White Tea Market Size To Reach USD 2.23 Billion By 2025

The global white tea market size is expected to reach USD 2.23 billion by 2025, according to a new report by Grand View Research. It is anticipated to expand at a CAGR of 6.1% during the forecast period. Rising awareness regarding maintaining healthy lifestyle is expected to promote the demand for white tea. Along with food and beverage, white tea extract finds application in cosmetic formulations, owing to their excellent antioxidant, anti-aging, and skin-soothing properties. Rapid rise of organic personal care market as a result of, inclination of cosmetic manufacturers toward natural ingredients, is projected to drive the demand for products such as white tea as a functional additive during the production of various cosmetic products.

As per the report published by the World Health Organization (WHO), diabetes was the seventh leading causes of death in 2016. It is recommended that moderate consumption of white tea results in reducing the occurrences of diabetes as it contains flavonoids. Furthermore, changing diet patterns and hectic lifestyle of the working class population have resulted in prevalence of obesity and related problems. Weight loss benefits of white tea are anticipated to encourage beverage manufacturers to increase the spending on its incorporation as a functional ingredient in various weight loss products.

Cosmetics and toiletries category is expected to expand at the CAGR of 4.3% from 2018 to 2025. Skin soothing antioxidant properties of the product drives the demand for skin care products made using white tea products. For example, the products launched by Korres Natural Products, Giovanni Cosmetics, and Kiss My Face among others.

Asia Pacific is anticipated to showcase significant growth in light of increasing number of health conscious consumers along with growing spending, especially in China and India. Furthermore, investment friendly government policies in these countries are expected to attract foreign companies to establish their strategic business units in these regions to address the domestic demand.

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Further key findings from the report suggest:

·         Organic products is projected to ascend at a CAGR of 7.5% from 2018 to 2025

·         Beverage application generated a revenue of exceeding more than USD 1 billion in 2018

·         Europe dominated the global market in 2018, with a share of 30.5%

·       The white tea market is competitive in nature with the presence of many private companies. Some of the major companies are Zhejiang Tea Group Co. Ltd.; Changsha Botaniex Inc.; Dilmah Ceylon Tea Company PLC.; Shaanxi Iknow Biotechnology Co. Ltd.; and Carrubba Inc.

Product Insights
Conventional products held the largest market share of 88.4% in terms of revenue in 2018. These products are cost effective and are available with different subtle, mild, and delicate flavors including fruity and floral flavors, such as melon, grassy, peach, apricot, vanilla, honey, herbs, chocolate, and citrus. Furthermore, low price and easy accessibility of the products through various offline channels including supermarkets and grocery stores is expected to drive the conventional product segment over the forecast period.

Organic product segment is expected to witness the fastest CAGR of 7.5% from 2019 to 2025. Rising concerns regarding the accumulation of hazardous levels of fluorides and harmful chemicals in conventional products is anticipated to drive the growth of the segment in near future.

Application Insights

Beverages held the largest market share of 77.7% in terms of revenue in 2018. Presence of high antioxidant content, which helps to fight off free radicals and counteract oxidative stress to cells, is expected to promote the use of white tea in various beverage formulations. Furthermore, rising preference for using beverages as the convenient medium for consuming nutrition is expected to promote the demand for white tea beverages.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.