The Green Tea Market Projected to Grow at a CAGR of 8.04% and Garner a Revenue of $29,267.3 Million in the 2021–2030 TimeframeDownload Sample Reports Overview
The global green tea market is estimated to generate a revenue of $29,267.30 million by 2030, increasing from $14,765.10 million in 2021, at a noteworthy CAGR of 8.04%.
Impact Analysis of COVID-19 on the Green Tea Market
During the prevalence of COVID-19 pandemic, green tea market observed a positive growth owing to its high nutrition level and health benefits on the patient’s body. Green tea is rich in antioxidants and nutrients like vitamin C which helps in boosting the person’s immunity. Many researchers have also studied the positive effects of green tea on the patients to cope up from corona virus symptoms. For instance, according to a research paper ‘COVID -19: could green tea catechins reduce the risks?’ published on December 11, 2020, green tea contains various constituents which can be helpful in reducing overall health risks related to COVID-19. Also, many people have focused their preference towards consuming functional beverages like matcha green tea and green tea to boost their immunity. These factors are likely to contribute towards the growth of the market in the pandemic period.
Green Tea Market Analysis:
Green tea is an excellent source of antioxidants, minerals, and vitamins and therefore provides various health benefits such as reducing body weight, increasing metabolism, and helping in skin rejuvenation. Also, it is studied that green tea is helpful in managing chronic diseases such as diabetes. For instance, according to an article published in A Sweet Pea Chef, a food blogging site, in 2020, green tea may be helpful in managing various types of cancers such as mouth, tongue, and throat cancer. Such advantages of green tea have made it a popular beverage among millennials and is expected to drive the market of green tea in the forecast time period. Also, growing cases of lifestyle diseases such as stress, diabetes, and anxiety among young working professionals are anticipated to contribute to the growth of the market in the coming years.
However, lack of awareness among rural population in developing countries about the market presence of green tea and its high benefits on the person’s body & mind is likely to hinder the market growth. Also, high cost of the green tea due to its expensive processing cost is likely to restrain the market growth in the future.
Growing demand for green tea and matcha green tea in the market by the consumers to reduce their weight and stress level has provided various opportunities to the tea manufacturing companies to launch new green tea products and develop their product portfolio. Such factors are likely to boost the market growth of green tea in the coming years.
Global Green Tea Market, Segmentation
The green tea market is segmented based on type, form, distribution channel, and region.
The global green tea market by type is segmented into flavored and unflavored. Flavored green tea sub segment is predicted to have a dominating market share in the global market during the forecast period. The growth of the sub-segment is subjected to rising demand for different flavored beverages like ginger green tea among people. Many people prefer to drink flavored green tea as most of them find unflavored green tea unappealing. New flavors in green tea attract many customers to try out different tea and develop their taste further. Also, companies have started launching different flavored green teas to increase their customer base and establish their market internationally.
The global green tea market by form is segmented into green tea bags, loose green tea leaves, and instant green tea mixes. Green tea bags sub-segment is predicted to have the highest market share in the global market during the forecast period. The growth of the green tea bags sub-segment is because green tea bags are easy to carry and prepare by people while travelling. Also, while travelling, people prefer to carry green tea bags as they do not require large space to be stored. This factor is likely to propel the market growth of green tea bags sub-segment. Apart from this, green tea bags are available in many different flavors which make them more attractive to the consumers. Such factors are anticipated to have an accelerating growth in green tea market share growth.
The global green tea market by distribution channel is segmented into supermarket/hypermarket, convenience stores/specialty stores, and online. Online sub-segment is anticipated to have the fastest market growth during the timefame. The increase in the revenue of the sub-segment owes to the large number of working professionals and their preference for online shopping. Many companies provide extra discounts and various offers online to attract their consumers. Also, it saves a lot of time while shopping online. Such factors are anticipated to drive the market in the future.
The share of Europe green tea market is anticipated to grow during the timeframe. This growth is majorly attributed to factors such as rising prevalence of lifestyle diseases among people like obesity, diabetes, and blood pressure and their preference for high nutritive beverages like green tea and matcha green tea to control their disease symptoms. Also, growing youth population in countries like Germany and their increased stress related mental disorders like depression & dementia have forced them to incorporate beverages with high nutrition content. Such factors have raised the demand for green tea which has driven the market for green tea in the region.
Key Players in the Green Tea Market
The companies involved in the green tea market are
- Unilever Plc.
- Tata Consumer Products ltd.
- Typhoo Tea
- Associated British Foods Plc.
- The Begilow Tea Company
- Tazo Tea Company
- Numi Organic Tea
- The Republic of Tea, Inc.
- East West Tea Company LLC.
- Northern Tea Merchants Ltd.