Hemp Tea Market to Achieve $392M by 2031 Growing at an Impressive 22% CAGR Amidst Increased Demand
Allied Market Research Report Predicts Hemp Tea Market Growth at a 22,1% CAGR Through 2031, Driven by Health Benefits and Consumer Demand for Herbal Beverages.
According to a new report published by Allied Market Research, titled, “Hemp Tea Market," The hemp tea market was valued at $56.2 million in 2021, and is estimated to reach $392.8 million by 2031, growing at a CAGR of 22.1% from 2022 to 2031.
The various parts of hemp plants, such as the stems, leaves, flowers, and buds, are used to make hemp tea which is, an energetic herbal beverage. Tetrahydrocannabinol (THC) is not naturally produced by the cannabis species known as hemp, but it does include Cannabidiol (CBD), particularly when those compounds are manufactured from hemp flowers.
Hemp tea offers a range of benefits owing to its anti-inflammatory, anti-stress, anti-anxiety, and anti-depressive properties, which is why it is growing in popularity. Owing to these benefits hemp tea has calming effects. For instance, its antioxidant capabilities help to lessen the negative effects that stress has on the body and mind. Hemp tea's rich nutrient composition, which includes antioxidant compounds, vitamins, and nutrients, enhances general health and boosts energy. Additionally, hemp tea infusions contain less than 0.3% THC due to which it does not have the psychoactive effects of cannabis which is completely safe and legal. Hemp tea is known to alleviate high blood pressure as CBD extracts reduced inflammation thereby preventing damage to the arteries. These benefits are anticipated to boost the hemp tea market demand in the upcoming years.
Some of the key challenges faced by the hemp tea market players include the stringent regulations imposed by the governments of many countries on cannabis usage in any form which is expected to act as a barrier to the hemp tea popularity and market expansion. In addition, the potential side effects associated with hemp tea include digestive issues, drowsiness, reduced appetite, and others. These factors are anticipated to affect the hemp tea market opportunities in the upcoming years.
A number of opportunities for market expansion are also projected to arise throughout the projection period as a result of the rising popularity of herbal tea among customers who are health-conscious around the world and the ongoing product launches of several new flavors of hemp tea by leading players. The market expansion is attributed to the presence of well-known hemp tea producers in the market and their continued efforts to create new hemp products, including hemp tea tastes. As these countries have tax restrictions surrounding the cultivation and use of the cannabis plant in the production of items such as hemp tea, several enterprises have launched their manufacturing facilities and are creating new hemp tea product lines. These factors will definitely encourage the hemp tea market size in the upcoming years.
The global hemp tea market share is segmented based on distribution channel and region. By distribution channel, it is classified into online/direct-to-consumer, convenience stores, others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the hemp tea market report include ItsHemp, Willie's Remedy, Clipper Teas, Buddha Teas, Traditional Medicinals, The Tea Can Company, Cannabiniers, Colorado Harvest Company, Charlotte's Web, and Green Roads
The report offers a comprehensive analysis of the global hemp tea market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the hemp tea market growth. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.
