Market ScopeMarket Research Future (MRFR) expects the matcha tea market 2020 to procure a growth rate of 9.69% from 2019 to 2023 (evaluation period). We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
Primary Drivers and Challenges
Matcha is a top-grade green tea derived from tencha leaves and is turned into fine powder for easy consumption. It is a common ingredient in tea ceremonies in Japan and has been observing a rise in popularity worldwide due to its health benefits as well as distinct flavor. Expanding application range in various sweet and savory recipes such as lattes, cocktails, cakes, macarons, salad dressings and doughnuts is touted to induce significant market growth in subsequent years. Also, the product’s rising popularity in the beauty industry, given its rich antioxidant content can be favorable for the global market in the long run.
Mounting awareness with regard to fitness and health-based benefits of matcha and the rising preference for healthy beverages that consist of antioxidants as well as vitamins could also translate to extensive business growth. Matcha tea is known for boosting calmness, focus, concentration along with immune system, metabolism, natural detoxification, cancer cell inhibition and gastrointestinal functioning. Therefore, the escalating focus on self-care, wellness, yoga and mental peace in line with the rising adoption of a healthy lifestyle is expected to bolster the product demand over the forthcoming period. Surge in product innovations and launch of new mixes and blends by reputed firms can bode favorably for the matcha tea industry. For instance, in September 2020, Ahmad Tea launched a new tea range, comprising blends like Supreme Matcha and Lemon along with dessert inspired blends such as Vanilla and Apple Crumble and more. The company has launched the extensive product range keeping in mind three foremost parameters, namely taste, innovation and quality.
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Market Segmentation Matcha tea industry has been segmented with regard to application, formulation and distribution channel.The applications covered are nutraceuticals, beverages, and more. The beverages segment is most likely to seize the biggest share in the matcha tea industry while the utraceuticals segment can procure a relatively higher expansion rate in the years ahead.
The formulation-based segments are plain as well as flavored. The flavored category enjoys higher demand than its counterpart and can continue to lead the market over the forecast period.The key distribution channels considered in market study are store based along with non-store based. The store based segment has the potential to dominate the global market in the next several years.
With respect to region, the matcha tea industry can be dissected into North America, Asia Pacific/APAC, Europe, as well as Rest of the World/RoW.
APAC is where matcha tea was first created and the constant developments with regard to the product over the years have made it the most profitable market. Japan is projected to stand at the vanguard of the market growth, while countries like Singapore, Australia and India can emerge as the most promising markets, on account of the expanding health conscious population.
Europeans are generally known for leading a healthy lifestyle, which consists of healthy drinks and diet. Leading participants are trying to capitalize on the massive health-conscious populace in the region and are constantly launching new tea flavors and blends to capture a wider consumer base. Apart from this, the regional market is also favored by the increasing popularity and availability of matcha tea in cafes and restaurants.
Some of the highly renowned players in the matcha tea industry are Nestlé SA (Switzerland), ITO EN, LTD. (Japan), Marukyu Koyamaen Co. Ltd. (Japan), Aiya Co. Ltd. (Japan), The Unilever Group (U.K.), AOI Tea Company (U.S.), Tata Global Beverages Ltd (India), to name a few.