Functional Tea Market To Reach USD 12.2 Billion By 2032, Says DataHorizzon Research
The functional tea market size was valued at USD 7.1 Billion in 2023 and is expected to reach a market size of USD 12.2 Billion by 2032 at a CAGR of 6.1%.
Fort Collins, Colorado, April 19, 2024 (GLOBE NEWSWIRE) -- *
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*The rise in emphasis on health and wellness and the availability of various tea flavors drive the industry growth.*
The *functional tea market* is experiencing significant growth, driven by consumers' increasing emphasis on health and wellness. Functional teas offer a range of health benefits, including improved digestion, stress relief, and immune system support, and they are gaining popularity among health-conscious individuals. Additionally, the growing disposable income and willingness to invest in health-enhancing products further propel the expansion of this market.
Manufacturers are diversifying their product offerings in the functional tea market, introducing innovative blends and flavors to meet consumers' evolving preferences. Moreover, the broader availability of functional teas across various distribution channels such as supermarkets, health food stores, and online platforms has made these products more accessible to a wider audience. The convenience of online shopping and the ability to compare products and prices have also contributed to the market's growth trajectory.
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*Segmentation Overview:*
*The functional tea market has been segmented into type, form, function, distribution channel, and region.*
*The immunity category accounted for a significant market share in 2023.*
· The market segmentation, based on function, includes immunity, detox, weight loss, gut and digestive health, and others. The immunity category holds a significant share of the function segment of the functional tea market. The pandemic has significantly increased consumer awareness about the importance of maintaining a robust immune system, leading to a surge in demand for products that support immune health.
*Green tea has experienced massive growth in the forecast period.*
· The market is segmented by type into green tea, herbal tea, flower tea, and others. Green tea holds a dominating share of the type segment of the functional tea market. Green tea has been gaining popularity due to its well-known health benefits, such as its high content of antioxidants, which help reduce the risk of diseases like cancer, heart disease, and obesity.
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*Functional Tea Market Report Highlights:*
· The functional tea market growth is anticipated at a *CAGR of 6.1% by 2032.*
· Health and wellness trends drive a huge demand for herbal tea products that are projected to create a strong consumer base in the regional markets.
· The Asia-Pacific region has grown significantly in the past few years, driven by increased disposable income, tea-drinking culture, and growing health awareness.
· Some prominent players in the functional tea market report include Tata Global Beverages, Unilever, Nestlé, The Republic of Tea, Pukka Herbs, Traditional Medicinals, Numi Organic Tea, Yogi Tea, Rishi Tea & Botanicals, Celestial Seasonings, Barry’s Tea, Harney & Sons, and others.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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CONTACT: Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
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