by 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 obtained from green tea, black tea, white tea or oolong tea. Tea extracts are available in the forms of liquid, powder or encapsulated form. Tea extracts contain polyphenolic compounds like flavonoids and catechins which provide various health benefits. Tea extracts help in weight management, boost metabolism, reduce inflammation, lower cholesterol and regulate blood sugar levels. They also have anti-aging and anti-cancer properties. Tea extracts have a wide range of applications in food & beverages, pharmaceuticals and cosmetic industries. Increasing awareness about benefits of green tea and herbal extracts is driving the demand for tea extracts in various end use industries.
Market key trends:
Rising health consciousness is one of the key trends in the global tea extracts market. Consumers are increasingly preferring beverages and foods fortified with herbal and plant extracts for their perceived health benefits. According to a survey, around 60% of global consumers consider the health factor while making a purchase decision. Growing prevalence of lifestyle diseases like diabetes and obesity is further spurring the demand for healthy beverage and food options enriched with ingredients like tea extracts. In the cosmetic industry, tea extracts are commonly used in anti-aging creams and serums owing to their high antioxidant content. Launch of innovative skin care products featuring tea extracts by leading players is another trend in the market. Continuous expansion of food & beverage and cosmetic industries globally presents lucrative opportunities for tea extract manufacturers. However, stringent import and export regulations of herbal extracts may hamper the business expansion to some extent.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the tea extracts market due to high capital requirements and stringent regulations. Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of various substitutes and differentiated product offerings by existing players. Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of alternative raw material sources and suppliers. Threat of new substitutes: The threat of new substitutes is high as various plant-based extracts like fruit extracts are used as alternatives to tea extracts. Competitive rivalry: Competition is high among the existing players due to differentiation in product offerings and regional presence.
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 demand for plant-based extracts and health benefits offered by tea extracts. The market size for tea extracts was valued at US$ 15.11 Bn in 2023.
Regional analysis: North America is expected to dominate the market throughout the forecast period. The growth in the region can be attributed to rising health consciousness and increasing demand for functional food and beverages. Europe is expected to witness high growth during the forecast period owing to high consumption of tea in countries like UK, Ireland, and Germany.
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. AVT Natural and Synthite Industries Ltd are currently dominating the global market owing to their product portfolio and regional presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
