Tea extracts are concentrated forms of tea that are derived from different varieties of tea leaves through aqueous extraction. Tea extracts offer various health benefits such as improved cardiovascular health, immune function, weight management, and others. They are widely used in functional food and beverage formulations to impart the health benefits of tea. The increasing health awareness among consumers has boosted the demand for tea-based health beverages globally.
The global tea extracts market is estimated to be valued at US$ 17.41 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The growing demand for health beverages represents a key market opportunity for players in the tea extracts market. The on-the-go lifestyles of modern consumers have increased the appetite for convenient and healthy beverage options. Tea extracts are widely used in formulations of energy drinks, sports drinks, weight management beverages and other functional beverages targeting the health-conscious demographic. Their antioxidant and other polyphenolic profiles provide the necessary health and wellness positioning for such products. Tea extract based beverage manufacturers are expected to leverage this opportunity by launching innovative product ranges targeting fitness, diet, immunity and other health segments. Formulating unique blends of tea extracts tailored to specific health segments can help manufacturers gain a competitive edge in the evolving functional beverages landscape. Porter's Analysis Threat of new entrants: The threat of new entrants is moderate as the tea extracts market requires significant R&D and manufacturing capabilities. However, the market is growing at a steady pace offering opportunities for new players. Bargaining power of buyers: The bargaining power of buyers is high given the presence of many vendors offering tea extracts. Buyers can negotiate on price and demand premium quality products. Bargaining power of suppliers: The bargaining power of suppliers is moderate since the industry requires specific raw materials. Suppliers of raw tea have some control over pricing. Threat of new substitutes: The threat of substitutes is low as tea extracts have various health benefits and unique taste that are not easily substitutable. Competitive rivalry: The competitive rivalry is high considering the presence of many global and regional players offering similar products. Players compete on price, quality, and new product innovations. SWOT Analysis Strength: Tea extracts contain antioxidants that offer various health benefits. The growing awareness regarding health benefits is driving higher adoption. Weakness: Tea extracts have limited shelf life which necessitates cold storage facilities along the supply chain. Processing requires specialized machinery and technical skills. Opportunity: Growing demand for herbal extracts and functional beverages provides new opportunities. The Asia Pacific region in particular offers high growth potential. Threats: Volatility in raw material prices and supply can impact costs. Stringent regulations regarding food ingredients and labeling standards need to be complied with. Key Takeaways The global Tea Extracts Market Growth is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to grow from US$ 17.41 Bn in 2024 to US$ 33.51 Bn by 2031, registering a CAGR of 8.0%. Regional analysis of the Tea Extracts Market indicates Asia Pacific as the dominant as well as the fastest growing regional market. Countries like China, India, Japan and Korea have a long tradition of tea consumption which is driving higher adoption of tea extracts. Furthermore, the presence of major raw material suppliers and manufactures in the region makes Asia Pacific an attractive market. Key players operating in the Tea Extracts Market are Apple Inc., Huawei Technologies Co. Ltd., MediaTek Inc., Qualcomm Technologies Inc., Samsung Electronics CO. LTD., Intel Corporation, STMicroelectronics N.V., Toshiba Corporation, NXP Semiconductors N.V., and Broadcom Inc. For more insights, read- https://www.newsstatix.com/tea-extracts-market-trends-size-and-share-analysis/ For more details on the report, Read- https://techaxen.com/glycerol-the-versatile-elixir-fueling-industries-and-nurturing-skincare-unveiling-the-liquid-golds-hidden-potentials/
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