The global green tea market share is projected to reach USD 23.66 billion by 2027, exhibiting a CAGR of 8.0% during the forecast period. Increasing research into the potential benefits of green tea in fighting the coronavirus is expected to open new avenues of expansion for this market, finds Fortune Business Insights™ in its report, titled “Green Tea Market Size, Share & Industry Analysis, Form (Tea Bags, Loose Leaves, Loose Powder, Ready-to-drink, and Capsules & Tablets), Flavor (Flavored and Unflavored), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail) and Regional Forecast, 2020 – 2027”. With the COVID-19 vaccine still being developed, medical researchers are intensely engaged in finding alternative cost-effective treatment and prevention methods to curtail the spread of the coronavirus.
Green tea has emerged as a promising disease-fighting mechanism owing to its natural detoxifying properties and chemicals. For example, according to researchers from the Indian Institute of Technology, Delhi, extracts from black and green tea have antiviral properties and can destroy the protein structure of the virus. Similarly, the UPASI Tea Research Institute in Tamil Nadu has collaborated with the Tea Board of India to investigate the antiviral potential of Theaflavins-3, a compound commonly found in catechins in green tea, for controlling the coronavirus. Thus, a growing body of research exploring the possibility of fighting COVID-19 with green tea consumption will support the growth of this market.
The report states that the global market value was at USD 12.80 billion in 2019 and also provides the following:
- Holistic examination of the factors driving and constraining the market growth;
- Actionable insights into the individual market segments;
- Thorough profiling and study of key market players and their growth strategies; and
- Exhaustive analysis of the regional dynamics influencing the market.
Restraining Factor
Damaging Effects of Climate Change on Tea Production to Hamper Market Growth
The green tea market growth is expected to major hurdles created by the adverse effects of climate change and global warming. According to research conducted by Tufts University and the Montana State University in 2016, changing rainfall patterns across Northeast India and Southern China, two of the largest tea-producing regions in the world, are likely to decrease yields from tea farms. A survey conducted by researchers from these universities in Assam showed that tea farmers in the state are getting increasingly concerned about the shorter growing season for tea, which will inevitably affect the quality of the final product. International bodies are taking measures to tackle the climate-related challenges facing the tea industry and threatening the livelihoods of several tea-growers. For example, in 2012, a Consultation on Climate Change and Its Implication on the World Tea Economy was held in Sri Lanka and a Working Group was formed to submit recommendations to deal with the implications of climate change on tea. The production of green tea is expected to undergo considerable stress in the next few decades as a result of climate change, which may hamper the long-term growth prospects of this market.
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Regional Insights:
Asia Pacific to Tighten Its Hold on the Market with Increasing Green Tea Production
Asia Pacific, with a market size of USD 8.70 billion in 2019, is expected to dominate the green tea market share during the forecast period on account of the increasing production of this type of tea in the region. India and China are two of the leading tea producers in the world and advancements in plantation agriculture in the two countries have enhanced tea yields in the two countries. Moreover, green tea consumption in China is extremely high, which further favors the regional market growth.
North America is generating attractive growth opportunities for market players owing to the rising awareness about the health advantages of green tea among consumers. High prevalence of lifestyle-induced disorders such as obesity and diabetes has also contributed to the growing popularity of green tea in the region.
Competitive Landscape:
Launch of Innovative Flavors by Key Players to Elevate Market Potential
The green tea market is dominated by the presence of a few key players and their expansion strategies. The most preferred among these is the introduction of novel flavors and products for tea aficionados and capture the increasing health consciousness among consumers. The aim behind this strategy is to attract more customers and broaden sales horizons.
Industry Developments:
- November 2019: Unilever-owned Lipton released ‘REALI-TEAS’, a limited edition herbal tea line under its Wellness brand, to offer consumers an option to prevent developing cough and cold during the holiday season.
- July 2019: The Bigelow Tea Company announced the launch of three new flavors under its Bigelow Benefits product range – Benefits LEAN AND FIT, Benefits FOCUS, and Benefits STRESS FREE – featuring rose and mint herbal tea, Moringa and black tea, and citrus & oolong tea.
List of Key Companies Profiled in the Green Tea Market Report:
- Keurig Dr. Pepper, Inc. (Texas, U.S.)
- Shangri La Tea Company (Nevada, U.S.)
- Numi, Inc. (California, U.S.)
- The Bigelow Tea Company (Connecticut, U.S.)
- Unilever plc (London, U.K.)
- The Republic of Tea, Inc. (California, U.S.)
- Tazo Tea Company (Washington, U.S.)
- East West Tea Company, LLC (Oregon, U.S.)
- Associated British Foods plc (London, U.K.)