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Tea Extracts Global Market is expected to grow at 7.0% of CAGR through 2024 to 2028, reaching nearly $5.81 billion | The Business Research Company
Tea Extracts Global Market
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According to The Business Research Company's, The tea extracts market size has grown strongly in recent years. It will grow from $4.14 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to traditional use in asian cultures, increased consumer awareness of health benefits, antioxidant properties and health claims, growth in demand for functional beverages, expansion into non-alcoholic beverage industry.
The tea extracts market size is expected to see strong growth in the next few years. It will grow to $5.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to rising popularity of specialty and herbal teas, shift towards natural and plant-based ingredients, increasing application in functional foods and supplements, research and development in tea extract bioactives, e-commerce and direct-to-consumer sales channels
. Major trends in the forecast period include innovation in tea extract formulations (e.g., concentrates, powders), premium and specialty tea extracts, innovative product formulations, clean label and natural extraction processes, beauty and personal care applications.
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Market Drivers and Trends:
The rise in demand for dieta*ry supplements is expected to propel the growth of the tea extract market going forward. Diet*ary supplements are a vast range of ingestible goods that are distinguishable from regular foods and pharmaceuticals, which are utilized all over the world. Tea extracts, especially green tea extracts, are commonly utilized in the manufacturing of die*tary supplements. Tea extract die*tary supplements aid in blood sugar regulation, blood pressure regulation, weight management, disease prevention, and workout recovery. For instance, in October 2021, according to a Consumer Survey on Diet*ary Supplements, conducted by The Council for Responsible Nutrition (CRN), a US-based trade association for the dieta*ry supplement and functional food industry, 80% of Americans were using diet*ary supplements. Therefore, an increasing demand for dieta*ry supplements is driving the growth of the tea extract market.
New product innovations have emerged as the key trend gaining popularity in the tea extracts market. Major companies operating in the tea extract market are focused on new product innovations to meet consumer demand and strengthen their position. For instance, in February 2021, Finlays, a Kenya-based company that works on tea extraction facilities, launched their new premium natural tea extracts range called the Wellbeing Collection based on brush-to-bottle technology. This new range of premium, natural, and sustainably-sourced tea extracts is designed to help brand owners tap into consumer demand for healthy, natural, and sustainable products. This prevents the degradation of valuable oxygen-sensitive ingredients such as antioxidants.
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Major Key Players of the Market:
Taiyo International Ltd., AVT Tea Sources Ltd., DuPont de Nemours Inc., Futureceuticals Inc., Kemin Industries, Synthite Industries Ltd., Archer Daniels Midland Co., Frutarom Ltd., Martin Bauer Group Ltd., Indena SPA, Teawolf LLC, Phyto Life Sciences Pvt. Ltd., Halssen & Lyon GmbH, Harrisons Tea Ltd., Synergy Flavors Inc., FInlay Tea Solutions Ltd., Tata Global Beverages Ltd., Givaudan SA, Dehe Bio-tech Co. Ltd., Hainan Qunli Co. Ltd., Sichuan Yujia Tea Co. Ltd., ADM WILD Europe GmbH & Co.KG, Allen Flavors Inc., Amelia Bay Systems, Damin Food Co. Ltd., Dohler GmbH, Goodricke Group Limited, Robertet Group SA, ShanShan Tea Co. Ltd., Shenzhen Shenbao Huacheng Tech. Co. Ltd.
Tea Extracts Market 2024 Key Insights:
• The tea extracts market size is expected to see strong growth in the next few years. It will grow to $5.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Demand For Diet*ary Supplements Spurs Growth In The Tea Extract Market
• Innovative Product Offerings Reshape The Tea Extracts Market
• North America was the largest region in the tea extracts market in 2023
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