Herbal Tea Key Market Players, Statistics, Gross Margin, and Forecast 2030
Herbal Tea Market Scope
Market Research Future (MRFR) expects the herbal tea market 2020 to blossom at a rate of 5% from 2022 to 2030 (evaluation period). MRFR also anticipates that the market for herbal tea can accrue a valuation of USD 4.88 billion by 2030. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Boosters and Deterrents
The global market’s growth in recent years has been commendable, in the wake of evolving consumer lifestyles and the resultant surge in the importance of herbal tea owing to its health benefits. This has been a crucial standpoint for the herbal tea market, as the customer base is expanding at a promising rate across countries. Herbal tea is a natural beverage as it generally contains lavender, rose, chamomile and hibiscus, which is why its demand has been skyrocketing among health conscious people. The market’s momentum is also sped up by the seal of approval that is given by medical practitioners for its consumption while the rising inclination of consumers towards healthier food and beverages could also bolster the product demand.
Since significant caffeine levels can cause severe ailments in the body, a growing number of healthcare practitioners condemn its use. The fact that herbal tea is devoid of any caffeine; the global market has been witnessing robust demand from consumers worldwide. The herbal tea’s autoxidizing benefits also enhance its demand among consumers. Given the tea’s fat-burning property, it has become a huge hit among those striving to lose weight and also emerged as a vital game changer for the healthcare industry.
Many of the firms are continuously introducing innovative novelty products to capture a bigger share in the global industry. To illustrate, in October 2020, Weikfield launched Herbal Infusions and Organic Green Teas in India. Considering the consumer need for wellness, better immunity and health, the herbal tea has been infused with a few ayurvedic herbs such as Sunthi, Tulsi, Black Pepper and Cinnamon. These herbal infusions work against flus, respiratory conditions, and have a lot of antioxidants.
Affluent Vendors
The herbal tea key market players study include Associated British Foods PLC (UK), Dilmah Ceylon Tea Company PLC (Sri Lanka), The Hain Celestial Group, Inc. (US), Adagio Teas (US), Organic India Pvt. Ltd. (India), Harney & Sons (US), Unilever PLC (UK), Apeejay Surrendra Group (India), Tata Global Beverages Limited (India), Barry's Tea (Ireland), to name a few
Market Segmentation
The herbal tea market can be dissected with respect to type, function, form, and distribution channel.
Type-wise, the market segments are dandelion, cinnamon, ginger, chamomile, blends, turmeric, and more. The highest share in 2018 was seized by the blends segment, and it is anticipated that it can touch USD 1,405.1 million by 2025-end. Blends’ observe significant demand as they offer several health benefits, given that they are made of two or more herbs. The abundance of herbal tea blends available in developed as well as developing countries also contributes to its demand.
The function-based segments are multifunctional, gut and digestive health, cognitive health, and others. The biggest market is owned by multifunctional herbal teas, which could also procure the fastest growth rate during the given period.
The various forms in which herbal tea is available in the herbal tea market size include tea bags as well as loose-leaf. Tea bags have remained the top segment since 2018 and have witnessed robust demand since they are small, porous, and quite convenient for use in households as well as outside homes.
Store-based and non-store-based are the key distribution channels in the global market. Store-based channels are at the top and have been since 2018 since supermarkets and hypermarkets are responsible for the majority of sales. The non-store-based distribution channels can exhibit a better advancement rate over the appraisal period.
Regional Outlook
Some of the herbal tea market overview are North America, Asia Pacific or APAC and Europe along with RoW or Rest of the World.
As of 2018, APAC was the market leader with a share of 36.47% and still remains dominant, primarily owing to the fact that tea is a traditional beverage and the region is known for being its leading producer in the world. China stands out in the world as the biggest consumer and producer of herbal tea and is on track to be the most lucrative herbal tea market in the region. Exploding populations, rising disposable income, a surge in health awareness among consumers, and the emerging wellness and fitness trend are cited as some of the top growth boosters in the APAC market.
North America’s growth is largely backed by the escalating preference for organic herbal tea, in light of a soaring number of consumers gaining interest in organic beverages and food products. The US remains the top herbal tea market in the region, with Canada emerging as the second most lucrative country. The mounting obesity cases have been encouraging consumers to opt for herbal tea. The health-boosting claims of the tea are also helping the herbal tea market gain strength in South America, particularly in Argentina, Peru, and Brazil.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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