May 25, 2022 01:33 ET | Source: Fortune Business Insights Fortune Business Insights
Pune India, May 25, 2022 (GLOBE NEWSWIRE) -- The global green tea market size is projected to reach USD 23.66 billion by 2027. The increasing prevalence of cardiovascular diseases, diabetes, and obesity is set to boost the demand for green tea among people. The Center of Disease Control and Prevention, for instance, mentioned in its National Diabetes Statistics Report that more than 88 million adults are prediabetic in America. This information is published by Fortune Business Insights™ in a report, titled, “Green Tea Market, 2020 – 2027.” As per the report, the green tea market stood at USD 12.80 billion in 2019. It is set to exhibit a CAGR of 8.0% during the forecast period.
A list of reputed green tea manufacturers presents in the global market:
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Urgent Need to Boost Immunity and Health Surges Demand amid COVID-19 Pandemic
The ongoing COVID-19 pandemic has severely affected the supply chain of various types of teas. The green tea industry is also not an exception because of nationwide lockdown deployed by government bodies in numerous countries. But, the rising need to improve one’s immunity and the overall health has surged the demand for nutritional beverages across the globe through all retail channels. The U.S. Department of Agriculture, for instance, stated that in April 2020, the sales of grocery stores were up by 25%. Hence, the rising demand for antioxidant-rich food and drinks to prevent transmission would propel growth amid the pandemic.
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Tea Bags Segment Generated 52.20% in 2019: Fortune Business Insights™
Based on the distribution channel, the market is segregated into supermarkets/hypermarkets, convenience stores, specialty stores, and online retail. By form, it is split into tea bags, capsules & tablets, ready-to-drink, loose powder, and loose leaves. Amongst these, the tea bags segment held 52.20% in terms of the green tea market share in 2019. This growth is attributable to the portability, easy storage, and wide availability of tea bags. Lastly, based on the flavor, it is categorized into flavored and unflavored. Out of these, the unflavored segment earned 17.42% share in the U.K. This growth is attributable to the high demand for clean-label and organic products.
The report provides intelligent insights on new product developments, R&D activities, and future technologies. At the same time, it offers elaborate information about recent investments, developments, and untapped geographies. Besides, our analysts have conducted an assessment of manufacturing capabilities, strategies, and shares of renowned vendors.
Rising Consumption of Antioxidants to Accelerate Growth
The demand for tea has surged dramatically in recent years because of the recognition of the positive health effects of antioxidants. The Food & Drug Administration declared that the production of green tea is expected to increase by 7.5% every year. At the same time, several clinical studies have suggested that the consumption of flavonoids and antioxidants help in improving cardiovascular health and mental stress response.
Moreover, the trend of healthy hydration and on-the-go nutrition has raised the demand for functional beverages worldwide. This type of tea aids in lowering the aging of tissues and cells, as well as enhancing body functions. However, the lack of knowledge regarding the safe usage of agrochemicals and good farming practices may hamper the green tea market growth in the upcoming years.
Increasing Production and Consumption of Tea in China to Help Asia Pacific Lead
Geographically, in 2019, Asia Pacific earned USD 8.70 billion in terms of revenue. This growth is attributable to the rising production of this type of tea in the region. China is considered to be the largest consumer and producer of tea in Asia Pacific. In North America, the market would grow at a fast pace on account of the high demand for tea to lower the risks of various lifestyle-related health issues, such as diabetes and obesity. Europe, on the other hand, is anticipated to showcase considerable growth backed by the high demand for healthy and unique teas from millennials. Additionally, investments by companies in the development of novel ready-to-drink green teas would aid regional growth.
Key Players Focus on Launching Innovative Beverages to Generate More Sales
The global market contains a large number of prominent green tea companies that are persistently striving to keep up with the high consumer demand for the product. Some of them are conducting extensive R&D activities to introduce novel products, while a few others are joining hands with celebrities to attract more consumers.
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