Press release
Craft Tea Market Exclusive Report on Current Trends and Future Insights
The global craft tea market is estimated to reach over USD 539.95 million by 2031, exhibiting a CAGR of 5.18% during the forecast period.
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Craft tea is a premium product that stands out in the market due to its unique processing methods, such as extended leaf decay, additional roasting, the use of rare cultivars, or aging techniques. This type of tea is distinct from other conventional teas and offers a range of health benefits. Rich in antioxidants, craft tea supports a strong immune system and helps protect against common ailments such as colds and the flu. The health benefits associated with craft tea are expected to drive increased demand during the forecast period.
Furthermore, craft tea presents a compelling alternative to traditional beverages like carbonated drinks, coffee, and alcohol, making it an attractive option for resorts, businesses, and cafés. Many restaurant owners and food service providers are surprised by the profitability of craft tea compared to other beverages. Given these advantages, craft tea presents significant growth opportunities during the forecast period and aligns well with current consumer trends. The market is characterized by the presence of established global players, along with a significant influx of new businesses entering the industry, creating intense competition and further fueling the expansion of the global craft tea market.
List of Prominent Players in the Craft Tea Market:
• Lupicia Co., Ltd
• Cofco
• Teasenz
• California Tea House
• Panella Foods And Beverages Private Limited
• Bettys And Taylors Group Ltd
• Fms Consumer Products Pvt Ltd
• Bharat Group
• Vahdam
• Stash Tea
Market Dynamics:
Drivers-
The expansion of the craft tea market is expected to be supported by increased government initiatives aimed at educating farmers on modern agricultural practices. Rising consumer awareness regarding health and wellness, an aging global population, the growing prevalence of chronic diseases, and evolving lifestyle preferences are all contributing to market growth. Additionally, the introduction of new and innovative tea flavors-such as citrus, mint, and chocolate-combined with the rising popularity of diverse taste profiles is anticipated to further drive global demand throughout the forecast period.
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Challenges:
However, the market faces several challenges. A significant barrier is the limited access to modern farming methods among traditional tea growers, which hinders the transition to more efficient and sustainable cultivation practices. Furthermore, the production of craft tea involves higher operational costs compared to conventional tea, which can limit its broader adoption.
Regional Trends:
North America is projected to hold a substantial share of the craft tea market and exhibit a strong compound annual growth rate (CAGR) over the forecast period. The increasing presence of dining establishments such as restaurants and hotels, along with heightened consumer awareness of the health benefits associated with tea-particularly for managing conditions like hypertension, cardiovascular diseases, and osteoarthritis-is driving regional demand. Moreover, there is a notable shift among health-conscious consumers toward green tea and other functional beverages. In the Asia Pacific region, the market continues to expand significantly. The rising popularity of tea, driven by increased awareness of the adverse health impacts of carbonated drinks and the health benefits of tea, is fueling demand.
Recent Developments:
• In 2021, Tata Consumer Varieties redesigned their Tetley Green Tea and added vitamin C to two new products, Tata Tea Tulsi Green and Tata Tea Gold Care. These fresh products are created with advantageous components that raise the body's defenses and increase wellness.
• In 2020, Yogi, tea purchased Granum Inc. (Choice Organic Teas), a business that produces organic teas. With this acquisition, the firm hopes to strengthen its portfolio of organic teas and compete in the rapidly expanding organic tea market.
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Segmentation of Craft Tea Market-
By Distribution Channel
• Online
• Offline
o Supermarkets and Hypermarkets
o Specialty Stores
o Convenience Stores
o Others
By Product Type
• Blooming craft tea
• Active craft tea
• Floating floss craft tea
By End User
• Commercial
• Individual
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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