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The global green tea market size is projected to reach USD 23.66 billion by 2027 as a result of the increasing availability of eco-friendly teabags, observes Fortune Business Insights™ in its report, titled “Green Tea Market Size, Share & COVID-19 Impact Analysis, Form (Tea Bags, Loose Leaves, Loose Powder, Ready-to-drink, and Capsules & Tablets), Flavor (Flavored and Unflavored), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail) and Regional Forecast, 2020 – 2027”. As per the report findings, the value of the global stood at USD 12.80 billion in 2019 and the market is expected to register a CAGR of 8.0% from 2020 to 2027.
The COVID-19 pandemic is expected to disrupt the green tea market growth as lockdowns and restricted trade activities have caused widespread upheavals in the global supply chains in the tea industry. However, increased focus on immunity and health & wellness amid the pandemic is anticipated to augment the consumption of nutrient-rich foods and drinks worldwide.
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Wiekfield Introduces New Range of Organic Green Teas & Herbal Infusions
In October 2020, India’s leading food & beverage company, Wiekfield, announced the release of a new product lineup of herbal infusions and organic green teas under its Eco Valley brand. The organic range has been re-launched by the company, with the new offerings being stripped off the bitterness contained in the catechins in green tea. Wiekfield achieved this by sourcing organic tea leaves from tea estates in the Nilgiris, India’s leading coffee and tea growing region, and formulating smooth-tasting flavors without the bitterness. The new range will comprise of five products – Dandelion Mint, Sunny Lemony, Ginger Mulethi Lemon, Divine Tulsi, and Classic Green.
Rising Incidence of Diabetes Worldwide to Fuel Consumption
The consumption of green tea is expected to steadily increase to curtail the growing prevalence of diabetes around the globe. According to the International Diabetes Federation (IDF), in 2019, diabetes afflicted around 463 million people and by 2045 approximately 700 million people worldwide are likely to suffer from the disease. This tea has been proven to be an effective measure in preventing or delaying the onset of diabetes. For example, researchers from the Chung-Ang University College of Medicine, South Korea found that people who drank six or more cups of this healthy drink tea daily have a 33% lower risk of developing type 2 diabetes. Another study conducted by the National Cheng Kung University Hospital in Taiwan revealed that drinking green tea consistently for 10 years can lead to lower body fat levels, indicating that this tea type can reduce the risk of obesity, which is a major diabetes risk factor.
Leading Players to Adopt Strategies Aimed at Broadening Customer Base
The bitter aftertaste of green tea is the one of the primary reasons for consumers avoiding this healthy beverage. In an attempt to resolve this issue, key players in this market are concocting new flavors and devising new formulations to get rid of the bitterness of this healthy tea. Companies are hoping to broaden their customer base with the introduction of unique offerings as well as capitalize on the renewed focus on health and wellbeing among people during the current coronavirus pandemic.
List of Key Players Covered in the Market Report:
Further Report Findings:
Table of Segmentation
Value (USD billion)