LONDON, Jan. 17, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Matcha Global Market Report 2024, the matcha market has experienced rapid growth, with the matcha market size reaching $3.48 billion in 2023 and projected to surge to $3.84 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 10.3%. The momentum is expected to persist in the forecast period, with the market size forecasted to grow to $5.78 billion in 2028, reflecting a robust CAGR of 10.7%.
Rapid Growth and Historic Factors
Historically, the matcha market has witnessed remarkable growth due to increased awareness and popularity, rising consumer demand, the availability of cheaper matcha alternatives, expanded use in food processing, and its application in the beverage sector. In the coming years, the market is poised for rapid expansion, fueled by global industrialization, economic growth, increased usage in personal care, a growing focus on health benefits, and the demand for all-natural ingredients.
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Trends Shaping the Future
Major trends anticipated in the forecast period include innovative market strategies, advancements in packaging materials, sustainable and eco-friendly practices, the integration of automation and advanced processing techniques, and the launch of innovative matcha-based solutions.
Driving Force: Adoption of Herbal Tea
The matcha market is expected to witness substantial growth due to the increasing adoption of herbal tea. As consumers prioritize health-conscious and natural products, matcha has become a preferred choice in the herbal tea category. The rising popularity is attributed to its unique flavor, health benefits, and versatility in various culinary applications. A report from Agriculture Canada predicts that by 2026, fruit and herbal tea sales will reach US$294.8 million, accounting for 56.3% of the total tea market.
Focus on Organic Matcha
Companies in the matcha market are responding to consumer preferences for natural and sustainable choices by focusing on organic matcha. Organic matcha, cultivated without synthetic pesticides or fertilizers, aligns with the preferences of health-conscious individuals seeking clean and environmentally friendly options. For instance, Cymbiotika recently launched ceremonial grade organic matcha, prepared from the initial harvest of green tea leaves each year.
How Stakeholders Can Leverage the Report
The matcha market report provides a comprehensive understanding of the market dynamics, segmentation, and competitive landscape. Various stakeholders, including producers, distributors, investors, and researchers, can utilize this report to make informed decisions and devise strategic plans. By analyzing market trends, emerging opportunities, and competitive scenarios, stakeholders can stay ahead in this dynamic industry.
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Market Segmentation Overview
The matcha market is segmented by product (Regular, Flavored), form (Powder, Liquid), grade (Café, Ceremonial, Classic, Culinary), distribution channel (Hypermarket And Supermarket, Specialty Retail Stores, Online Retail Stores, Other Distribution Channels), and application (Regular Tea, Matcha Beverages, Food, Personal Care, Other Applications).
Competitive Landscape and Leading Regions
The matcha market is fairly fragmented, with the top ten competitors making up 19.16% of the total matcha market in 2022. ITO EN, LTD, Nestlé S.A., and The AOI Tea Company emerged as prominent players. Asia-Pacific dominated the market in 2023, accounting for 91.98% or $2,604.48 million of the total, with North America and Western Europe showing the fastest-growing potential.
Matcha Global Market Report 2024 by The Business Research Company provides insights on the matcha market size, matcha market segments, matcha market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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