New York, USA, Oct. 10, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global hemp tea market is estimated to register a revenue of $245,541.33 thousand and grow at 22.9% CAGR over the forecast period from 2021-2028. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The rising awareness about the health benefits of consuming hemp tea like maintaining body weight, reducing depression, anxiety, etc. along with gaining abundant minerals, antioxidants, and vitamins are the major driving factors for the global hemp tea market growth during the forecast period.
Opportunities: Increasing product launches by prominent market players to cater to the growing demands for flavored hemp tea like chamomile, lemongrass, and many others and strategic alliances among market players are some factors to create ample growth opportunities for the global hemp tea market during the analysis years.
Restraints: Strict regulations for the commercial use of hemp tea is the prime impeding factor for the market growth.
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Covid-19 Impact on the Market
The global hemp tea market has witnessed a negative impact during the covid-19 pandemic just like most industries. This significant market slump is mainly due to import-export restrictions and travel bans imposed by governments worldwide that led to disruptions in supply chains and transportation of raw materials for manufacturing hemp products. In addition, to curb the spread of the corona virus, governments also mandated social distancing norms and strict lockdowns that caused lack of labor force in the manufacturing units that further delayed production processes.
Segments of the Market
According to the report, the market has been divided into a couple of segments based on distribution channel and regional analysis.
Distribution Channel: Online/Direct-to-consumer Sub-segment to be Most Dominant
The online/direct-to-consumer sub-segment of the global hemp tea market is anticipated to hold a dominant market share and generate a revenue of $162,359.41 thousand during the forecast timeframe mainly due to customers’ growing preference for online shopping since it is less tedious and less time-consuming. Moreover, online distribution channels provide various discounts and offers and also showcases a wide variety of products to choose from. These factors are expected to boost the sub-segment’s growth by 2028.
Region: Market in the North America Region to be Most Lucrative
The hemp tea market in the North America region is predicted to witness abundant growth opportunities and gather a revenue of $108,038.19 thousand by 2028 due to the rising demand for plant-based beverages among people that helps in maintaining good health. Hemp tea also helps in reducing body weight, depression, anxiety, and also boosts immunity. Moreover, several product launches by significant market players to cater to this growing demand is also projected to bolster the market’s growth in the region during the forecast years.
Key Market Players
Some key market players include the
- Tea Can Company
- Its Hemp
- Willie’s Remedy
- Cannaoix, Traditional Medicinals
- Charlotte's Web
- Cannabiniers
- Buddha Tea
- Colorado Harvest Company
- Clipper’s Tea
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in April 2021, LIFEBRANDS Natural Food GmbH, a German provider of healthy and sustainable food, announced its acquisition of Revolution Tea, a Phoenix-based organization that offers high-quality tea products, to enter the U.S Hemp Tea market and boost its presence in the global hemp tea market. Buy the Full Report Starting at $2999 (Read-Only)
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
Post COVID-19 Impact Insights on Hemp Tea Market. Ask an Analyst or Schedule a call
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- Global Hemp Tea Market to Witness Remarkable Growth by 2028 with Major Collaborations by Market Players such as LIFEBRANDS Natural Food GmbH and Others
