Consumers are demanding varieties of functional tea, which is encouraging companies to launch new products with new healthy ingredients in functional tea. Several companies have been announcing the launch of products with new tastes, flavors, and form to maintain their competitiveness in the market. Availability of resources and large consumer base is creating huge opportunity for key players to expand their business in Asia Pacific region especially in the developing countries like China and India. Innovation in healthy ingredients and flavor from major players is attracting the consumers to buy functional tea compare to other normal hot beverages. This factor is influencing the market growth in North America and Europe region.
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The major Key Players in Functional Tea Market are
- Tata Tea Limited (India)
- Herbaty Szlachetne Sp. Z O.O. (Poland)
- Guangzhou Lohas Biological Technology Co., Ltd (China)
- Godrej Tea (India)
- The Mate Factor (U.S.)
- Organic India (India)
- Wuhan z-Micro Unite S&T Co., Ltd. (China)
Access the market data and market information presented through more than 25 market data tables and 25 figures spread over 110 numbers of pages of the project report “Functional Tea Market – Forecast to 2023”
Global Functional Tea Market is mainly driven by increasing awareness about health benefits of various Functional Tea. Change in lifestyle and increase in disposable income has boosted the sales of functional tea in developing countries. Rising consumer awareness about health has influenced the key players to introduce new products which are healthier than usual functional tea from last few years.
These factors will play a key role in the growth of Functional Tea market at the CAGR of 4.4% during 2017-2023.
Tea is the most consumed drink in the world after water. Based upon geographical region there are varieties of tea produced across the world, each type of tea has its unique characteristics which are beneficial for health. Growing awareness among consumers about health benefits of functional tea is influencing the sales of functional tea which helps in weight loss, heart health and detoxification of body. Innovation in flavor and packaging is playing the key role in the increasing demand of functional tea from last few years. Advancement in processing technology and improved distribution network across globe is providing lots of new opportunities for major players to expand their business in all over the world. Key players with large variety of product are getting attention from consumers as acceptance of new types and forms in functional tea has increased among consumers.
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The Functional Tea Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Asia Pacific has the major market share followed by North America. Top tea producing countries are located in Asia Pacific region which is the key factor behind the major market share of Asia Pacific region. Functional Tea market in Asia Pacific region is growing at significant rate due to increasing consumption of functional tea in countries like China and India where large consumer base is available. The business expansion of key players in Middle East and Africa region is playing a key role in growth of functional tea market especially in countries like Iran and Kenya.
Global Functional Tea market is segmented by type, form, function, packaging and region.
The type segment includes Fruit Tea, Herbal Tea, Longjing Tea, Flower Tea and Others.
The form includes Broken Tea, Loose Tea, Instant Tea Powder and Others.
The function includes Heart Health, Weight loss, Detox and Others.
The packaging includes Can, bag, Bottle, Sachet and Others.
List of Figures
FIGURE 1 Research Methodology
FIGURE 2 Primary Data Analysis Approach
FIGURE 3 Secondary Data Analysis Approach
FIGURE 4 Trends in Functional Tea Imports 2011-16
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