume to 1.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market value to $3.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Artichokes

In 2022, consumption of artichokes increased by 0.8% to 1.5M tons, rising for the second consecutive year after three years of decline. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak volume of 1.6M tons. From 2018 to 2022, the growth of the global consumption remained at a lower figure.

The global artichoke market revenue reached $2.6B in 2022, picking up by 3.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the global market hit record highs at $2.6B in 2013; afterwards, it flattened through to 2022.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Italy (380K tons), Egypt (308K tons) and Spain (182K tons), together accounting for 58% of global consumption. Algeria, Peru, China, Morocco, Turkey, France, the United States, Argentina and Nigeria lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Nigeria (with a CAGR of +305.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Italy ($685M), Egypt ($519M) and Spain ($255M) were the countries with the highest levels of market value in 2022, together accounting for 57% of the global market. Peru, Algeria, China, France, Turkey, the United States, Argentina, Morocco and Nigeria lagged somewhat behind, together accounting for a further 36%.

In terms of the main consuming countries, Nigeria, with a CAGR of +282.4%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of artichoke per capita consumption in 2022 were Italy (6.4 kg per person), Spain (3.8 kg per person) and Peru (2.8 kg per person).

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +294.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Artichokes

In 2022, global production of artichokes contracted slightly to 1.5M tons, approximately reflecting the previous year's figure. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 18%. As a result, production attained the peak volume of 1.6M tons. From 2018 to 2022, global production growth remained at a lower figure. The general negative trend in terms output was largely conditioned by a relatively flat trend pattern of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, artichoke production rose slightly to $2.5B in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 28%. Over the period under review, global production hit record highs at $2.6B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Italy (370K tons), Egypt (310K tons) and Spain (198K tons), together accounting for 60% of global production. Algeria, Peru, China and Morocco lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Algeria (with a CAGR of +8.8%), while production for the other global leaders experienced more modest paces of growth.

Yield

The global average artichoke yield declined modestly to 13 tons per ha in 2022, remaining relatively unchanged against the year before. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 12% against the previous year. The global yield peaked at 13 tons per ha in 2012; however, from 2013 to 2022, the yield stood at a somewhat lower figure.

Harvested Area

In 2022, the total area harvested in terms of artichokes production worldwide declined slightly to 116K ha, almost unchanged from the year before. In general, the harvested area showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the harvested area increased by 5.3% against the previous year. Over the period under review, the harvested area dedicated to artichoke production reached the peak figure at 127K ha in 2013; however, from 2014 to 2022, the harvested area remained at a lower figure.

Imports

World Imports of Artichokes

In 2022, the amount of artichokes imported worldwide soared to 80K tons, increasing by 64% against 2021. Over the period under review, total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +49.8% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, artichoke imports soared to $112M in 2022. Overall, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.5% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

The purchases of the three major importers of artichokes, namely Nigeria, France and Italy, represented more than two-thirds of total import. It was distantly followed by Turkey (4K tons), achieving a 5% share of total imports. The following importers - Germany (2.8K tons), the United States (2.5K tons), Belgium (2.4K tons), the Netherlands (2.3K tons), the UK (2K tons), Switzerland (1.5K tons) and Canada (1.2K tons) - together made up 18% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Nigeria (with a CAGR of +305.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest artichoke importing markets worldwide were Nigeria ($33M), France ($24M) and Italy ($17M), together accounting for 67% of global imports.

In terms of the main importing countries, Nigeria, with a CAGR of +282.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average artichoke import price amounted to $1,400 per ton, falling by -13.3% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 19% against the previous year. As a result, import price attained the peak level of $1,706 per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($2,996 per ton), while Turkey ($155 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+3.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Artichokes

In 2022, global exports of artichokes amounted to 43K tons, surging by 13% on the previous year. The total export volume increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 25%. As a result, the exports reached the peak of 46K tons. From 2020 to 2022, the growth of the global exports remained at a lower figure.

In value terms, artichoke exports expanded markedly to $72M in 2022. The total export value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 30%. Over the period under review, the global exports attained the peak figure in 2022 and are likely to see steady growth in years to come.

Exports By Country

Spain represented the major exporting country with an export of around 16K tons, which recorded 37% of total exports. Tunisia (6.1K tons) held a 14% share (based on physical terms) of total exports, which put it in second place, followed by France (11%), Italy (9.9%), the Netherlands (8.1%) and Egypt (4.7%). Iran (1.9K tons) followed a long way behind the leaders.

Exports from Spain increased at an average annual rate of +3.6% from 2012 to 2022. At the same time, Tunisia (+49.4%), Egypt (+21.3%) and the Netherlands (+6.8%) displayed positive paces of growth. Moreover, Tunisia emerged as the fastest-growing exporter exported in the world, with a CAGR of +49.4% from 2012-2022. By contrast, Iran (-1.7%), France (-3.0%) and Italy (-3.8%) illustrated a downward trend over the same period. While the share of Tunisia (+14 p.p.), Egypt (+4.7 p.p.), Spain (+3.8 p.p.) and the Netherlands (+2.8 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Iran (-2.3 p.p.), France (-8.1 p.p.) and Italy (-8.8 p.p.) displayed negative dynamics.

In value terms, Spain ($22M), the Netherlands ($12M) and France ($9.3M) were the countries with the highest levels of exports in 2022, with a combined 60% share of global exports. Italy, Tunisia, Egypt and Iran lagged somewhat behind, together comprising a further 29%.

Tunisia, with a CAGR of +41.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average artichoke export price stood at $1,675 per ton in 2022, falling by -6.2% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average export price increased by 20%. The global export price peaked at $1,785 per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($3,300 per ton), while Iran ($625 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+7.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform