The global green tea market size
is
projected to reach USD 23.66 billion by 2027, exhibiting a CAGR of 8.0% during
the forecast period. Increasing research into the potential benefits of this
tea in fighting the coronavirus is expected to open new avenues of expansion
for this market, finds Fortune Business Insights™ in its report, titled “Green
Tea Market Size, Share & COVID-19 Impact Analysis, Form (Tea Bags, Loose
Leaves, Loose Powder, Ready-to-drink, and Capsules & Tablets), Flavor
(Flavored and Unflavored), Distribution Channel (Supermarkets/Hypermarkets,
Convenience Stores, Specialty Stores, and Online Retail) and Regional Forecast,
2020 – 2027”.
With the COVID-19 vaccine still being developed,
medical researchers are intensely engaged in finding alternative cost-effective
treatment and prevention methods to curtail the spread of the coronavirus. This
tea has emerged as a promising disease-fighting mechanism owing to its natural
detoxifying properties and chemicals. For example, according to researchers
from the Indian Institute of Technology, Delhi, extracts from green and black
tea have antiviral properties and can destroy the protein structure of the
virus. Similarly, the UPASI Tea Research Institute in Tamil Nadu has
collaborated with the Tea Board of India to investigate the antiviral potential
of Theaflavins-3, a compound commonly found in catechins in green tea, for
controlling the coronavirus. Thus, a growing body of research exploring the
possibility of fighting COVID-19 with green tea consumption will support the
growth of this market.
Restraining Factor
Damaging Effects of Climate Change on
Tea Production to Hamper Market Growth
The green tea market growth is expected
to major hurdles created by the adverse effects of climate change and global
warming. According to research conducted by Tufts University and the Montana
State University in 2016, changing rainfall patterns across Northeast India and
Southern China, two of the largest tea-producing regions in the world, are
likely to decrease yields from tea farms. A survey conducted by researchers
from these universities in Assam showed that tea farmers in the state are
getting increasingly concerned about the shorter growing season for tea, which
will inevitably affect the quality of the final product. International bodies
are taking measures to tackle the climate-related challenges facing the tea
industry and threatening the livelihoods of several tea-growers.
For example, in 2012, a Consultation on
Climate Change and Its Implication on the World Tea Economy was held in Sri
Lanka and a Working Group was formed to submit recommendations to deal with the
implications of climate change on tea. The production of this tea is expected
to undergo considerable stress in the next few decades as a result of climate
change, which may hamper the long-term growth prospects of this market.
Regional Insights
Asia Pacific to Tighten Its Hold on the
Market with Increasing Green Tea Production
Asia Pacific, with market size of USD
8.70 billion in 2019, is expected to dominate the green tea market share during
the forecast period on account of the increasing production of this type of tea
in the region. India and China are two of the leading tea producers in the
world and advancements in plantation agriculture in the two countries have
enhanced tea yields in two countries. Moreover, its consumption in China is
extremely high, which further favors the regional market growth.
North America is generating attractive
growth opportunities for market players owing to the rising awareness about the
health advantages of green tea among consumers. The high prevalence of
lifestyle-induced disorders such as obesity and diabetes has also contributed
to the growing popularity of this tea in the region.
Competitive Landscape
Launch of Innovative Flavors by Key
Players to Elevate Market Potential
The green tea market is dominated by
the presence of a few key players and their expansion strategies. The most
preferred among these is the introduction of novel flavors and products for tea
aficionados and capture the increasing health consciousness among consumers.
The aim behind this strategy is to attract more customers and broaden sales
horizons.
Browse Detailed Summary of Research
Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/green-tea-market-100790