The global Tea Extracts Market is estimated to be valued at US$ 15.11 Bn in 2023 and is expected to exhibit a CAGR of 43% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tea extracts are natural ingredients obtained from the dried leaves of Camellia sinensis. It contains polyphenols like catechins and flavonoids which have various health benefits such as weight management, heart health, cancer prevention and antioxidant properties. The extracts are not only used in beverages but also as natural ingredients in various food products, dietary supplements, cosmetics and personal care products. They also act as natural coloring and flavoring agents. Tea extracts provide cost effectiveness, improved shelf-life and ease of handling in food processing as compared to fresh tea leaves.
Market key trends:
One of the key trends in tea extracts market is growing demand for sustainably sourced and organic tea extracts. Consumers are increasingly aware about ethical and environmentally responsible sourcing of ingredients used in their foods and beverages. They prefer brands that source high quality tea extracts through sustainable cultivation and fair trade practices. Another trend is the increasing application of tea extracts in functional food and beverages. Many new product launches in food and beverage industry are incorporating tea extracts for their claimed health benefits. With growing popularity of dietary supplements, cosmeceuticals and personal care products, tea extracts are also finding larger applications beyond beverages.
Porter’s Analysis:
- Threat of new entrants: The tea extracts market requires high R&D and processing costs which acts as a barrier for new companies. The established players also have high brand recognition.
- Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of numerous suppliers. However, switching costs are low.
- Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitute raw materials.
- Threat of new substitutes: Emerging herbal extracts pose a moderate threat as substitutes. However, tea extracts have established demand for its proven health benefits.
- Competitive rivalry: The tea extracts market has few global players with large market shares. Companies compete based on product differentiation, reliability, and pricing.
Key Takeaways:
The Global Tea Extracts Market Demand is expected to witness high growth, exhibiting CAGR of 43% over the forecast period, due to increasing health consciousness among consumers. The market size for 2023 is US$ 15.11 Bn.
Regional analysis:
The Asia Pacific region is expected to dominate the tea extracts market during the forecast period. This is attributed to the easy availability of tea crops and large production in countries like India and China. North America is expected to grow at a fast pace due to the increasing utilization of tea extracts in functional food & beverages and supplements in the U.S. and Canada.
Key players:
Key players operating in the tea extracts market are 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, Â Martin Bauer Group., and Taiyo International. These players are focusing on new product launches and capacity expansions to strengthen their market position.
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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.
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 rising awareness among people about health benefits of natural flavors.
At present, consumers consider taste or flavor of beverages to be one of the most essential components that persuade them to try those beverages.The Global Tea Extracts Market includes relevant and verified information relating to the overall market, key players, and their market position and financial standing.
The report utilizes advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the market position of the major players of the industry.Get free sample extract of the report @ https://www.reportsanddata.com/sample-enquiry-form/4645Key Players:Key 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.Some Key Highlights From the Report:By extract type, green tea segment accounted for largest revenue share in 2020.
Green tea extracts help in reducing inflammation and blood pressure.
Additionally, these extracts have high antioxidant content that are beneficial for reducing oxidative stress in the human body.
