New York, USA, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global hemp tea market. According to the report, the global market is projected to surpass $392,802.0 million and grow with a CAGR of 22.1% in the estimated period, 2022–2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Hemp Tea Market
The outbreak of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global hemp tea market. During the pandemic, the government of various nations executed strict lockdowns to curb the spread of the virus. Therefore, several transportation activities, industrial processes, and supply chains in the hemp tea industry were disturbed. This greatly affected the demand and supply of hemp tea during the pandemic crisis, consequently hindering the market growth.
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Factors Impacting the Hemp Tea Market Growth
The prime factor boosting the growth of the global hemp tea market is the rising popularity of hemp tea owing to its various benefits, such as reduced anxiety, body weight control, and reduced depression. Moreover, the growing launch of novel products and flavors in hemp tea by manufacturers is expected to open doors to lucrative opportunities for the growth of the market. However, the implementation of stringent rules and regulations on the commercial use of hemp tea is anticipated to hamper the market’s growth.
The report segments the global hemp tea market into distribution channel and region.
Online/Direct-To-Consumer Sub-Segment to Observe Dominant Growth
The online/direct-to-consumer sub-segment of the distribution channel segment is expected to experience leading growth in the forecast period. This is primarily due to the rising preference of consumers to shop through online shopping sites as they offer ease and convenience, give several offers and discounts, and provide a wide range of products to choose from.
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Asia-Pacific Region to Perceive Speedy Growth
The report analyzes the global hemp tea market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe accelerated growth in the estimated period. This growth is mostly due to the relaxation of rules on the commercial use of hemp tea and growing launch of novel hemp tea products in this region.
Top Players of the Global Market
The report states some of the foremost players operating in the global hemp tea market including
- Traditional Medicinals
- Buddha Tea
- Its Hemp
- Clipper Tea
- Colorado Harvest Company
- Tranquility Tea Company
- Cannabiniers
- Willie’s Remedy
- The Tea Can Company Specialty Teas
- Neo Australia
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in April 2021, Ecotone UK, a multinational food company, expanded its product range of Clipper Teas with the brand’s first range of organic hemp infusions to offer consumers a relaxing and unwinding experience.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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