Black Tea Extract Market Overview
The Black Tea Extracts Market size is estimated to reach $189.1 million by 2027 and is poised to grow at a CAGR of 4.9% over the forecast period of 2022-2027. Black tea is one of the most popular beverages worldwide. Black tea provides rich dietary sources of flavan-3-ols, flavonols, and other flavonoids that help to reduce the risk of cancer, heart diseases, chronic disease, diabetes as well as lowering cholesterol. Black tea is the most commonly consumed and is oxidised tea, as it contains antimicrobial properties which provide various health benefits to consumers. Tea manufacturers produce black tea using the leaves of the camellia Sinensis plant which makes the black tea fully oxidized and turns into a healthy drink. Recently, about 78% of black tea is manufactured globally owing to its high demand in India, the United States, and Western countries. The U.S. Department of Agriculture study found that those who drank a cup or more of Black tea per day had an 11% reduced risk of cholesterol. Moreover, research in the field of health-related properties of black tea including theaflavins has increased owing to its increasing health benefits. The robust growth in the end-use industries such as food & beverages, cosmetics, and even pharmaceutical are some of the factors driving the black tea Industry forward in the projected period of 2022-2027.
Black Tea Extract Market Segmentation Analysis- By Product
The Black Tea Extract market based on type can be further segmented into hot water-soluble and cold-water-soluble. Hot Water Soluble held a dominant market share in the year 2021. Hot water soluble helps to make black tea instantly which offers the best taste along with a fresh aroma. The manufacturer offers hot water soluble instant black tea with all the modern techniques and methodologies in order to provide a healthy life for a longer time. Instant black tea has been gaining huge demand in recent years owing to its numerous health benefits. Additional health freaks are also able to consume instant black tea at least twice a day which helps them lose weight while keeping them energized all the time. According to CDC, around 42.7% of Americans are obese in the 2018-19 survey, as compared to 32.2% in 2000-01. This factor further surges the demand for the hot water-soluble segment.
However, Cold water-soluble is estimated to be the fastest-growing, with a CAGR of 5.6% over the forecast period of 2022-2027. Coldwater soluble instant black tea is mostly used as a functional beverage and is also used in juices smoothies, dairy beverages, etc. Coldwater soluble instant black tea is also used to make special powder tea that makes the perfect raw material for several beverages to give the best tea flavor to consumers. Coldwater soluble instant black tea is available in several ingredients such as masala tea, ginger tea, cardamom tea, green lemon tea, and much more. So, the demand for cold-water-soluble surging.
Black Tea Extract Market Segmentation Analysis- By End-Users
The Black Tea Extract market based on end-users can be further segmented into Food & Beverages, Pharmaceuticals, and Cosmetics. Food and Beverages held a dominant market share in the year 2021. Black tea provides various health benefits which increase the production of black tea among manufacturers. Moreover, Harrisons become the largest producer of black tea in India as it produces about 20 million kg of black tea per annum. Recently about 84% of people consume black tea worldwide which surges the demand for black tea in the food and beverage industry.
However, Cosmetics is estimated to be the fastest-growing, with a CAGR of 5.8% over the forecast period of 2022-2027. Black tea is used to make various cosmetics products as it helps to reduce the roughness of skin, helping to fill wrinkles and expression lines. Recently, the manufacturers make creams, moisturizing lotions, tonics, shower gel, hair products as well as cosmetic facial masks with the help of black tea that further rises the adoption of black tea in the cosmetic industry.
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Black Tea Extract Market Segmentation Analysis- By Geography
The black tea extract market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the rest of the World. Asia-Pacific held a dominant market share of 44% in the year 2021 as compared to the other counterparts. It is owing to the robust demand from the end-use industries, such as food and beverages and cosmetics. Various manufacturing pertaining activities are now being transferred to Asia-Pacific as the overall cost can be bought significantly down.
Furthermore, the region is estimated to offer lucrative growth opportunities to marketers. For example, India is the largest producer and consumer of black tea. In India, black tea production rose to 94.37 mkg to reach 443.85 mkg which has helped the global black tea production to rise. Owing to such reasons, the projected period of 2022-2027 would prove beneficial for Asia-Pacific.
