(MENAFN- GlobeNewsWire - Nasdaq) Tea Extracts market Share, Forecast, Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Green Tea, Black Tea, Oolong Tea, and Others), Category (Conventional and Organic), Form (Powder and Liquid), Application [Food and Beverages (Bakery & Confectionery, Dairy & Frozen Dessert, Beverages, and Others), Dietary Supplements, Personal Care & Cosmetics, and Others], and Geography.
US & Canada, Oct. 23, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the Tea Extracts Market Size and Forecast (2021–2031) was valued at US$ 3.58 billion in 2023 and is projected to reach US$ 5.88 billion by 2031; it is estimated to register a CAGR of 6.4% from 2023 to 2031. The tea extracts market growth is attributed to the wide application scope across numerous industries.
In 2023, Asia Pacific held the largest share of the tea extracts market. The Asia Pacific tea extracts market is also gaining momentum owing to rising disposable incomes and growing awareness of tea extracts' antioxidant properties. Many research and development activities are being conducted to broaden new pharmaceutical and personal care applications. For instance, in February 2024, Tata Consumer Products invested US$ 50 million in a new tea extract manufacturing facility in Assam, India, with the aim of increasing production capacity by 40%.
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The growing trend of premiumization in the food & beverages sector has led to the development of high-quality, tea-based products that cater to discerning consumers willing to pay a premium for better taste and health benefits. As a result, manufacturers are innovating new products to appeal to different consumers. For instance, in November 2022, Dabur India Ltd launched its premium tea, Dabur Vedic Tea, containing more than 30 ayurvedic herbs, offering health benefits. These herbs contain black tea extracts.
Consumers increasingly prefer food and beverages that are free of synthetic flavors, colors, and other food additives. Herbal and naturally made products are becoming increasingly popular, owing to their perceived health benefits. Products that are free of artificial ingredients are included in the diets of many consumers, and they are willing to pay high prices for these ingredients. Further, consumers are focusing on holistic and conscious consumption of food and prefer products with ethically sourced ingredients. Tea extracts are widely used as antimicrobials, antioxidant agents, and shelf-life-extending agents in food and beverages to prevent major digestive and chronic diseases. Similarly, green tea extract, with its rich antioxidant content, is particularly favored in yogurt and drinkable dairy products, where it enhances the health profile by adding polyphenols known for their potential benefits in boosting metabolism and supporting overall wellness. Owing to increased applications in the food & beverages industry, manufacturers are significantly launching tea extracts. For instance, in November 2022, Layn Natural Ingredients, a manufacturer of botanical extract ingredients, added an instant tea extract powder line to its portfolio of tea extracts. This extract is suitable for instant tea and ready-to-drink products. Thus, the rising demand for natural ingredients in food and beverages drives the tea extracts market.
Consumers are becoming aware of the adverse effects of consuming food and beverages with synthetic ingredients. Due to growing concerns about ingredient safety and potential health consequences, natural food additives are being increasingly used in various types of food and beverages. Several health organizations and food safety associations prohibit the use of various artificial flavorings in food and beverages. For instance, the US Food and Drug Administration (FDA) banned seven artificial flavors that have been associated with cancer on October 5, 2018. The FDA had advised using naturally extracted additives available in different flavors as they are a safer option. Also, the FDA prohibited eight artificial flavorings that were included in ice cream, baked goods, confectionery, and beverages. These ingredients used as flavorings have been known to cause cancer in humans.
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Organic products are cultivated naturally with manure or compost without chemical fertilizers and pesticides. Organic products are free of growth hormones, genetically modified ingredients (GMI), and antibiotic residues. The popularity of organic products such as organic tea has increased among health-conscious consumers owing to the rising awareness of their benefits. Organic tea farming comprises eco-friendly agricultural practices that result in higher crop yields. Many organic tea farming communities across Asian countries and other tea-cultivating economies follow organic farming practices to produce value-added organic products. Thus, manufacturers are launching organic tea extracts to cater to the increasing demand. For instance, in November 2022, Layn Natural Ingredients–a manufacturer of botanical extract ingredients, launched tea extracts in organic form.
Growth in Cosmetics and Personal Care Industry to Create Opportunities for Tea Extracts Market
The Europe personal care and cosmetics market was valued at ~US$ 94 billion in 2022, as per Cosmetics Europe-The Personal Care Association. The personal care & cosmetics industry adds ~US$ 30 billion to the European economy. Similarly, in Asia Pacific, the expenditure on skincare and makeup products is increasing, which plays a major role in boosting the business of the cosmetic & personal care industry worldwide. The beauty and personal care sector is significantly growing in Asian countries such as India, China, Japan, and South Korea. As per World Bank data, consumer expenditure in India increased from US$ 1.9 trillion in 2018 to US$ 2.4 trillion in 2022. According to the Korea Customs Service statistics, skincare cosmetics was the largest import category, representing 41.8%, or US$ 711 million of total cosmetic imports, in 2022.
Natural ingredients such as tea extracts are significantly employed in cosmetic and personal care products owing to their beneficial properties. The antioxidant-rich qualities of tea-based skin care products help fight free radicals and environmental stressors, resulting in healthier and more radiant skin. Tea extracts are also well-known for their calming and anti-inflammatory properties, which makes them ideal for a variety of skin types-including sensitive and acne-prone skin. The antioxidant properties of tea extracts enhance skin appearance while preventing aging. Vitamin E, present in tea extracts, contributes to hydration, cell regeneration, and nourishment.
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Tea Extracts Market: Segmental Overview
Based on type, the tea extracts market is segmented into green tea, black tea, oolong tea, and others. The green tea segment dominated the market in 2023, owing to its rising popularity as a health-oriented beverage and ingredient. Green tea extracts, derived from the leaves of camellia sinensis, are rich in antioxidants, particularly catechins such as epigallocatechin-3-gallate (EGCG)-which are associated with numerous health benefits. These include improved metabolism, enhanced brain function, and reduced risk of chronic diseases such as cardiovascular issues. As consumers increasingly prioritize health and wellness, the demand for green tea extracts has surged for use in traditional beverages and as a key ingredient in dietary supplements, functional foods, and cosmetics. In the tea extracts market, the demand for green tea is further bolstered by its versatility.
The tea extracts market, based on application, is segmented into food & beverages, dietary supplements, personal care & cosmetics, and others. The food & beverages segment held the largest market share in 2023. The food & beverage application segment of the tea extracts market is a significant driver of its global demand. Global consumers seek products with natural ingredients and additional functional properties that support a healthy lifestyle. Tea extracts, derived from various types of tea such as green, black, oolong, and white tea, are rich in antioxidants, polyphenols, and other bioactive compounds-making them highly sought after for their health benefits. Tea extracts have antimicrobial and antioxidant activity, preventing major digestive and chronic diseases. The tea extracts essentially thrive on the wider functional benefits that these ingredients confer in terms of the high quality, safety, and nutrition of processed food products.
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Tea Extracts Market: Competitive Landscape and Key Developments
Botanic Healthcare Pvt Ltd, Finlays, Martin Bauer GmbH & Co KG, Firmenich International SA, Givaudan SA, International Flavors & Fragrances Inc, Kerry Group Plc, Sensient Technologies Corp, and Kemin Industries Inc are among the prominent players profiled in the tea extracts market report. These market players focus on providing high-quality products to fulfill customer demand. They are also adopting various strategies such as new product launches, capacity expansions, partnerships, and collaborations to maintain a competitive edge in the market.
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