New York, USA, Oct. 20, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global hemp tea market is expected to generate a revenue of $245,541.33 thousand by 2028, growing exponentially at a CAGR of 22.9% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Impact of COVID-19 on the Global Hemp Tea Market
The outbreak of coronavirus has had an adverse impact on the growth of the global hemp tea market, owing to the occurrence of lockdowns in various countries across the globe. Stringent travel restrictions imposed by the government of various countries curbed the import and export of raw materials required for the production of hemp tea bags. This consequently decreased the demand for hemp tea consumption. Thus, the pandemic has had a negative impact on the growth of the hemp tea market.
Check out How COVID-19 impacts the Global Hemp Tea Market: https://www.researchdive.com/connect-to-analyst/8498
Dynamics of the Global Hemp Tea Market
Drivers: Hemp tea significantly helps in maintaining body weight, reduces stress, anxiety, and depression. In addition, they promote vitality, improve sleep quality, and boosts overall health of an individual. Furthermore, rising prevalence of health-conscious people across the globe and their increasing inclination towards herbal tea are further expected to bolster the growth of the hemp tea market during the forecast period.
Restraints: Stringent restrictions imposed by the government in various countries around the world on the commercial use of cannabis related products is expected to impede the growth of the market during the forecast period.
Segments of the Global Hemp Tea Market
The report has divided the market into various segments based on distribution channel and region.
Distribution Channel: Online/Direct-to-consumer Sub-segment to be Most Lucrative
The online/direct-to-consumer sub-segment is expected to generate a revenue of $162,359.41 thousand during the forecast period. Increased preference of online shopping among people across the globe, owing to the availability of wide variety of option, high degree of convenience, innovative discounts, and ease in payments are expected to accelerate the growth of the hemp tea market sub-segment during the forecast period.
Region: North America Region Expected to Dominate the Global Hemp Tea Market
The North America region is expected to generate a revenue of $108,038.19 thousand during the forecast period. Surging demand for plant-based beverages among people living in this region, owing to their numerous health benefits is expected to drive the growth of the hemp tea market. In addition, persistent product launches by prominent players of the market in this region is further expected to bolster the growth of the market.
Key Players of the Global Hemp Tea Market
The major players of the market include
1. Cannaoix
2. Its Hemp
3. Clipper’s Tea
4. Willie’s Remedy
5. Buddha Tea
6. Traditional Medicinals
7. The Tea Can Company
8. Charlotte's Web
9. Cannabiniers
10. Colorado Harvest Company
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in September 2019, GenTech Holdings, Inc., an upcoming leader in the high-end CBD food and drinks marketplace, announced the issuance of a Letter of Intent (LOI) to acquire Target, a dominant California-based CBD ecommerce retailer, in order to maximize GenTech’s presence in the rapidly growing CBD market.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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