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.
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 key players profiled in the functional tea market are as-
- Godrej Tea (India)
- The Mate Factor (U.S.)
- Organic India (India)
- Wuhan z-Micro Unite S&T Co., Ltd. (China)
- Tata Tea Limited (India)
- Herbaty Szlachetne Sp. Z O.O. (Poland)
- Guangzhou Lohas Biological Technology Co., Ltd (China)
Global Functional Tea market is segmented by type, form, function, packaging and region.
- Fruit Tea
- Herbal Tea
- Longjing Tea
- Flower Tea
- Broken Tea
- Loose Tea
- Instant Tea Powder
- Heart Health
- Weight loss
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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. The major 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.