According to Precision Business Insights, the Tea Extracts Market research report provides industry size and growth.
According to Precision Business Insights (PBI), the latest report the global tea extracts market size was valued at USD 2.8 Bn in 2021 and estimated to expand at a significant CAGR of 7.1% owing to the increasing demand of tea extracts in cold beverages and tea flavored in bakery products. The rising popularity of ready-to-drink beverages as a replace to sodas and other fruit drinks is estimated to drive the market growth. Change in life style and people aware about the health benefit of green tea one of the key reason for the tea extract market growth. But, excessive amount of tea causes side effects and environmental effect on tea cultivation may hinder the growth of this industry market.
Increasing demand of Global Tea Extracts in various applications:
Increase in demand of tea extracts in different application such as food, beverages pharmaceuticals, cosmetics and others. Most of the companies of tea extract or beverages are producing ready-to-drink or iced tea for their consumers. The beverages segment is anticipated to grow the global tea extract over forecast period. Increasing the uses of tea extract in cosmetics for skin and hair care.
North America leads the Global Tea Extracts Market:
PBI's global tea extracts market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. According to regional analysis, North America is projected to be the largest importer of the tea extract products for use in the cosmetic applications, ready-to-drink beverages, and food industries. The consumption of tea extracts increased in North America and Europe region since last couple of years. Asia Pacific is the highest producer of tea extracts in overall the world as well as the consumption of black tea is more in developing countries such as China, India.
Development of tea extracts product and strategic collaborations are the key strategies adopted by market players:
Global tea extracts market further reveals that the key player'™s increasingly adopting strategies such as development of tea extracts product and strategic collaborations by the market players to enhance market revenue share and gaining significant geographic presence across the region. On August 31, 2019, Archer Daniels Midland Company announced that it has expanded its line of plant-based functional extracts to include green tea, an antioxidant blend, and acerola, a tropical fruit that is rich in Vitamin C as well as bioflavonoids and other nutritional ingredients. On September 02, 2019, Givaudan completed the acquisition of Golden Frog for strengthening natural flavours, extracts and essential oils for the food and beverage industry.
The tea extracts market is segmented on the basis of application, category, form, type and geography.
By Source
By Category
By Application
Some of the major Key players in the tea extracts market report are ADM, DuPont de Nemours, Inc., International Flavors & Fragrances Inc., Givaudan, Sensient Technologies Corporation, Firmenich SA, Carbery Group Ltd. (Synergy Flavors), Finlays, Martin Bauer Group, Indena SPA, Kemin Industries, Amax NutraSource, Inc.
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