Black Tea Extract Market Drivers
Rising consciousness towards health among consumers has readily aided the market growth.
Recently people became more conscious about their health owing to changing trends in drinking tea. Now, people started to drink black tea as it provides various health benefits. Currently, a large number of people are suffering from chronic diseases, diabetes, etc, and according to World Health Organization, more than 422 million people are suffering from diabetes which is rising the consumption of black tea among people. Black tea becomes the most popular tea in the world and accounts for about 75 percent of the world’s tea consumption. For instance, in Malaysia, about 80% of tea consumed is black tea Today, Malaysia produces about 3.6 million kilograms of black tea annually.
The growing application of black tea in the beverage and cosmetic industry.
Black Tea has been growing its use in the food and beverages industries, and especially in the cosmetic sector. The cosmetic industry is worth $200 billion and is growing at an average rate of 5.5%-6% YoY. Many companies are focusing on producing anti-aging creams with the help of black tea. Recently, a clinical study showed that 100% of users felt that their skin felt more moisturized after a single use of black tea products, and 90% of users experienced better skin quality. This factor increases the production of black tea in order to make various cosmetic products. Owing to such practices and methods, the industry is favored positively.
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Black Tea Extract Market Challenges
Rising prices of black tea are some of the factors impeding market growth.
Black tea prices have surged 42%, prices rose as production declined to owe to the lockdowns and the heavy rains that damage the tea crop in various countries. The downfall in production across all black tea-producing countries is alarming. This creates a definite impact on the price of tea. The total shortage in black tea would be around 60-65 million kg where Kenya is short by 24 million kg, while India is seen lower by 20-30 million kg in 2020.
Black Tea Extracts Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Black Tea Extract Market. Black Tea Extracts top 10 companies include:
1. Blueberry Agro Product Pvt. Ltd.,
2. Martin Bauer Group,
3. Avt Natural Product Ltd.,
4. Cymbio Pharma Pvt. Ltd.,
5. Finlays,
6. Firsd Tea,
7. Hayleys Beverages,
8. Kemin,
9. Amax NutraSource Inc.,
10. Phyto Life Science P Ltd.
Recent Developments
In November 2021, Unilever decided to offload the black tea business owing to the low demand seen in the UK. The company has planned to sell the brand rights and others at 4.5 billion pounds to a private equity firm. The reason given by the CEO is that the sales for traditional tea is drying off in the UK, as the young millennials are preferring newly brewed coffee and other cold beverages instead of others. The deal includes two brands -> PG Tips and Brooke Bond.
In May 2021, Coca-Cola has announced an expansion in its Honest Tea Portfolio with the launch of Honest Yerba Mate. Traditionally, Yerba Mate was a caffeinated south American drink brewed with various leaves. Honest Yerba Mate would be available in three flavors-> Strawberry Pomegranate Matcha, Peach Mango Green Tea, and Lemon Ginger Black Tea. It would include 12 grams of sugars and 60 calories per 15-Oz can. The beverage is USA-certified organic and features fair trade certified ingredients sourced from Brazil.
In February 2021, AHA has progressed to launch products such as welcome raspberry, ACAI, and Mango + Black Tea to the flavored sparkling water product portfolio. The team started with more than 300 flavors and tested 42 pairings before optimizing the recipes for two top performers. The tropical taste of mango is complemented by a burst of black tea flavor (and 30mg of caffeine), and the refreshing taste of raspberry is brightened by notes of acai.
Key Takeaways
Geographically, Asia-Pacific held a dominant market share in the year 2021. It is owing to the larger production and consumption trend in Asian countries. China and India are the largest producers and consumers of black tea in the world according to the International Diabetes Federation (IDF). Additionally, the region is expected to offer lucrative growth opportunities to the marketers in the projected period of 2022-2027 owing to the rapid increment in production from Japan and other Asian regions, along with the awareness pertaining to the advantages of Black Tea extracts.
The robust growth in the end-use industries such as food & beverages, cosmetics, and even pharmaceutical are some of the factors driving the Black Tea Extract Market. However, surging prices of black tea extract are some of the factors impeding the market growth.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Black Tea Extract Market Report.
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