Black Tea Extracts Market Insights
The global black tea extracts market is likely to witness sustained growth over the forecast period. The growth of this market is influenced by its wide applications in the cosmetics, and food & beverages additives industry.
Factors such as growing health awareness of consumers, rise in disposable income and increase in per capita health expenditure are likely to boost the market growth. Also, presence of natural ingredients in Black Tea Extracts along with the health benefits associated with it is likely to fuel the market growth over the forecast period.
The black tea extracts industry is highly competitive in nature. The presence of substitutes such as herbal fusions and green tea extracts are anticipated to restrain the market growth over the coming years. In addition, increased number of advertisements and marketing of substitutes are further likely to limit the industry growth.
Black Tea Extracts Market: Form Insights
The global black tea extracts market is segmented into Encapsulated, Powder, and Liquid, based on form. Liquid extract segment accounted for a significant share of the global consumption in 2016. This rise in consumption is primarily attributed to high use of these extracts in the beauty supplements and functional food preparations. The liquid form of black tea is attained by brewing of dry tea leaves that preserves the aroma, flavor, and taste of the black tea.
The encapsulated tea extracts segment is anticipated to grow at a sluggish rate due to the side effects associated with higher concentration of polyphenols in each capsule. However, the increasing demand for encapsulated product in the beauty products and weight reduction formulations is projected to fuel the market growth.
Black Tea Extracts Market: Product Insights
Based on products, the global black tea market is segmented into hot water soluble and cold water soluble. The demand for cold water soluble extracts is likely to increase significantly over the forecast period owing to the growing demand for cookies, chocolates, and biscuits in the food and beverages industry.
Hot water soluble product contains different types of antioxidants as compared to cold water soluble beverages. The growing use of Hot water soluble products in European and Asian countries is anticipated to drive the market growth over the forecast period.
Black Tea Extracts Market: Application Insights
The global black tea extracts market is segmented into Beauty Supplements, Cosmetics, Beverages, and Functional Food, on the basis of application.
The beverages segment is anticipated to register a significant growth over the forecast period as it acts as a nutritious substitute to other beverages that offer various health benefits. In addition, the easy availability of the product coupled with reasonable prices is projected to influence the demand over the coming years.
The cosmetics industry is likely to account for the largest market share over the coming years. This growth is attributed to increased awareness among the consumers regarding the effects of synthetic compounds along with the increased use of the product in perfumes and other beauty products.
The demand for functional foods is projected to witness a lucrative growth over the forecast period. The segment growth is influenced by increased awareness of consumers and high consumption of functional foods in Europe and North America.
Black Tea Extracts Market: Regional Insights
Asia Pacific is expected to account for a substantial market share over the forecast period. This growth is attributed to the increased disposable income of the consumers and large production and consumption base in this region.
North America is anticipated to witness a substantial rise in demand for the product owing to its increased application in cosmetic industry and high demand for ready-to-drink beverages.
Black Tea Extracts Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global black tea extract market. The major consumers of the product are Body Shop and Lotus amongst others.
Black Tea Extracts Market: Competitive Landscape
Key players operating in the black tea extracts market include Martin Bauer Group, Autocrat LLC, Teawolf, Cymbio Pharma Pvt. Ltd, Finlays, AVT Natural, Phyto Life Sciences P. Ltd, Amax NutraSource Inc, Synthite, Tea & Coffee – Haldin, and Blueberry Agro Products Pvt Ltd.
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