The global black tea extracts market is projected to grow at a CAGR of 4.5% during the forecast period (2019-2024).
- Black tea extract is rich in of vitamin C, zinc, iron, magnesium, copper, manganese, potassium, fluoride, and calcium. Black tea extract have more anti-oxidants as compared to green tea, and are anti-allergic, anti-viral and anti-spasmodic.
- Increasing demand for herbal medicines demand has positively influenced the black tea extract market size. Functional food with herbal ingredients are witnessing a significant consumption growth over the forecast period.
Scope of the Report
Global Black Tea Extracts Market is segmented by form, type, and application. On the basis of form, the market is segmented into liquid, encapsulated, and powder. On the basis of type, the market is segmented into Hot Water Soluble (HWS) and Cold Water Soluble (CWS). On the basis of application, the market is segmented into beverages, functional food, cosmetics and beauty supplements, dietary supplements, and others. Also, the study provides an analysis of the black tea extracts market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Key Market Trends
Growing Demand for Functional Food
Increasing consumer awareness towards nutritional enrichment and calorie reduction, mainly in Asia-Pacific and North America regions is set to transform the food & beverage sector and favors black tea extract market growth. Moreover, rising consumer consciousness toward personal health is boosting the functional food segment in the market studied. In addition, the rising demand for functional foods in Europe and North America is expected to drive growth over the forecast period.
Asia-Pacific Witness a Significant Growth in the Market Studied
Asia Pacific is expected to be a key industry for black tea extracts due to the larger production and consumption trend observed in the region. Key players located in the region are integrated across the value chain. The presence of major players in Asia Pacific coupled with increased disposable income and changing consumer preferences toward ready-to-drink beverages is likely to drive the product growth over the forecast period. North America is anticipated to be the largest importer of the black tea extract product for use in the cosmetic applications, ready-to-drink beverages, and other beauty supplement industries.
The global black tea extract market is moderately consolidated with an equal presence of strong global players as well as local and regional companies. Some of the major key players in the black tea extract market, globally include Synthite Industries, Martin Bauer Group, James Finlay Limited, Amax NutraSource, Inc., Phyto Life Sciences P. Ltd., Blueberry Agro Products Pvt Ltd., among others.
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