Green Tea Market Outlooks 2018: Market Size, Cost Structures, Growth rate and Industry Analysis to 2028
The global green tea market size is estimated to generate a revenue of $34,044.28 million by 2028, increasing from $13,850.94 million in 2020, at a noteworthy CAGR of 11.9%.
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.
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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 and 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.
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Green Tea Market Segmentation
The green tea market is segmented based on type, form, distribution channel, and region.
Type:
The global green tea market by type is segmented into flavored and unflavored. Flavored green tea sub segment is anticipated to have the fastest market growth and the market shall generate a revenue of $26,330.39 million in 2028. The growth of the sub-segment is subjected to rising demand for different flavored beverages like ginger green tea among people. Also, companies have started launching different flavored green tea to increase their customer base and establish their market internationally.
Form:
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 anticipated to have the highest market share and generate a revenue of $17,997.87 million in 2028. The growth of the green tea 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 store. This factor is likely to propel the market growth of green tea bags sub-segment.
Distribution Channel:
The global green tea market by distribution channel is segmented into supermarket/hypermarket, convenience store, and online.
Online sub-segment is anticipated to have the fastest market growth and generate a revenue of $1,859.13 million in 2028. 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.
Region:
The share of Europe green tea market is anticipated to grow at a CAGR of 13.6%, by registering a revenue of $6,230.10 million by 2028. The regional growth is attributed to the presence of well-established beverage industries in the market and their constant effort to develop and launch new products. Also, growing prevalence of lifestyle related health issues such as obesity and stress level among working professionals due to lack of exercise and workout has shifted the population towards the consumption of green tea. Green tea is very useful in reducing weight of a person. Such factors are estimated to increase the market growth of green tea in the future.
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Top 10 Major Key Players in the Green Tea Market are -
1. Unilever Plc.
2. Tata Consumer Products ltd.
3. Typhoo Tea
4. Associated British Foods Plc.
5. The Begilow Tea Company
6. Tazo Tea Company
7. Numi Organic Tea
8. The Republic of Tea, Inc.
9. East West Tea Company LLC.
10. Northern tea Merchants Ltd.
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