The report "Tea Extracts Market by Application (Food, Beverages, Pharmaceuticals, and Cosmetics), Category (Organic, Conventional), Form (Liquid and Powder), Type (Green Tea, Black Tea, Oolong Tea), and Region - Global Forecast to 2025", The global tea extracts market is estimated to be valued at USD 2.5 billion in 2019 and is projected to reach a value of USD 3.8 billion by 2025, growing at a CAGR of 6.9% during the forecast period. The rise in functional food & beverage consumption, the multi-functionalities of tea extracts, and increased consumer awareness about healthy food products among consumers are factors that are projected to drive the growth of the global tea extracts market
The demand for tea extracts has created opportunities for tea extract manufacturers in emerging markets
The global tea extracts market is dominated by the North American region due to high the standard of living and the rise in the disposable income of consumers. Also, due to the increase in the number of obesity cases and heart-related diseases in the region, people are willing to invest in health-related products and services. Due to their increased popularity, tea extracts find use in various food, beverage, and cosmetic applications.
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The beverages segment is estimated to witness the fastest growth in the tea extract market, in terms of value, in 2019
The shift toward a healthy lifestyle and consumer preference towards healthy drinks have propelled the market for tea extract beverages. The use of synthetic flavors in beverages has declined a lot due to consumer preferences toward natural flavors, which provide the same taste and aroma.
To cater to customer preferences of strong taste and different kinds of aroma, many players have introduced various flavors like lemon, peach, basil, honey, pomegranate, blueberry, and various herbal flavored tea.
The green tea segment, based on type, is estimated to account for the largest market share, by value, in 2019
Green tea is already popular as a preferred beverage type for a long time. Hence, it is an obvious first choice of consumers. The antioxidant and anti-inflammatory properties of green tea make it quite popular for use in both food & beverages and cosmetics.
The increasing demand for tea extracts in Asia Pacific is projected to drive the growth of the market.
Though, a major producer of tea, consumption of tea-based RTD beverages and nutraceutical products are still in the nascent stages among Asian countries. Consumers, majorly favor tea as a hot beverage and not as a convenient product. Thus, the market for Asia Pacific in tea extract consumption is smaller compared to the North American and European markets. In addition, the market for tea extracts is fragmented in the Asia Pacific region, with multiple emerging and small-scale companies developing generic tea extracts in the Chinese market. The increase in FDI and increase in the living standards are going to make countries like China, India, Malaysia, and Thailand a promising opportunity for tea extracts market.
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Top players analyzed:
Archer Daniels Midland (US), Dupont (US), Kemin Industries (US), Givaudan (Switzerland), Synthite Industries Ltd. (India), Synergy Flavors (US), Frutarom (US),Finlays (UK), A.Holliday & Co. (Canada), Martin Bauer Group (Germany), Indena SPA (Italy), Futureceuticals (US), Amax Nutrasource Inc. (US), Cymbio Pharma Pvt. Ltd. (India), Teawolf (US), Phyto Life Sciences Pvt Ltd. (India), Taiyo International (Japan), AVT Tea Sources Ltd. (India), Halssen & Lyon GMBH (Germany), and Harrisons Tea (India).
The global tea extracts market is estimated to be valued at USD 2.5 billion in 2019 and is projected to reach USD 3.8 billion by 2025, recording a CAGR of 6.9%.
The market is projected to witness significant growth due to factors such as the increase in the consumption of functional foods, rise in health consciousness among consumers, and increasing adoption of tea due to the ill-effects from caffeine, thereby widening the scope of its applications.
The increasing market potential, growing population, and growing demand for different types of tea extracts, as per health benefits, are factors that are projected to impact the growth of the tea extracts market.The demand for tea extracts remains high across developed markets, such as the US and UK.
This demand is projected to remain high due to the increase in the production of processed and functional food products.
Emerging economies, such as Malaysia, Indonesia, and Thailand, in the Asia Pacific region, are also witnessing high growth.
In addition, the exponential growth is projected to be witnessed in the new and emerging markets, such as China, India, and other Asia Pacific countries.Key manufacturers are focusing on expanding in Asia, as it offers cost-effective benefits to manufacturers, in terms of production and processing, due to the low prices of raw materials and cheap labor.
