Tea Extracts Market Is Estimated To Witness High Growth Owing To Rising Awareness Regarding Health Benefits
The 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 derived from drying and processing of different types of tea leaves such as black tea, green tea, white tea, oolong tea, etc. These extracts are used for various applications such as food and beverages, cosmetics, nutraceuticals, and others due to their high antioxidant content. These extracts are used for flavoring and health benefits in various food products.
Market Dynamics:
The tea extracts market is expected to witness significant growth over the forecast period owing to growing awareness regarding health benefits of tea extracts. Tea extracts possess antioxidant properties due to the presence of polyphenols like flavonoids and catechins which help protect against chronic diseases like cardiovascular diseases and cancer. Moreover, growing use of tea extracts in cosmetics formulation driving their demand in skin care and hair care products further fueling the market growth. Additional dietary supplements containing tea extracts are widely consumed for weight management which is another factor boosting the market growth.
SWOT Analysis
Strengths:
Tea extracts offer various health benefits such as reducing risks of cancer, heart diseases, diabetes, and weight management. This increases their demand.
Wide availability of raw materials such as green tea and black tea provides raw material security.
Growing awareness about benefits of functional beverages boosts demand for tea extracts.
Weaknesses:
Quality and purity of extracts depend on manufacturing processes, affecting product consistency.
High dependence on climate and geography of tea cultivation makes raw material sourcing challenging.
Opportunities:
Increasing consumer preference for herbal teas and functional beverages presents an opportunity.
Developing innovative product formulations and expanding into untapped regional markets can boost growth.
Threats:
Availability of substitutes such as coffee and fruit extracts poses competition.
Stringent quality and safety regulations in food industry may increase production costs.
Key Takeaways
The global Tea Extracts Market Share is expected to witness high growth, exhibiting CAGR of 43.% over the forecast period, due to increasing health consciousness among consumers.
Regional analysis: Asia Pacific dominates the global tea extracts market with over 30% share, led by countries such as China, India, and Japan. The region is anticipated to retain its dominance during the forecast period, due to vast cultivation of green tea in major countries.
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, Martin Bauer Group., and Taiyo International.
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2023/12/online-shopping-is-fastest-growing.html
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