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Tea Concentrate Market Analysis, Segments, Growth and Value Chain by 2025
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Tea concentrates are predominantly used in foodservice outlets and finds limited usage in mass consumer retail markets viz.a.viz. households. Tea concentrates also finds application in cosmetic products and are being procured by cosmetic product manufacturers in bulk, which over the past few years increased substantially, considering the previous procurement volumes.
The leading factor driving global tea concentrate market are growing consumer base for ready to drink tea. A subtle increase in popularity for tea concentrates are transforming consumer preferences – from traditional tea to concentrate forms. Furthermore, innovation in terms of product formulation that ensure health benefits, appealing packaging format with an essence of convenience, and availability of tea concentrate on retail shelves has also added to its increasing demand.
The global tea concentrate market has not only been benefitted from the balanced move from suppliers and changing preferences of consumers, however, the changing global trade dynamics that has transformed world into a single trading platform, helped the industry too. Regional companies that were previously engaged in trading tea concentrates in neighboring countries have expanded their market footprint to all potential geographies, especially India and China. Changing consumer economics also acted as a catalyst for the global tea concentrate market, fueling the demand. Furthermore, sales of tea concentrates through online platforms made it available for distant consumers as well, that were not considered as potential markets and remained untapped for a longer period of time.
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Based on form type, liquid segment accounts for maximum revenue share in global tea concentrate market attributed to greater convenience offered by liquid form compare to powder form. Liquid or blended form of the tea concentrate is more preferable compare to other forms, and is expected to continue the same trend in upcoming years. Powder form of the green tea concentrate is majorly used compare to green tea leaf. Furthermore, the demand for green tea concentrate is likely to grow in coming years due to rising awareness about health benefit of green tea among the consumers.
The global tea concentrate market is segmented by regions into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia-Pacific excluding Japan (APEJ), and Japan. APEJ is anticipated to be the largest tea concentrate market and is expected to spur during the forecast period. Japan and Europe tea concentrate market is projected to grow at a substantial rate.
Consumption of tea concentrate in North America is likely to increase in future years and is expected to gain high market share in the upcoming years. The consumption of tea concentrate is likely to rise in developing regions like Indonesia, China and India. The tea concentrate market is expected to grow in major developing countries attributed to increased usages of tea concentrate in the domestic sector. The Consumption of functional drink is high in developed economies such as North America, Europe etc. The growing demand for functional drinks will help to increase the demand for tea concentrate market.
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Some of the key market players in the global tea concentrate market are PepsiCo, Tata international, Maya Tea Company, MB-Holding GmbH & Co. KG, MONIN INCORPORATED, The Chai Direct, Fujian Xian Yang Yang Food & Technology Co.,LTD, Herbalife International of America, Inc., Starbucks Corporation., Island Rose Gourmet Tea. and Others.
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