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Functional Tea Market Insights:
The global functional tea market is likely to garner notable growth. The widening awareness about the health benefits of functional teas would drive market growth. According to Market Research Future (MRFR), the thriving global functional tea market will escalate from USD 7.2 BN in 2022 to USD 12.47 BN by 2032, growing at a 6.30% CAGR during the review period (2023-2032).
In addition to the increasing interest in physical fitness and fitness-related activities, rising purchasing power and willingness to pay for healthy drinks boost the Functional Tea Market size. Also, the growing popularity of functional teas and increased demand for organic ingredients offers lucrative growth opportunities. Increasing consumer awareness of the benefits of functional beverages fuels the growth of the functional tea market.
Also, the growing consumer preference for natural and organic products hinders market growth. Manufacturers are increasingly focusing on introducing organic functional tea and fostering their efforts to introduce innovative and healthy flavors. Furthermore, several advantages boost the functional tea market revenues.
Manufacturers are gradually incorporating natural ingredients because they are healthier than traditional sports beverages, representing a growth opportunity for the functional tea target market. Furthermore, the growing health-conscious population in developing and underdeveloped countries has fuelled the functional tea market.
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Global Functional Tea Market – Segments:
The market report is segmented into types, forms, functions, distribution channels, and regions. The type segment is sub-segmented into green tea, herbal tea, and others. The form segment is sub-segmented into dust, leaves, bags, and powder.
The function segment is sub-segmented into immunity, detox, weight loss, gut & digestive health, multifunctional, and others. The distribution channel segment is sub-segmented into store-based and non-store-based. By region, the global functional tea market has been divided into the Americas, Asia-Pacific, MEA, Europe, and the rest of the world.
Global Functional Tea Market – Regional Analysis:
North America dominates the global functional tea market. The increasing number of people participating in various sports and fitness activities is the primary driver of the functional tea market. Changes in consumer lifestyles, which result in a shift toward healthier dietary patterns, are also expected to drive market growth. Influenced by the healthy lifestyle, the US holds the largest North American functional tea market share.
Global Functional Tea Market – Competitive Landscapes:
The global functional tea market includes tier-1 and tier-2 players having a global reach with diverse product portfolios. The tier-1 and tier-2 companies dominate the global functional tea market with their product differentiation, financial stability, strategic developments, and diversified regional presence.
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Major Players:
Leading functional tea market players include Unilever PLC (UK), Tata Beverages Limited (India), The Hain Celestial Group, Inc. (US), Associated British Foods PLC (UK), Dilmah Ceylon Tea Company PLC (India), Organic India Pvt. Ltd (India), Numi Inc. (US), Harney & Sons (US), Barry’s Tea (Ireland), and Godrej Group (India), among others.
Industry/Innovation/Related News:
March 09, 2023 – Kaytea, a UK-based cold brew tea brand, expanded its portfolio by adding Mango Yuzu to offer a more exotic flavor profile. Kaytea’s existing flavors are Jasmine, Grapefruit, and Lemon Zest, and these drinks are vegan, gluten-free, and contain 17 calories per 100ml can. There’s a growing clamor for clean-label soft drinks that provide refreshments and don’t come at the expense of health. Kaytea’s ready-to-drink beverages are available at select retailers across the UK.
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