The global tea extracts market is expected to surpass US$ 264.01 Billion by 2030, exhibiting a CAGR of 6.4% during the forecast period (2023-2030).
Drivers
- The rapid growth of tea extracts in the dietary supplement sectors
The widespread use of tea extracts occurs in the production of dietary supplements. Dietary supplements containing tea extracts help control blood sugar, blood pressure, weight, prevent diseases, and speed up the recovery process after exercise. They come in the powdered, liquid, and capsule forms. Consumption of dietary supplements has grown in recent years, and in the near future, the market is anticipated to expand exponentially. The demand for preventive medicine as a result of rising healthcare costs has resulted in an expansion of the global market for dietary supplements. Globally, public knowledge of health issues is increasing, which influences demand for dietary supplements as natural alternatives to prescription drugs.
Trend
- New product development initiatives
New product development initiatives have emerged as the most popular trend in the global tea extracts market. To meet the consumer demand and expand their position, major businesses in the global tea extracts market are focusing on new product advancements. For instance, in February 2021, Finlays, a Kenya-based company that works on tea extraction facilities, debuted its new premium natural tea extracts series named Wellbeing Collection based on brush-to-bottle technology. This new line of premium, natural, and sustainably derived tea extracts is intended to assist brand owners in capitalizing on customer desire for healthy, natural, and sustainable products. This keeps essential oxygen-sensitive compounds like antioxidants from degrading.
Recent Developments
- In August 2021, Westrock Coffee Company, LLC, a global manufacturer of private label beverage solutions, inaugurated Financial Shared Services Center in Concord, NC, supporting the company’s domestic operations
Impact of Coronavirus (COVID-19) Pandemic
The outbreak of the COVID-19 pandemic has put enormous strain on various industries. The declaration of the pandemic (COVID-19) by the World Health Organization (WHO) has led to the implementation of various containment regulations such as lockdown and quarantines which coincide with the peak harvesting time for quality tea. This has negatively affected the production of quality tea. However, the economic situation is improving gradually and slowly which will favor the market growth in the near future.
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https://www.coherentmarketinsights.com/market-insight/tea-extracts-market-4448
Key Takeaways:
- The global tea extracts market was valued at US$ 15.11 Bn in 2022 and is forecast to reach US$ 264.01 Bn by 2030, growing at a CAGR of 43% between 2023 and 2030
- The dietary supplements segment was valued at US$ 15.11 Bn in 2022 and is expected to grow at a CAGR of 6.4% over the forecast period owing to the increasing consumption of dietary supplements globally
Competitive Landscape
The major players operating in the global tea extracts market include AVT Natural, Archer Daniels Midland Company, Blueberry Agro, Cymbio Pharma Pvt Ltd., Harrisons Malayalam Ltd., Indena S.p.A., Martin Bauer Group, Synthite Industries Ltd., Synergy Flavors, Teawolf, and Taiyo International.
