Tea Extracts Market -Overview
What is the projected market size growth rate of the Tea Extract Market?
The benefits of tea have been widely documented for a long time and this has led to the development of the tea extract market. Reports created by MRFR detail the developments of the industry that can be expected in the market through the forecast period. The market is projected to see an income potential of USD 4.3 Billion while expanding at a 6.5% CAGR by 2027.
The medicinal benefits of tea have been a vital factor prompting overall development in the tea extracts market through the forecast period. The burgeoning demand for organic products is predicted to create opportunities in the tea extracts market through the coming period.
Competitive Analysis
The improvement in core industries performance on a global scale is estimated to fast track the development of the worldwide market in the upcoming period. The overall development prospects of the market players are estimated to improve steadily with the effect of the COVID-19 pandemic reducing. The role of governmental bodies in facilitating the development of the market is estimated to be vital through the grant of special incentives to attract global titans to certain regions and contribute to the development of the market in the forecast period. Furthermore, the presence of better trade relations between several nations is estimated to offer more options for growth in the upcoming period. The optimism about COVID-19 related treatment methods such as the vaccines being rolled out in various regions is estimated to further improve the overall sentiment in the market. The entry of global players in key developing regional markets is predicted to have a favorable effect that will ripple into other areas of the market as well.
The prominent contenders in the tea extracts market are Taiyo International (Japan), Halssen Lyon GmbH (Germany), AVT Tea Sources Ltd (India), Futureceuticals (US), Frutarom (US), Martin Bauer Group (Germany), Indena SPA (Italy), Teawolf (US), Phyto Life Sciences Pvt Ltd. (India), Synthite Industries Ltd (India), Archer Daniels Midland (US), Harrisons Tea (India), Kemin Industries (US), and Synergy Flavors (US).
Segmental Analysis
The segmental scrutiny of the tea extracts market size is carried out on the basis of type, form, category, application, and region. The application segment of the tea extracts market analysis comprises of pharmaceuticals nutraceuticals, food beverages, personal care, and others. The region segment of the tea extracts market comprises of Europe, Asia Pacific, North America, and other promising regions. The type segment of the tea extracts market comprises of black tea, oolong tea, green tea, and others. The form segment of the tea extracts market comprises of liquid and powder. The category segment of the tea marketing comprises of conventional and organic.
Detailed Regional Analysis
The regional overview of the tea extracts market comprises of Europe, Asia Pacific, North America, and other promising regions. The North American tea extracts market directed the global market in 2019 by reporting for more than 30% of the overall tea extracts market share. The swelling demand for pure ingredients in numerous industries such as pharmaceuticals nutraceuticals, food beverages, and personal care is steering the progress of the North American region’s tea extract market. Product improvement is another main factor backing the tea extracts market progress. Customers are exceedingly inclined toward skincare products with untreated ingredients due to which the use of tea extract is growing in the personal care industry. The Asia Pacific region tea extracts market growth is the speediest developing region in the global market. The factors such as an upsurge in income level with improved lifestyles are the key driving influences for tea extracts in the Asia Pacific region. Additionally, the amplified use of pioneering food and beverage along with an increasing requirement for better variability of cosmetics has led to the launch of new variations of tea extracts in the market.
Industry Updates
Feb 2021 Givaudan Active Beauty has presented Nootropics, an assortment of six natural and traceable extracts highlighting Green tea, Guarana, Ginger, Ginkgo, Gotu Kola, and Green coffee, renowned among the industry and customers for their inspiring functions as food supplements and their cosmetic properties. From soothing and purifying to moisturizing and well-aging, they each have powerful advantages when prepared into cosmetics offering consumers natural and sustainable substitutes.
Aug 2020 A group of US researchers has created an edible film augmented with a Green Tea Extract (GTE) that can decrease both foodborne viruses and bacteria. The group validated that a GTE added to chitosan, a sugar found in shellfish exoskeletons and advertised as a weight-loss supplement makes a safe-to-eat barrier that slays norovirus and two bacterial types. EGCG and an additional catechin epicatechin gallate (ECG) are allegedly the most effective green tea catechins in terms of antibacterial action. This was credited to the presence of the galloyl functional groups in these catechins.
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