Hemp tea market increasing demand with leading player
The global hemp tea market revenue was around US$ 56,7 million in 2021 and is estimated to reach US$ 393,9 million by 2031, growing at a compound annual growth rate (CAGR) of 22,1% during the forecast period from 2022 to 2031.
Hemp tea is a particular variety of herbal tea prepared from the leaves, buds, flowers, stems, and seeds of the hemp plant. The aroma of tea is calming, and the flavor is earthy and just a little bit bitter. The primary objective while harvesting tea components from the hemp plant is to make sure the tea has a considerable level of CBD (cannabidiol) and antioxidants.
Factors Influencing Market Growth
-The growing popularity of plant-based superfoods around the world increased the demand for products, which drives the market growth.
-Hemp tea’s anti-stress characteristics help to lessen the harmful effects that anxiety has on the body and mind. These variables are projected to drive the demand of the market.
-Numerous nations’ governments have placed restrictions on the production and sale of products related to cannabis in their respective nations. These elements are projected to restrain the demand for the market.
Study of the COVID-19 Pandemic
COVID-19 had a negative impact on the market. Due to the government enacted a lockdown, fluctuating raw material prices, and delays in the approval and legalization processes in several countries, however, it is projected that the business will expand rapidly after the pandemic. Numerous cannabidiol (CBD) research studies have shown encouraging benefits in treating coronavirus. Additionally, hemp tea is devoid of caffeine and high in antioxidants, which reduces anxiety and chronic pain. These factors are predicted to increase hemp tea’s market in the post-pandemic period.
Asia-Pacific is anticipated to grow at the fastest rate during the forecast period. Growing consumer knowledge of hemp tea’s health advantages in this region is opening up a wealth of business expansion potential. Application of novel products and services by market participants, anticipated expansion of key players’ distribution networks, and increasing product development spending. Such, these factors propel the market growth in this region.
However, North America dominated the market. This expansion is mostly related to the rise in popularity of plant-based beverages, which promote health. Consuming hemp tea can help people lose weight and strengthen their immune systems. Major industry competitors have also concentrated on launching new goods to fulfill the increased demand for beverage flavors.