New York, November 07, 2021 – The global tea extracts market size is expected to reach USD 4,160.7 Million in 2028 and register a revenue CAGR of 6.5% over the forecast period, according to the latest report by Reports and Data. Steady revenue growth of tea extracts market can be attributed to increasing innovation in fortified beverages. Rising awareness regarding health and well-being among consumers has led to increasing preference for natural and healthier products, including fortified beverages infused with tea extracts. According to a recently conducted study, majority of women in developing countries such as India suffer from malnutrition, thereby leading to vitamin B12 and chronic folate deficiencies. Addition of vitamin B12 and folate in tea can improve health. Various major players are increasingly investing in innovating fortified beverages infused with tea extracts and incorporating folate and vitamin B12 to combat neural tube defects and high levels of anemia linked with prevalent nutritional deficiencies.
Increasing innovation in fortified beverages and surging demand for functional food are key factors driving market revenue growth
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Growing preference for ready-to-drink beverages and increasing awareness about health benefits of natural flavors and additives are factors driving tea extracts market revenue growth. In addition, increasing concerns about ill-effects of carbonated beverages, especially in developed countries in North America and Europe are primary factors driving demand for tea extracts. Moreover, rising consumer inclination towards ready-to-drink beverages containing tea extracts due to various medicinal benefits of tea is driving market revenue growth.
However, availability of substitutes including coffee and plant extracts can hamper market revenue growth over the forecast period. Coffee contains various antioxidants and hence helps in reducing stress level. It also contains essential nutrients that can help in reducing risks of various chronic diseases including type 2 diabetes. Additionally, various companies are providing conventional extracts such as peppermint, lemon, and fennel, as well as exotic type of extracts such as lemon grass, cardamom, jasmine, ginger, and coriander extracts, which, in turn, could hamper adoption of tea extracts.
Some Key Highlights From the Report:
- By extract type, black tea segment revenue is expected grow at a rapid rate over forecast period. Black tea extracts help in increasing metabolism and improving gut health. These also contain various antioxidants that can help in preventing damages caused to cells in the human body, reducing chances of chronic diseases, and removing free radicals.
- By form, liquid segment is expected to register fastest revenue CAGR over the forecast period. Liquid tea extracts contain nutrients in the most potent and concentrated state, compared to tea plants. Hence, these can provide maximum benefit and fast absorption.
- Tea extracts market in Asia Pacific is expected to register fastest revenue CAGR over the forecast period, as these extracts are being increasingly used for application in end-use industries such as cosmetics and pharmaceuticals in countries in the region. Additionally, presence of a larger population base and rising disposable income are factors driving revenue growth of the market in Asia Pacific.
- In December 2020, Layn Natural Ingredient acquired Chengdu Wagott Bio-tech, a producer of tea and resveratrol extracts and exporter of green tea extract based in China. This acquisition would enable Layn to leverage and integrate resources by combining intellectual property and advantages in relationships, products, management, and processes. It would further help the company to offer innovative products to customers.
- Major players profiled in the global market report include The Archer Daniels Midland Company, Martin Bauer Group, Givaudan, DuPont, Indena SPA, Kemin Industries Inc., Finlays, FutureCeuticals, Inc., Synthite Industry Ltd., and Taiyo International.
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For the purpose of this report, Reports and Data has segmented the global tea extracts market based on extract type, distribution channel, form, application, and region:
Extract Type Outlook (Revenue, USD Million; 2018-2028)
- Black Tea
- Green Tea
- Oolong Tea
Distribution Channel Outlook (Revenue, USD Million; 2018-2028)
Form Outlook (Revenue, USD Million; 2018-2028)
Application Outlook (Revenue, USD Million; 2018-2028)
- Food & Beverage
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Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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