Green Tea Market Analysis, Size, Share, Growth, Trends, Segmentation And Forecast 2029
The report states that the global market value was at USD 12.80 billion in 2019 and also provides the following:
• Holistic examination of the factors driving and constraining market growth;
• Actionable insights into the individual market segments;
• Thorough profiling and study of key market players and their growth strategies; and
• Exhaustive analysis of the regional dynamics influencing the market.
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List of the Leading Companies Profiled in the Global Green Tea Market are:
• Keurig Dr. Pepper, Inc. (Texas, U.S.)
• Shangri La Tea Company (Nevada, U.S.)
• Numi, Inc. (California, U.S.)
• The Bigelow Tea Company (Connecticut, U.S.)
• Unilever plc (London, U.K.)
• The Republic of Tea, Inc. (California, U.S.)
• Tazo Tea Company (Washington, U.S.)
• East West Tea Company, LLC (Oregon, U.S.)
• Associated British Foods plc (London, U.K.)
Damaging Effects of Climate Change on Tea Production to Hamper Market Growth
The green tea market growth is expected to major hurdles created by the adverse effects of climate change and global warming. According to research conducted by Tufts University and the Montana State University in 2016, changing rainfall patterns across Northeast India and Southern China, two of the largest tea-producing regions in the world, are likely to decrease yields from tea farms. A survey conducted by researchers from these universities in Assam showed that tea farmers in the state are getting increasingly concerned about the shorter growing season for tea, which will inevitably affect the quality of the final product. International bodies are taking measures to tackle the climate-related challenges facing the tea industry and threatening the livelihoods of several tea-growers.
For example, in 2012, a Consultation on Climate Change and Its Implication on the World Tea Economy was held in Sri Lanka and a Working Group was formed to submit recommendations to deal with the implications of climate change on tea. The production of this tea is expected to undergo considerable stress in the next few decades as a result of climate change, which may hamper the long-term growth prospects of this market.
Asia Pacific to Tighten Its Hold on the Market with Increasing Green Tea Production
Asia Pacific, with market size of USD 8.70 billion in 2019, is expected to dominate the green tea market share during the forecast period on account of the increasing production of this type of tea in the region. India and China are two of the leading tea producers in the world and advancements in plantation agriculture in the two countries have enhanced tea yields in two countries. Moreover, its consumption in China is extremely high, which further favors the regional market growth.
North America is generating attractive growth opportunities for market players owing to the rising awareness about the health advantages of green tea among consumers. The high prevalence of lifestyle-induced disorders such as obesity and diabetes has also contributed to the growing popularity of this tea in the region.
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Launch of Innovative Flavors by Key Players to Elevate Market Potential
The green tea market is dominated by the presence of a few key players and their expansion strategies. The most preferred among these is the introduction of novel flavors and products for tea aficionados and capture the increasing health consciousness among consumers. The aim behind this strategy is to attract more customers and broaden sales horizons.
Key Industry Developments:
• November 2019: Unilever-owned Lipton released 'REALI-TEAS', a limited edition herbal tea line under its Wellness brand, to offer consumers an option to prevent developing cough and cold during the holiday season.
• July 2019: The Bigelow Tea Company announced the launch of three new flavors under its Bigelow Benefits product range - Benefits LEAN AND FIT, Benefits FOCUS, and Benefits STRESS-FREE - featuring rose and mint herbal tea, Moringa and black tea, and citrus & oolong tea.
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