by The global green tea market, valued at approximately US$15 billion in 2021, is set to experience robust growth through 2027. This growth is driven by a rising number of green tea consumers worldwide and the increasing popularity of health-focused food and beverage products.
Antioxidant-Rich Green Tea Gains Popularity
The recognition of the health benefits associated with antioxidants has led to a surge in the consumption of products rich in these compounds. Green tea, known for its high antioxidant content, is at the forefront of this trend. According to the Food and Agriculture Organization of the United Nations (FAO), green tea production is projected to grow at an annual rate of 6.3%, driven by the growing demand for antioxidant-rich beverages. Consuming antioxidants can reduce toxins in the body, regulate fat burning, improve cardiovascular health, and enhance the bodys stress response. Additionally, organizations like the Indian Tea Association have highlighted green teas potential in reducing the risks of certain cancers, such as prostate, breast, and esophagus cancer, further driving its global market growth.
Shifting Towards Functional Nutrition
Consumers are increasingly seeking functional and nutrient-rich food and beverage products to maintain overall wellness. The demand for on-the-go nutrition has led health-conscious individuals to embrace functional beverages. Green tea, with its anti-aging properties, cell rejuvenation benefits, and overall health improvements, has become a popular choice in this category. Manufacturers have responded by producing green tea-based on-the-go functional beverages to cater to this growing demand. This shift towards functional nutrition and convenience-driven products is expected to significantly influence the growth of the green tea market.
Rise of Green Tea Bags
In todays fast-paced world, convenience is key. Traditional methods of preparing tea have given way to more convenient options like tea bags. Green tea bags, in particular, are in high demand due to their ease of use, portability, and storage convenience. Manufacturers have also embraced technological advancements, developing food-grade and eco-friendly green tea bags to align with the clean label trend. This growing preference for tea bags among health-conscious consumers is expected to contribute significantly to the global green tea markets valuation.
Asia Pacific Emerges as a Key Market
The Asia Pacific region is witnessing a substantial increase in green tea consumption, driven by its numerous health benefits and the rising prevalence of lifestyle disorders. The region has a growing population, with a significant portion facing obesity and overweight issues. This has led to increased awareness about the importance of healthy food and products that help reduce excess fats and toxins from the body, further fueling green tea consumption. Additionally, stable GDP per capita growth and a growing preference for functional beverages are expected to boost the green tea market in the region. China and Vietnam, in particular, are poised for significant increases in green tea production, with exports also on the rise.
Competition in the Green Tea Market
Major companies in the green tea market, such as Tata Consumer Products Limited, Unilever, ITO EN, Hankook Tea, East West Tea Company LLC, Associated British Foods Plc, Numi Inc., and The Begilow Tea Company, are actively pursuing acquisitions and collaborations to strengthen their market presence and product portfolios.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/green-tea-market
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This press release first seen on Brilad
COMTEX_442320055/2840/2023-10-23T08:21:17
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.