Allied Market Research published a report on the hemp tea market, which pointed out that that the industry generated $56.2 million in 2021 and is estimated to reach $392.8 million by 2031, witnessing a CAGR of 22.1 percent from 2022 to 2031.
The new report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape and competitive scenario.
Drivers and Opportunities
According to the study, various benefits offered by hemp tea – such as relief from anxiety, improvement of sleep quality, easing of chronic pain, relief from nausea and muscle cramps, and alleviation of high blood pressure – will fuel growth of the global hemp tea market.
However, stringent regulations imposed by the governments of many countries on cannabis usage in any form, and the potential side effects associated with hemp tea – such as digestive issues and drowsiness – may hinder the growth of the market.
On the other hand, the presence of well-known hemp tea producers in the market and their continued efforts to create new hemp products present new opportunities.
Covid-19 Scenario
Recently, the COVID-19 pandemic had a negative impact on the global hemp tea market growth due to fluctuations in the prices of raw materials and delays in the approval and legalization process across several countries.
Governments worldwide implemented stringent regulations and travel restrictions to prevent the coronavirus from spreading across the globe, which reduced the movement of goods and the sourcing of raw materials to companies that produce hemp-based products. Consequently, fewer hemp products, such as hemp tea, were being produced, which caused the market revenue to fall drastically.
However, post-pandemic, the hemp tea market is growing at a rapid pace, especially as various cannabidiol (CBD) research studies show promising health-related results.
Overall, the online direct-to-consumer segment for hemp tea will dominate the market in terms of revenue during the forecast period.
Based on distribution channel, the online/direct-to-consumer segment contributed to the largest share of more than three-fifths of the global hemp tea market in 2021, and is expected to rule the category during the forecast period.
The same segment is projected to witness the fastest CAGR of 22.3 percent from 2022 to 2031. This growth is attributed to the continued growing popularity of online shopping among consumers. Also, hemp tea is widely available at online stores with great offers and discounts, which attracts many customers worldwide.
Asia Pacific to Achieve the Fastest Growth by 2031
Based on regions, Asia Pacific is anticipated to manifest the fastest CAGR of 23.1 percent during the forecast period, 2022 to 2031, as a majority of the countries in the region – such as India, China, and Australia – approved the use of hemp and cannabidiol for food, and many nations are in the process of granting regulatory go-ahead.
However, North America held the largest market share in 2021, accounting for more than two-fifths of the global hemp tea market, and is likely to lead the trail throughout the forecast period. This is because of the high product penetration and legalization for marijuana in some parts of this region.
Leading Market Players
Some of the leading players in the category include: It’s Hemp, Willie's Remedy, Clipper Teas, Buddha Teas, Traditional Medicinals, The Tea Can Company, Cannabiniers, Colorado Harvest Company, Charlotte's Web and Green Roads, among others.
The new report analyzes the key players of the global hemp tea market, many of whom have adopted various strategies such as expansion, new product launches and partnerships to increase their market penetration and strengthen their position in the industry.
Allied Market Research is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Ore.
To learn more about the report, click here. To learn more about Allied Market Research, visit AlliedMarketResearch.com.
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World Tea Conference + Expo, March 27-29, 2023
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