New York, US, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Tea Extracts Market overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Tea Extracts Market Research Report: Information By Type, Form, Category, Application and Region - Forecast till 2027, the market is estimated to reach USD 4.3 billion, growing at a CAGR of 6.5 percent over the forecast period 2027.
Market Scope:
Black, green, and oolong teas are just a few of the types of tea used to create extracts, which are then condensed. Most people agree that tea is the most widely consumed drink in the world. Despite Asia's status as a global leader in the production of tea, the region's countries have only recently begun to embrace ready-to-drink (RTD) beverages and nutraceutical products based on tea. Consumers primarily use tea for sipping, rather than as a quick-and-easy food item. Since people are now more cognizant of the importance of maintaining a healthy lifestyle, there has been a shift in preference toward health and natural products. Dietary supplements containing tea extract have been shown to improve glucose and blood pressure control, as well as weight management, illness prevention, and post-workout recovery. You can get it in pill form, liquid form, or powder form.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 4.3 billion |
| CAGR | 6.5% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Form, Category, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | High Demand for Functional Beverages |
| Rising Preference Over Synthetic Flavors |
Competitive Dynamics:
The major players of the market are:
- Taiyo International (Japan)
- AVT Tea Sources Ltd. (India)
- Dupont (US)
- Futureceuticals (US)
- Kemin Industries (US)
- Synthite Industries Ltd (India)
- Archer Daniels Midland (US)
- Frutarom (US)
- Martin Bauer Group (Germany)
- Indena SPA (Italy)
- Teawolf (US)
- Phyto Life Sciences Pvt Ltd (India)
- Halssen & Lyon GmbH (Germany)
- Harrisons Tea (India)
- Synergy Flavors (US)
Market USP:
Market Drivers
Demand for tea extracts is being bolstered by the increased preference of both consumers and the food industry for vegetable ingredients such as flavoring or flavoring ingredients. The rising demand for tea-based beverages due to its health benefits bodes well for the Tea Extracts Market during the coming years. Another factor contributing to the expansion of the tea extracts market is the rising popularity of functional beverages and the abundance of available flavor options. Extracts from tea leaves are frequently used in nutritional pill production. There has been a meteoric surge in the popularity of dietary supplements in recent years, and the market is expected to expand at an even faster clip in the not-too-distant future.
Demand for tea-based beverages, which are becoming increasingly popular due to their perceived health benefits, is likely to propel the Tea Extracts Market to significant growth rates throughout the forecast period. High demand for functional beverages, as well as the availability of a wide variety of taste varieties, contribute to the expansion of the Tea Extracts Market. In the next years, businesses looking to capitalize on the rising global demand for organic products should expect a promising window of opportunity thanks to this trend. Manufacturers in the global tea market are consistently releasing new and creative products in response to the growing demand for tea due to its many healthful features.
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Market Restraints
As we look back on the review period, the market was hampered by the presence of substitutes and production limitations.
COVID-19 Analysis:
The market for tea extracts has demonstrated favorable results after the COVID-19 epidemic. This is because nowadays people care a lot more about their health. Green tea, black tea, and lemon tea are all excellent ways to strengthen one's defenses. Second, the rise in telecommuting has resulted in a considerable increase in tea consumption. In this way, the COVID-19 epidemic has proven to be a boon for the tea extracts industry.
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Market Segmentation
In 2019, the green tea market was the largest contributor to the global tea extracts industry. When making green tea extract, the tea leaves are first withered, then steamed, rolled, and dried. Catechins and flavonols make up between 80% and 90% of the leaves, which are present with only minor processing.
By Form
Since powder is more convenient in both application and manufacturing, it generated a larger part of total revenue in 2019 and is anticipated to continue doing so throughout the projection period.
Distinguishing Features:
In 2019, the conventional segment generated the most revenue, and that trend is anticipated to continue through 2027. The widespread commercial cultivation and trade in conventional tea plants and the resulting abundance of these plants are the primary factors propelling the development of this market.
By Application
More than 40% of 2019's total income from the tea extracts industry came from this subsector. Among the most important factors driving the expansion of this market is the rising need for organic and natural ingredients in the food and beverage sector.
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Regional Analysis:
In 2019, more than 30% of the worldwide market for tea extracts was produced in North America. Market expansion in North America's tea extract industry is being fueled by rising demand for all-natural components in sectors like the food and beverage, pharmaceutical, and personal care sectors. An other driving force behind expanding markets is the introduction of innovative new products. Tea extract is becoming increasingly popular in the personal care market as a result of the growing demand for all-natural skincare products among modern consumers.
It is expected that the Asia-Pacific area would be a significant market for black tea extracts as a result of the region's rising production and consumption trends. The region's major players are interwoven at every stage of the economic process. During the forecast period, product growth is anticipated to be fueled by the presence of major players in Asia Pacific, rising disposable income, and shifting consumer preferences toward ready-to-drink beverages.
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