Functional Tea Market 2022-2026: North America to Dominate Market Growth
The functional tea market share is set to post an incremental growth of USD 3.13 billion, accelerating at a CAGR of 6.27% during the forecast period. The health benefits of functional tea are notably driving the functional tea market growth, although the availability of counterfeit functional tea products may impede the market growth. In addition, the premiumization of functional tea products is one of the key functional tea market trends that is expected to impact the industry positively in the coming years.
Technavio's functional tea market report analyses the growth trajectory of the market with a purview of prevalent market scenarios. It provides a detailed analysis of all the trends, drivers, and challenges that will impact the market during the forecast period. This detailed analysis will help our clients identify areas of high growth as well as those with significant growth potential.
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Functional Tea Market: North America to lead market growth during the forecast period
- The functional tea market is segmented by Type (Herbal tea, Fruit tea, Flower tea, and Others) and Geographic (North America, Europe, APAC, South America, and MEA).
- Based on the type segmentation, the functional tea market growth in the herbal tea segment will be significant during the forecast period. The new product launches will further boost the growth of the herbal tea segment of the functional tea market.
- By geography, 31% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for functional tea in North America.
- The growing preference for specialty tea, such as fruit tea, herbal tea, and instant functional tea, among consumers in countries such as the US, Canada, and Mexico will facilitate the functional tea market growth in North America over the forecast period.
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The report provides insights into the following FAQs:
- What is the market CAGR?
The market is accelerating at a CAGR of 6.27%.
- What is the incremental growth of the market?
The market is expected to grow up to USD 3.13 billion.
- What is a key factor driving this market?
The health benefits of functional tea will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
North America, Europe, APAC, South America, and MEA are the key regions featured in this research report.
- Which is the leading geographic region for this market?
31% growth will originate from North America.
- Who are the leading market vendors?
The leading functional tea market vendors are Arteasans Beverages LLC, Associated British Foods plc, Barrys Tea, Dilmah Ceylon Tea Co. Plc, ekaterra B.V, Godrej and Boyce Manufacturing Co. Ltd., Harney and Sons Fine Teas, Herbaty Szlachetne Sp. z o. o, Numi Inc., ORGANIC INDIA Pvt. Ltd., PHARMADUS BOTANICALS S.L, Tata Consumer Products Ltd., The Hain Celestial Group Inc., The Organic MerchantsÂ, The Republic of Tea, Tiesta Tea Co., Unilever PLC, and Simple Life International Holdings Sdn Bhd.
- What are the market segments covered in this report?
The market is segmented by Type (Herbal tea, Fruit tea, Flower tea, and Others) and Geographic (North America, Europe, APAC, South America, and MEA).