The tea extracts market is valued at USD 2,831.7 million in 2021 and is poised to grow at a significant CAGR of 7.10% over 2022–2028. After coffee, tea is the second most popular beverage in the world. The Camellia Sinensis plant’s leaves are used to make this well-known beverage. Several kinds of tea or tea extracts are offered, depending on the maturity level of the tea leaves. For example, freshly picked tea leaves are used to make white tea extracts, whereas fully grown tea leaves are utilized to make black tea extracts. Due to changing consumer lifestyles and busy work schedules, the demand for ready-to-drink beverages is rising globally. Most tea drinkers find that it relieves tension, allowing them to relax from their busy lives and demanding work schedules quickly. Moreover, customers love ready-to-drink tea because it saves them time and lets them consume it whenever and wherever they choose. Due to the growing demand for tea and other beverages around the world, makers of tea extracts have attractive potential. The use of tea extracts in various industries is expanding globally. Tea extracts and tea leaves both contain bioactive substances like polyphenol and caffeine. Antioxidants have a variety of positive health effects on people. Tea extracts have been shown to provide several cardiovascular advantages, including lowering cholesterol and blood sugar. Consuming tea extracts demonstrates the impact on the neurological system and the mind. Tea extracts regularly boost human metabolism, lowers body fat, and aid in cancer prevention. Moreover, the market for tea extracts has seen a significant rise in new product advancements. Major companies that compete in the tea extract industry are concentrating on recent product advancements to satisfy consumer demand and improve their position. For instance, the Wellbeing Collection, a new line of premium natural tea extracts based on brush-to-bottle technology, was introduced in February 2021 by Finlays, a Kenyan firm that works on tea extraction facilities. To meet consumer demand for healthy, natural, and sustainable products, a new line of premium tea extracts with sustainable sourcing has been created. This prevents essential oxygen-sensitive compounds, such as antioxidants, from degrading.
Recent Market Developments:
In February 2021, Finlays, one of the leading suppliers of coffee, tea and botanical solutions launched a new range of premium, natural and sustainably sourced tea extracts in the market.
In November 2020, Florida Food Products acquired Amelia Bay LLC. With the help of this acquisition the company aims to expand its product portfolio of natural ingredients.