Global Black Tea Extracts Market to Reach $235.5 Million by 2030
The global market for Black Tea Extracts estimated at US$163.5 Million in the year 2023, is expected to reach US$235.5 Million by 2030, growing at a CAGR of 5.4% over the analysis period 2023-2030. Black Tea Extract Powder, one of the segments analyzed in the report, is expected to record a 5.8% CAGR and reach US$153.5 Million by the end of the analysis period. Growth in the Liquid Black Tea Extract segment is estimated at 4.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $42.9 Million, While China is Forecast to Grow at 8.5% CAGR
The Black Tea Extracts market in the U.S. is estimated at US$42.9 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$54.4 Million by the year 2030 trailing a CAGR of 8.5% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 4.2% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$33 Million by the year 2030.
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