Global Functional Tea Market is projected to be valued at USD 12,942.3 Million by 2026, expanding at a CAGR of 6.15% during the forecast period. Functional tea is a beverage that is infused with healthy, functional ingredients. Such types of teas are intended to provide additional health benefits. The consumption of functional tea is increasing worldwide due to its medicinal properties, followed by a pleasant flavor, and mildly stimulating effects. The growth of the global functional tea market is driven by the high demand for functional beverages and several flavor variants. The increasing demand for organic products worldwide is also expected to offer a lucrative opportunity to market players in the coming years. However, climatic changes, high costs of functional tea as compared to its regular counterpart, and limited natural resources are expected to hamper the growth of the global market during the forecast period.
Segmental Analysis
Global Functional Tea Market has been segmented on the basis of Type, Form, Function, Distribution Channel, and Region.
By type, the market has been divided into green tea, herbal tea, and others. The green tea segment accounted for the maximum market share in 2019, and the same segment is expected to register the highest CAGR of 6.25% during the forecast period. Green tea has a subtle, delicate flavor and less caffeine than fermented tea. It is also beneficial to health since non-fermented leaves retain a higher concentration of natural vitamins and polyphenols than fermented leaves.
Based on form, the global functional tea market has been classified as loose leaves, bags, and powder. The loose leaves segment accounted for the maximum market share in 2019 whereas, the bags segment is expected to register the highest CAGR of 6.37% during the forecast period. Functional tea bags are filled with ingredients that can be infused in water to prepare functional tea. The segment is growing at a high rate due to the convenience offered by functional tea bags both for household and out-of-home purposes.
Regional Analysis
Geographically, the global functional tea market has been categorized as North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Europe dominated the market, accounting for the largest share in 2019. Asia-Pacific functional tea market is projected to register the highest CAGR of 6.44% during the forecast period.
Key Players
Market Research Future recognizes Tata Global Beverages Limited (India), Unilever PLC (UK), The Hain Celestial Group, Inc. (US), Dilmah Ceylon Tea Company PLC (India), Associated British Foods PLC (UK), Organic India Pvt. Ltd (India), Barry's Tea (Ireland), Harney & Sons (US), Numi Inc. (US), and Godrej Group (India) as the Key Players in the Global Functional Tea Market.
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