Global Functional Tea Market – OverviewTeas are a particularly popular form of hot beverage that is consumed widely around the world. This has led to the cultivation of various kinds of tea blends that serve specific tastes and function. One such type of tea that is gaining prominence are functional teas. The functional tea industry is in its primary stages of expansion but the market is developing significantly well. With a sharp rise observed in the consumer interest for wellness products, the sector will show promising growth in the near future.
According to a report published by Market Research Future on Global Functional Tea Market Research Report- Forecast to 2023, the functional tea market in Asia Pacific region is growing at higher rate as compared to other regions around the world with the top five exporters of functional teas being Kenya, China, Sri Lanka, India and Indonesia. The popularity and increase in the market for functional tea can be attributed to the changing lifestyle factors and problems they can address. Functional teas take care of health issues such as obesity, stress, stomach related problems to name a few. The anti-oxidants in the tea also reduce the effects of pollution and ageing. Growing demand levels have led to the development of various types of tea along with the introduction of different ingredients and flavors to suit different requirements and flavor profiles.
The factors that are driving demand for this sector is the increased levels of health awareness and rising demand level for healthy teas are the primary factors motivating the market. New innovations in the cultivars and availability of resources have positively impacted the demand for functional teas. Since the introduction of functional tea blends, many consumers have swapped their regular coffee or teas to adapt a healthier alternative which has increased demand for this market. Thereby the market for functional teas is poised for further growth and expansion. The market may be restricted due to competition with other types of tea and inability to meet demand for the functional teas.
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Latest Industry News:October 2017 British tea brand Natur Boutique has launched a range of single-ingredient teas with flavours, and functional benefits, inspired by Asia to tap the demand surge for the functional tea market.
June 2017 Tetley tea has announced plans for its tea business to become a billion-dollar brand by 2020.One of the ways the company is employing involves aggressively tapping the non-black tea and the functional tea segment and is in various stages of ideation to launch new segments to improve sales globally and garner maximum market share. In line with this, the Company has recently launched a few premium tea mostly herbal and functional and within a year of launch, has garnered one per cent of the total tea market in the UK and about 5 per cent of the tea market in Canada through its Ayurveda range.
Global Functional Tea Market - Competitive Analysis:With the entry of industry players in the global functional tea segment, a trend of solid, volume-driven growth has been observed in the market with the introduction of various varieties of functional tea. With companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. With a positive trend observed due to use of modern techniques, to eliminate the seasonality factor for functional tea, the supply can be considerably increased which allows exploration of newer markets and applications.
The key players profiled in the functional tea market are as Tata Tea Limited (India), Herbaty Szlachetne Sp. Z O.O. (Poland), Guangzhou Lohas Biological Technology Co., Ltd (China). Some of the other notable market players are Godrej Tea (India), The Mate Factor (U.S.), Organic India (India) and Wuhan z-Micro Unite S&T Co., Ltd. (China)
Global Functional Tea Market – Segments:
The global functional tea market has been segmented on the basis of type, form, function and packaging.
- On The Basis Of Type: Fruit Tea, Herbal Tea, Longjing Tea, Flower Tea and Others.
- On The Basis Of Form: Broken Tea, Loose Tea, Instant Tea Powder and Others.
- On The Basis Of Function: Heart Health, Weight Loss, Detox and Others
- On The Basis Of Packaging: Can, Bag, Bottle, Sachet and Others
Global Functional Tea Market - Regional Analysis
: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.
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