Global Hemp Tea Market Expected to Garner $392,802.0 Million by 2031, Growing at 22.1% CAGR from 2022-2031 [280-Pages] | Details by Research Dive

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01 Mar, 2023, 11:30 GMT

Hemp tea market is expected to grow by 2031 due to increasing awareness regarding its health benefits. Online/direct-to-consumer sub-segment is predicted to be the most lucrative. Market in North America to be the most dominant.

NEW YORK, March 1, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Hemp Tea Market by Distribution Channel (Online/Direct-To-Consumer, Convenience Stores, and Others) and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031".

As per the report, the global hemp tea market is predicted to grow at a stable CAGR of 22.1% in the 2022-2031 timeframe, thereby garnering $392,802.0 million by 2031.

Dynamics of the Market

Drivers: Over the years, there has been a steady increase in awareness regarding the health benefits of hemp tea, which is expected to immensely help the hemp tea market grow in the forecast years. Moreover, the introduction of new flavors in hemp tea is predicted to boost the market in the forecast period.

Opportunities: The growing popularity of herbal tea among health-conscious consumers across the globe is predicted to offer huge growth opportunities to the market in the forecast period. Along with this, the analgesic, anti-inflammatory, and anti-anxiety properties of hemp tea is expected to augment the growth rate of the market in the analysis years.

Restraints: Strict regulations for commercial use of hemp tea, however, may dampen the growth rate of the hemp tea market.

Access to the Complete PDF Sample of the Hemp Tea Market

Segments of the Market

The report has divided the hemp tea market into different segments based on distribution channel and region.

  • By distribution channel, the online/direct-to-consumer sub-segment is anticipated to become the most lucrative sub-segment in the forecast period. Since online shopping is easy and helps in choosing from a wide range of products, online shopping has been increasingly preferred by consumers across the globe. This increasing preference for online shopping among people is expected to help this sub-segment to grow with a stunning rate in the forecast period.
  • By regional analysis, the hemp tea market in North America region is expected to be the most dominant by 2031. The growth of the market in this region is mainly attributed to the increasing preference of people in this region for plant-based beverages to improve their overall health.

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Significant Market Players

The significant market players of the hemp tea market are

  • Buddha Tea
  • Willie's Remedy
  • Tranquility Tea Company
  • Traditional Medicinals
  • Colorado Harvest Company
  • The Tea Can Company Specialty Teas
  • Its Hemp
  • Cannabiniers
  • Neo Australia
  • Clipper Tea

These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market.

For instance, Apple Rush Co., Inc., a leading beverage company, announced the acquisition of Elev8 Hemp LLC, a hemp-based products manufacturer. The acquisition agreement was signed between Apple Rush Co., Inc., and Branded Legacy Inc., as Elev8 Hemp is a subsidiary of Branded Legacy. This acquisition is predicted to help Apple Rush immensely as it will help to expand the company's portfolio and increase its market share substantially in the coming period.

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The Research Dive report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.

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