The hemp tea market is expected to witness a significant growth in coming years. Growing innovations in hemp tea is expected to create many opportunities for the market in upcoming years. North America is expected to lead the market
NEW YORK, Oct. 12, 2021 /PRNewswire/ -- Research Dive has recently published a report titled "Global Hemp Tea Market by Distribution Channel (Online/Direct-to-consumer, Convenience Stores, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028."
The Global Hemp Tea Market is anticipated to garner a revenue of $245,541.33 thousand at a CAGR of 22.9% by 2028, increasing from $50,315.29 thousand in 2020.
The report has divided the hemp tea market into different segments based on distribution channel and region.
The online/direct-to-consumer sub-segment of the distributional channel segment is forecasted to grab a dominating market share by garnering $162,359.41 thousand during the analysis period. The main reason behind this growth is the rising adoption of online shopping among consumers as it is time saving and stress-free.
Among region, the North America hemp tea market is expected to dominate the market and grab $108,038.19 thousand in the forecasted period. The main reason behind this growth is the increasing preference for plant based beverages among consumers in this region, as such beverages aid in maintaining good health.
Growing awareness about the health benefits of consuming hemp tea among people worldwide is boosting the growth of the global hemp tea market. Furthermore, growing innovations in the types and flavors of hemp tea by market players is projected to give rise to profitable opportunities for the market growth during the forecast period. However, stringent rules regarding the commercial usage of hemp tea is expected to hinder the market growth.
The outbreak of the COVID-19 pandemic has negatively impacted the growth of the global hemp tea industry. The government bodies of various regions have imposed lockdown to avoid the spread of OVI-19 virus, which has affected the market growth. The closure of hemp tea manufacturing companies and dearth in availability of raw materials during the pandemic period is hampering the market growth.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. For instance, in April 2021, Clipper Teas, the world's largest Fairtrade tea brand, launched brand-first organic hemp infusions to meet the demands of consumers that are prefer natural products for stress management and relaxation.
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.