The global green tea market is expected to witness striking growth during the forecast period owing to the increasing demand for healthy beverages amongst people around the world. Based on type, the flavored green tea sub-segment is expected to be most lucrative. Regionally, the Asia-Pacific region is predicted to hold the largest market share during the analysis period.
New York, USA, Oct. 26, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global green tea market is predicted to generate a revenue of $34,044.3 million and rise at a CAGR of 11.9% during the forecast period from 2021 to 2028.
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As per our analysts, the increasing demand for healthy beverages is a significant factor that is expected to accelerate the growth of the market during the forecast period. The various beneficial advantages of green tea and the inclination of the young generation towards functional beverages are further anticipated to boost the growth of the green tea market during the analysis period. Besides, the diversification of product portfolio by major companies, such as the launching of new green tea products is further expected to create massive growth opportunities for the market in the coming future. However, the high cost of green tea due to its high nutritional content and processing nature may hinder the growth of the green tea market over the estimated time period.
Covid-19 Impact on the Global Green Tea Market
Though the Covid-19 pandemic has devastated several industries, however, it acted as a boon for the green tea market. The high transmission rate of coronavirus infection and serious symptoms made people switch to adopt good practices during the pandemic. As, green tea has numerous medicinal and other beneficial properties such as reducing acidity, boost immunity, and lose excess weight, people started consuming green tea on a larger scale to fight against the deadly virus.
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The Segments of the Global Green Tea Market
The report has been divided the market into various segments based on type, form, distribution channel, and region.
Type: Flavored Green-Tea Sub-Segment to be Most Lucrative
This is mainly due to the rising demand of people for flavored beverages. In addition, the launching of various new green tea products by many companies in different flavors to satisfy the customers’ taste pallets is further expected to fortify the growth of the sub-segment during the forecast period.
Form: Green-Tea Bags Sub-Segment to be Most Profitable
The green tea bags sub-segment is projected to garner $18,118.4 million in revenue during the forecast period. This is mostly because of the easy and convenient way of carrying and preparing green tea. Moreover, the inclination of the young generation to make utilize used green tea bags for several skin problems is further expected to bolster the growth of the green tea market’s sub-segment over the analysis period.
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Distribution Channel: Supermarket/ Hypermarket Sub-Segment to Have the Largest Market Share
The supermarket/hypermarket sub-segment is expected to garner a revenue of $ 20,845.3 million during the forecast period. This is mainly due to the presence of a large number of shopping stores all across the globe. As supermarkets offer a sense of satisfaction in handpicking goods, it provides people a better clarity about the product which they wish to buy. This is the major factor expected to amplify the growth of the green tea market sub-segment during the estimated timeframe.
The Asia-Pacific region is predicted to generate a revenue of $22,316.0 million over the analysis time frame. The presence of major green tea-producing countries is the vital factor behind the growth of this region. In addition, the increasing consumption of functional beverages and the suitable environmental conditions are the major factors expected to thrive the growth of the regional market during the forecast period.
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The Key Players of the Global Green Tea Market
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.
These players are widely working on the development of several new business strategies and tactics to gain the leading position in the global industry.
For instance, in October 2021, The Grassroots Tea Corporation Private Limited, a leading Indian tea producer company has announced to begin online retail of its green tea products and main orthodox tea. These products will be available under the company’s “equifarmtea” brand.
Furthermore, the report also presents many important aspects including product portfolio. SWOT analysis, latest business developments, and financial performance of key players. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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