Tea extracts market size is estimated to be valued at USD 2.5 billion in 2019 and is projected to be worth USD 3.8 billion by 2025, recording a CAGR of 6.9% during the forecast period. The changing lifestyles of consumer toward healthy eating is a major factor that is projected to drive the growth of the global tea extract market over the next few years. The increasing trend of using plant-based beverages among the younger population is also boosting the tea extract market. Also, many people are becoming aware of the ill-effects of caffeine, which is another reason for the growth of tea extract-based food & beverage products in the market.
The key players in this market include ADM (US), Dupont (US), Kemin Industries (US), Givaudan (Switzerland), and Synthite Industries Ltd (India). New product launches, expansions & investments, and collaborations were some of the core strengths of the leading players in the tea extracts market. These strategies were adopted by the key players to increase their market presence. It also helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios. Some of the other players in the tea extracts market include Synergy Flavors (US), Frutarom (US), Finlays (UK), A.Holliday & Co. (Canada), Martin Bauer Group (Germany), Indena SPA (Italy), Futureceuticals (US), Amax Nutrasource Inc. (US), Cymbio Pharma Pvt. Ltd. (India), Teawolf (US), Phyto Life Sciences Pvt Ltd. (India), Taiyo International (Japan), AVT Tea Sources Ltd. (India), Halssen & Lyon GMBH (Germany), and Harrisons Tea (India).
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Archer Daniels Midland (US) is one of the major players in the global tea extracts market. It is a US-based producer of tea extract-based products for various applications, such as food & beverages and supplements. ADM operates in the tea extracts market through its subsidiary, WILD Flavors, and Specialty Ingredients (US). Its product portfolio consists of natural flavor ingredients, concentrates and blends, oral care, ready-to-market-concepts, foodservice, and dairy. The company offers black tea, green tea, and white tea extracts to different industries, such as food, beverage, and pet food. Tea extract products are included in ADM’s nutrition segment. The company operates in North America, Europe, Middle East & Africa, Asia Pacific, and Latin America.
Dupont (US) is one of the major players in the tea extracts market. The company offers various types of tea extract-based food & beverage products. It offers clean-label ingredients, and the focus of the company is providing various tea extract-based products. The main strategy opted by the company was to launch new products, due to which the company is focusing on establishing itself as an innovative brand and gaining a foothold in the US tea extracts market.
The increasing demand for tea extracts in Asia Pacific is projected to drive the growth of the tea extracts market.
Though, a major producer of tea, consumption of tea-based RTD beverages and nutraceutical products are still in the nascent stages among Asian countries. Consumers, majorly favor tea as a hot beverage and not as a convenient product. Thus, the market for Asia Pacific in tea extract consumption is smaller compared to the North American and European markets. In addition, the market for tea extracts is fragmented in the Asia Pacific region, with multiple emerging and small-scale companies developing generic tea extracts in the Chinese market. The increase in FDI and increase in the living standards are going to make countries like China, India, Malaysia, and Thailand a promising opportunity for tea extracts market.
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