Global Black Tea Extracts Market was valued US$ 94.1 Mn in 2017 and is expected to reach US$ 153.2 Mn by 2026, at a CAGR of 6.28% during a forecast period.
The black tea extracts market is segmented into form, product, application, and region.
In terms of form, global black tea extracts market is classified into powder, liquid, and encapsulated. Based on product, global black tea extracts market is divided into hot water soluble, and cold water soluble. Further application, global black tea extracts market is split functional food, beverages, cosmetics, and beauty supplements.
Based on regions, the global black tea extracts market is divided into five main regions are America, Europe, Asia-pacific, Latin America and Middle East & Africa.
In terms of application, beverage supplements market is changing the consumers begin to avoid high sugar content products such as carbonated soft drinks for drinks they perceive as having healthier drinks such as tea.
Based on forms, powdered form of black tea extracts is expected to be the fastest-growing segment, in terms of revenue, owing to the superior health benefits offered by the product and rising product sales through e-commerce platforms.
On the basis of product, hot water soluble product segment is expected to dominate the market in terms of revenue, on account of high demand for the product for use as an ingredient in the nutraceutical products.
The major driving factor of global black tea extracts market are high growth include rising health conscious consumers, increasing purchasing power, and rise in per capita health expenditure. In addition, increased disposable income and changing consumer preferences toward ready-to-drink beverages is likely to drive the market during forecast period.
Availability of substitute product like green tea is restring the global black tea extracts market growth.
In terms of region, Asia Pacific is expected to be a dominant for black tea extracts owing to the larger production and consumption trend observed in the region. Moreover, North America is expected to be the largest importer of the product for use in the cosmetic applications, ready-to-drink beverages, and other beauty supplement industries. The major factors are increasing demand for ready-to-drink beverages as an alternative to other herbal drinks on account of the nutritious health benefits.
Some of the key players in the global black tea extracts market are Synthite Industries Limited, Finlay, Martin Bauer Group, Amax NutraSource, Inc, Kemin Industries, AVT Natural Products Ltd., and Cymbio Pharma Pvt. Ltd.
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