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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

  • In August 2021, Westrock Coffee Company, LLC global manufacturer of private label beverage solutionshe inaugurated Financial Shared Services Center in Concord, NC, supporting the company’s domestic operations. 
  • In August 2021, Layn Natural Ingredients expanded its portfolio of Non-GMO Project Verified botanical extracts. The new range of non-GMO products includes citrus, apple, Galla chinensis, green coffee bean, green tea, ginger, grape seed, magnolia bark, pu’erh tea, rosemary and Sophora japonica among others.

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.

To know the latest trends and insights prevalent in the Global Tea Extracts Market, click the link below:

Key Takeaways:

  • The global tea extracts market was valued at US$ 13,585.2, Mn in 2020 and is forecast to reach a value of US$ 22,694.4 Mn by 2028 at a CAGR of 7.6% between 2021 and 2028.
  • The dietary supplement segment was valued US$ 2,717 Mn in 2020 and is expected to witness a CAGR of 8.0% over the forecast period owing to increasing consumption of dietary supplements globally.

Figure 1. Global Tea Extracts Market Revenue Share (%), By Application, 2020

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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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