The rise in health awareness among consumers and a substantial rise in tea usage globally is propelling tea extracts market growth.
According to a recent analysis by Emergen Research, the global tea extracts market size is forecast to reach USD 3.89 Billion from USD 2.46 Million in 2019, delivering a CAGR of 5.8% through 2027. The market growth is driven by increased consumption of soft beverages, affordability of tea than its alternatives, and rising health consciousness among consumers.
Tea extracts have rejuvenating characteristics that provide instant energy on consumption. Several other benefits associated with tea extracts, including de-stressing, weight loss, pain relief, and others, are fuelling the product demand globally. Innovative applications of green tea extracts in cosmetics are expected to offer lucrative opportunities for the tea extracts industry expansion.
Growing focus on fitness and increased consumption of green tea extracts and herbal-flavored tea are expected to bolster tea extracts market revenue share through 2027. Moreover, a rise in per capita income and enhanced living standards of consumers in developing countries will further supplement market share.
Further Key Findings from Report Suggest:
- The rising prevalence of heart diseases, obesity, and other lifestyle disorders is resulting in increased demand for green tea extracts from health-conscious consumers.
- Based on product type, the Oolong tea sub-segment is expected to grow significantly during the forecast period. A wide variety of Oolong tea leaves, such as Se Chung that has the aroma of honey and fruity taste, has gained consumer attention over time.
- Based on application, the food & beverage sub-segment accounted for nearly 68.5% of the global tea extracts market share in 2019 and is expected to make major revenue contributions through 2027 on account of surging demand for healthy ready-to-drink products.
- In the regional landscape, North America is forecast to dominate the global tea extracts market with the largest revenue share over the projected timeline. The robust growth can be attributed to the high consumption of the premium range of tea among people across the region.
- Key players operating in the global tea extracts market include AVT Tea Sources Ltd, Teawolf, Givaudan, Frutarom, Taiyo International, and Finlays, among others.
- These industry players are adopting several strategies such as acquisitions, mergers, collaborations, new product development, and capacity expansion, thereby supporting the overall growth of the tea extracts market.
- A Swiss-based multinational manufacturer of fragrances, flavours, and active cosmetic ingredients, Givaudan began a new center for innovation in Switzerland in June 2019. The new workspace is spread over 12,000 sq. km.
For the purpose of this report, Emergen Research has segmented the global tea extracts market on the basis of form, distribution channel, application, nature, type, and region:
- Form Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017–2027)
- Distribution Channel Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017–2027)
- Online Retailers
- Convenience Stores
- Application Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017–2027)
- Food & Beverage
- Nature Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017–2027)
- Type Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017–2027)
- Black Tea
- Green Tea
- Oolong Tea
- Regional Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017–2027)
- North America
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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