The Tea Extracts Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Tea Extracts Global Market Report 2024, The tea extracts market size has grown strongly in recent years. It will grow from $4.14 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to traditional use in asian cultures, increased consumer awareness of health benefits, antioxidant properties and health claims, growth in demand for functional beverages, expansion into non-alcoholic beverage industry.
The tea extracts market size is expected to see strong growth in the next few years. It will grow to $5.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to rising popularity of specialty and herbal teas, shift towards natural and plant-based ingredients, increasing application in functional foods and supplements, research and development in tea extract bioactives, e-commerce and direct-to-consumer sales channels
. Major trends in the forecast period include innovation in tea extract formulations (e.g., concentrates, powders), premium and specialty tea extracts, innovative product formulations, clean label and natural extraction processes, beauty and personal care applications.
The rise in demand for dietary supplements is expected to propel the growth of the tea extract market going forward. Dietary supplements are a vast range of ingestible goods that are distinguishable from regular foods and pharmaceuticals, which are utilized all over the world. Tea extracts, especially green tea extracts, are commonly utilized in the manufacturing of dietary supplements. Tea extract dietary supplements aid in blood sugar regulation, blood pressure regulation, weight management, disease prevention, and workout recovery. For instance, in October 2021, according to a Consumer Survey on Dietary Supplements, conducted by The Council for Responsible Nutrition (CRN), a US-based trade association for the dietary supplement and functional food industry, 80% of Americans were using dietary supplements. Therefore, an increasing demand for dietary supplements is driving the growth of the tea extract market.
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The tea extracts market covered in this report is segmented –
1) By Type: Black Tea, Oolong Tea, Green Tea, Other Types
2) By Nature: Organic, Conventional
3) By Form: Powder, Liquid
4) By Application: Food and Beverages, Pharmaceuticals, Cosmetics, Other Applications
5) By Distribution Channel: Online, Offline
New product innovations have emerged as the key trend gaining popularity in the tea extracts market. Major companies operating in the tea extract market are focused on new product innovations to meet consumer demand and strengthen their position. For instance, in February 2021, Finlays, a Kenya-based company that works on tea extraction facilities, launched their new premium natural tea extracts range called the Wellbeing Collection based on brush-to-bottle technology. This new range of premium, natural, and sustainably-sourced tea extracts is designed to help brand owners tap into consumer demand for healthy, natural, and sustainable products. This prevents the degradation of valuable oxygen-sensitive ingredients such as antioxidants.
The tea extracts market report table of contents includes:
1. Executive Summary
2. Tea Extracts Market Characteristics
3. Tea Extracts Market Trends And Strategies
4. Tea Extracts Market – Macro Economic Scenario
5. Global Tea Extracts Market Size and Growth
………….
31. Global Tea Extracts Market Competitive Benchmarking
32. Global Tea Extracts Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Tea Extracts Market
34. Tea Extracts Market Future Outlook and Potential Analysis
35. Appendix
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