Growing demand for green tea worldwide owing to its various health benefits is booming the global green tea market growth. The COVID-19 pandemic has positively impacted the market. The Asia Pacific market is likely to lead the market in near future
NEW YORK, Oct. 20, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Global Green Tea Market by Type (Flavored and Unflavored), Form (Green Tea Bags, Loose Green Tea Leaves and Instant Green Tea Mixes), Distribution Channel (Supermarket/Hypermarket, Convenience Store and Online) and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028".
The Global Green Tea Market is expected to garner $34,044.3 million by 2028, growing at a CAGR of 11.9% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
Impact of the COVID-19 Pandemic on the Green Tea Market:
The COVID-19 pandemic has made a positive impact on the growth of the global green tea market in 2020. In the pandemic period, the green tea consumption has skyrocketed, owing to the growing awareness among people to adopt healthy lifestyle. Additionally, growing green tea production by tea manufactures to cater the rising demand for healthy beverages is fueling the market growth.
The market is segmented based on type, form, distribution channel, and region.
The flavored green tea sub-segment of the type segment is anticipated to hold maximum share of the market and collect a revenue of $26,418.4 million in the estimated period. This growth is mainly because of the increasing preference for flavoured green tea among consumers worldwide.
The green tea bags sub-segment of the form segment is foreseen to grab highest share of the market and garner $18,118.4 million in the estimated period. This growth is mainly because of the growing demand for green tea bags owing to their ease and convenience in carrying and preparation while travelling or at work.
The supermarket/hypermarket sub-segment of the distribution channel segment is anticipated to hold highest share of the market and gather $20,845.3 million in the estimated period. This growth is mainly owing to the increasing preference for supermarket/hypermarket as they offer the customers with great satisfaction by letting them hand-pick the desired products.
Among region, the Asia Pacific region market is projected to observe significant growth and hit $22,316.0 million in the projected period. The growth of this region market is mostly owing to the increasing presence of major tea producing countries including India, Pakistan, China, and Sri Lanka in this region.
The key factor fueling the growth of the global green tea market is a significant rise in the awareness among people across the world about the health benefits of green tea, such as weight loss, enhanced digestion, and improved immunity. In addition, increasing investments in launching novel variants of green tea by market players is expected to open doors to innovative opportunities for the market growth in the projected period. However, high costs of green tea owing to its high nutritional content and complex processing is projected to obstruct the market growth during the forecast period.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in October 2020, Weikfield, a leading supplier of green tea, pasta, corn flour, custard powder, jelly powder, coffee powder, and others, launched a new range of immunity boosting, herbal infusions & organic green teas.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.