According to a new report published by Allied Market Research, 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 percent from 2022 to 2031.
The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers and opportunities, competitive landscape and regional landscape.
According to the report, COVID-19 had a negative impact on the growth of the global craft tea market, due to mass disruption among buyers and sellers during the pandemic. Lockdowns resulted in the large-scale disruption of supply chains, as most of manufacturing facilities were closed down during the pandemic as a part of regulatory social distancing restrictions, which adversely impacted the growth of the market.
In addition, shortage of raw material and strict import and export restrictions during the pandemic further aggravated the impact on the market. However, the market is now expected to recoup soon with eased restrictions, per the report.
Based on distribution channel, the offline segment in this category 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 percent during the forecast period.
Based on end-user, the individual consumer 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 see the fastest CAGR of 4.1 percent 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 (Latin America, Middle East and Africa), on the other hand, is expected to cite the fastest CAGR of 5.4 percent during the forecast period.
Some of 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.
According to the report, these market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships and other strategies to maximize their foothold and prowess in the industry.
Allied Market Research is a full-service market research and business-consulting wing of Allied Analytics LLP in Portland, Ore.
To learn more about Allied Market Research and the new report, visit AlliedMarketResearch.com.
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