The global craft tea market generated $331.7 million in 2021, and is projected to reach $465.3 million by 2031, growing at a CAGR of 3.5% from 2022 to 2031.
PORTLAND, OREGON, UNITED STATES, June 22, 2023/EINPresswire.com/ — The awareness and demand for craft tea is increasing owing to its health benefits, as it helps to burn fat, curbs unhealthy appetite, acts as a natural appetite suppressant, improves metabolism, and enhances vitamin C. Furthermore, the upsurge in the geriatric population, an increase in life expectancy rate, and an alarming increase in the incidence of chronic diseases have changed the eating patterns of consumers. In addition, owing to busy lifestyles, consumers now seek for healthy drinks, which can directly provide them with essential nutrition and help them enhance their physical and mental wellness. Thus, all these Craft Tea Market Trends collectively boost the Craft Tea Market Demand, thereby contributing toward the growth of the market, globally.
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The craft tea market is categorized into product type, end user, distribution channel, and region. By product type, it is classified into blooming craft tea, active craft tea, and floating floss craft tea. On the basis of end-user, it is bifurcated into commercial and individual. By distribution channel, the market is segregated into online and offline. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, Netherlands, Italy, Belgium, Russia, France, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Pakistan, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil Argentina UAE, Saudi Arabia, Chile, Algeria, Nigeria, Egypt, South Africa, and rest of LAMEA).
Based on distribution channel, the offline segment held the largest market share in 2021, holding around two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The online segment, on the other hand, is expected to cite the fastest CAGR of 3.9% during the forecast period.
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Based on product type, the blooming craft tea segment held the dominating market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The floating floss craft tea segment, on the other hand, is expected to cite the fastest CAGR of 3.7% during the forecast period.
Based on end-user, the individual segment held the largest market share in 2021, holding more than four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The commercial segment, on the other hand, is expected to cite the fastest CAGR of 4.1% during the forecast period.
Based on region, the market across North America held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 5.4% during the forecast period.
The key players analyzed in the global craft tea market report include LUPICIA CO., LTD, COFCO, Teasenz, California tea house, Panella Foods and Beverages Private Limited, Bettys & Taylors Group Ltd, FMS Consumer Products Pvt Ltd, Bharat Group, VAHDAM, and Stash Tea.
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The report analyzes these key players in the global craft tea market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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