Herbal Tea Market Overview
The global Herbal Tea Market Value is going to reach USD 4.88 billion during the forecast period 2022-2030. The estimated growth rate during the forecast period is a CAGR of 4.98%.
Herbal teas are consumed due to their health benefits such as improved digestion, immune system, and sleep. It could be a major factor in increasing its popularity if herbal tea is seen as a natural alternative to prescription drugs.
The herbal tea market in Canada is witnessing notable growth, driven by a rising consumer focus on health and wellness. Canadian consumers are increasingly turning to herbal teas as a natural and healthy alternative to traditional caffeinated beverages. The market is characterized by a wide variety of products, including traditional herbal blends and innovative formulations targeting specific health concerns such as stress relief, digestion, and immunity. The influence of multiculturalism in Canada is also significant, with diverse cultural practices contributing to the popularity of various herbal teas. Retail channels, both online and offline, are expanding, making herbal teas more accessible to consumers across the country. The growing trend towards organic and sustainably sourced products is also evident, with consumers showing a preference for herbal teas with organic certifications and fair-trade labels. However, the market faces challenges such as competition from other health beverages and the need for clearer regulations regarding health claims. Despite these challenges, the Canadian herbal tea market is poised for continued growth, driven by health-conscious consumers and a diverse product range.
The Herbal Tea market is a growing market due to the increasing health awareness among consumers about the benefits of tea. In addition, the increasing number of inhabitants worldwide and the increasing trend of herbal products among young people can accelerate the growth of the Herbal Tea Market in the potential period.
In the last few years, the whole market for organic herbal tea has grown tremendously. In the USA and India, the global herbal tea market size has been growing due to the constant demand for premium and chemical-free products. Therefore, according to experts, the herbal tea market share will not decrease during COVID-19 but will remain stable. Changes in food trends encourage the market use of herbal tea sprouts. Farmers are also emphasising new methods of cultivating herbal tea and spices to increase production.
Key Players
Some of the global herbal tea key market players are Associated British Foods Plc. (U.K), Barry's Tea Ltd. (Ireland), Celestial Seasonings, Inc. (U.S.), Dilmah Ceylon Tea Company Plc. (Sri Lanka), Harney & Sons Tea Corp. (U.S.), ITO EN (North America) Inc. (U.S.), Mighty Leaf Tea Company (U.S.), R.C. Bigelow, Inc. (U.S.), Tata Global Beverages Ltd. (India), and The Unilever Group (U.K).
Market segmentation
Herbal Tea Market researchers reported that the organic tea market will show an exceptional increase in CAGR during the forecast period. And this market segmentation will help to estimate the market demand across the globe.
The Herbal Tea Market has been segregated based on Product type, Product function, and product form.
Based on type the market is divided into Cinnamon, Dandelion, Chamomile, Ginger, Turmeric, Blends, and Others.
Based on function the market is divided into Cognitive Health, Gut and Digestive Health, multifunctional, and others.
Based on the form it is segregated as Tea Bags. new products are coming in every day Due to the growing demand for natural species worldwide.
Herbal teas have medicinal properties. This makes it more popular and companies are focusing on increasing product innovation.
Industrial News
The global herbal tea market is facing fierce competition as more companies are targeting specific customers. Recovery from epidemics does not uniquely spread to geographical areas and accordingly, most companies have been choosing focused strategies for local market conditions since the onset of the epidemic.
Starbucks launches a series of six iced tea drinks that are only available in Singapore in March 2022. Starbucks locations in the city-state offer six iced tea drinks produced with a variety of teas, including black, oolong, and hibiscus.
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