Global Tea Extracts Market size is expected to cross USD 4.3 Billion by 2027 at a CAGR of 6.3% during the forecast period of 2020 to 2027. Prominent market players are taking steps toward business expansions and entering untapped markets, thereby increasing their customer base. The regional and global players are strengthening their presence globally through acquisitions. It has also been forecasted that improvements in the global economic scenario and the growing functional tea industry in emerging nations would fuel market growth, making it an ideal time for players to launch new products and increase their global market shares.
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For instance, in January 2020, Archer Daniels Midland expanded its operations in Singapore by opening an innovation center to facilitate its flavor and ingredient product offerings.
Taiyo International (Japan), AVT Tea Sources Ltd (India), Dupont (US), FUTURECEUTICALS (US), KEMIN Industries (US), SYNTHITE Industries Ltd (India), Archer Daniels Midland (US), Frutarom (US), Martin Bauer Group (Germany), INDENA SPA (Italy), TEAWOLF (US), Phyto Life Sciences Pvt Ltd. (India), HALSSEN & Lyon GmbH (Germany), Harrisons Tea (India) and Synergy Flavors (US)
Growth Opportunities in the Market
Global Tea Extracts Market segment to register the highest growth rate during the forecast period: Organic tea extract is obtained from tea that is grown organically. The extract is chemical-free and cultivated under stringent guidelines and supervision to maintain purity and low/zero chemical concentration. Organically produced tea extract is relatively costlier and requires high capital investments for cultivation and processing. The Tea Extracts Market segment is expected to register a higher CAGR during the forecast period of 2020 to 2027, owing to the surging demand for organic and natural ingredients in various application industries.
Pharmaceuticals & nutraceuticals sector to render lucrative opportunities: The segment is expected to register the highest CAGR during the forecast period due to the health benefits associated with the consumption of tea. Green, black, and herbal teas contain phytonutrients, compounds that improve human health alongside providing color, flavor, and aroma to the beverage. Green and black teas are extremely popular among consumers owing to their antioxidant content. Green tea contains four components called catechins, which are natural antioxidants that help prevent cell damage and offer other health benefits. Catechins further reduce the formation of free radicals in the body, thereby protecting cells and molecules from damage. Additionally, free radicals are responsible for aging and trigger several diseases in the human body. The growth of the nutraceuticals application industry is driving the growth of the segment.
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