The global tea extracts market is expected to surpass US$ 22,694.4 million by 2028, exhibiting a CAGR of 7.6% during the forecast period (2021-2028).
Global Tea Extracts Market: Drivers
Increasing health-related issues among the millennial population due to consumption of junk food, work-life imbalance, and hectic daily routine, which does not leave much time for exercise is driving the demand for tea extracts across the globe. Thus key players are developing advanced beverages to cater to the individual's nutritional demands. For instance, one of a prominent beverage manufacturer named Kill Kliff added two new performance beverages to its product portfolio in November 2019. The products named Mango Tango, and the G.O.A.T. (Grape-est of All Time) contains green tea extracts for providing healthy bioactive and antioxidant compounds and help in boosting energy.
Global Tea Extracts Market: Recent Developments
Global Tea Extracts Market: Restraints
Global Tea Extracts Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of Covid-19 pandemic has put enormous strain on various industries. The declaration of pandemic (COVID-19) by World Health Organization has led to implementation of various containments regulations such as lockdown and quarantine which coincide with the peak harvesting time for quality tea. This has negatively affected the production of quality tea. However, economic situation is improving gradually and slowly which will favor the market growth in the near future.
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Figure 1. Global Tea Extracts Market Revenue Share (%), By Application, 2020
Global Tea Extracts Market: Competitive Landscape
Major players operating in the global tea extracts market include AVT Natural, Archer Daniels Midland Company, Blueberry Agro, Cymbio Pharma Pvt Ltd., Harrisons Malayalam Ltd., Indena S.p.A., Martin Bauer Group, Synthite Industries Ltd., Synergy Flavors, Teawolf, and Taiyo International
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