Green Tea Market Predicted to Gather $29,267.30 Million by 2030, Growing at CAGR of 8.04% in 2022-2030 Timeframe [200-Pages] | Says Research Dive
The green tea market is expected to grow by 2030 due to the growing demand for healthy beverages worldwide. The flavored green tea sub-segment is expected to be the most profitable. The market in the Asia-Pacific region is the most dominant.
NEW YORK, July 14, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "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 Stores/Specialty Stores, and Online), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030".
As per the report, the global green tea market is predicted to grow at a noteworthy CAGR of 8.04% in the 2022-2030 timeframe, thereby gathering $29,267.30 million by 2030.
Significant Green Tea Market Players:
The significant market players of the green tea market are
- Unilever Plc.
- Associated British Foods Plc.
- Numi Organic Tea
- Tata Consumer Products ltd.
- The Begilow Tea Company
- The Republic of Tea Incorporated
- Northern tea Merchants Ltd.
- Typhoo Tea
- Tazo Tea Company
- East West Tea Company, among others.
These key market players are developing different business strategies like product development, merger and acquisitions, collaborations and partnerships to gain a commanding position in the market.
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Dynamics of the Green Tea Market:
Drivers: Since the last decade or so, green tea has become popular as a healthy and organic drink, especially among millennial. This has resulted in an increase in demand for green tea, which is expected to be the primary growth driver of the green tea market in the forecast timeframe. Along with this, diversification of product portfolio by leading market players of this industry is predicted to boost the market further.
Opportunities: Growing incidence of cardiovascular diseases has led to an increase in the consumption of green tea, which lowers the risk of such diseases. This increase in consumption of green tea is anticipated to create huge growth opportunities for the market. Along with this, rising prevalence of lifestyle diseases like obesity are also expected to augment the growth rate of the green tea market.
Restraints: However, the high cost of green tea is expected to hamper the growth of the green tea market.
Impact of Covid-19 on the Green Tea Market:
The Covid-19 pandemic, since its outbreak, has been catastrophic for several industries and businesses across the globe. The subsequent lockdowns ordered by various governments have made the situation worse by hampering the global supply chains. However, the green tea market has been an exception. The importance of having a healthy lifestyle and a stable immunity was underlined by the Covid-19 pandemic. As a result, people started adopting healthy diets and switching to food items and beverages that were beneficial for the overall health of the body. This has led to an increase in the demand for green tea amid the pandemic situation, which has led to an increase in the growth rate of the market despite the pandemic.
Segments of the Green Tea Market:
The report has fragmented the green tea market into different segments based on type, form, distribution channel, and region.
- By type, the flavored green tea sub-segment is predicted to generate the maximum revenue and garner $21,952.2 million during the forecast period. Rising demand among the general populace for flavored drinks and beverages is expected to be the primary growth driver of the sub-segment in the forecast period.
- By form, the green tea bags sub-segment of the green tea market is expected to be the most dominant and register a revenue of $14,604.7 million during the forecast period. The ease of use and convenience associated with using green tea bags is predicted to become the main reason behind the growth of this sub-segment.
- By distribution channel, the supermarket/hypermarket sub-segment is expected to be the most profitable one and register a revenue of $12,491.8 million during the forecast period. The growth in the number of shopping stores across the world and the number of different choices presented by these supermarkets to the customers have led to an increase in number of customers buying from supermarkets and hypermarkets. As a result, this sub-segment is expected to perform well in the forecast period.
- By regional analysis, the green tea market Asia-Pacific region is expected to be the most lucrative and gather $12,222.0 million by 2030. The presence of major green tea producing countries of the world like China, India, Sri Lanka, etc. in this region is anticipated to be the leading growth driver of the market in this region.
For instance, in January 2021, Japanese Green Tea Co., a leading green tea manufacturer, announced the acquisition of three top-tier online green tea stores, viz., ShizuokaTea.com, KagoshimaTea.com, and Green Tea Merchant. With these acquisitions, Japanese Green Tea Co. has enhanced its position in the green market considerably and is expected to increase its dominance in the market in the years to come.
The Research Dive report also summarizes many crucial aspects of the green tea market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Green Tea Market:
- Global Green Tea Market to Observe Significant Growth Due to Product Launches and Strategic Partnerships by Market Players, such as Tata Consumer Products, Numi Organic Tea, and Others
- 5 Reasons Why Regular Consumption of Green Tea is a Powerful Practice
- How Has Fitness Activities Triggered the Demand for Green Tea Across the Globe?
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