Sales of culinary grade matcha are estimated to remain high through 2031, owing to increasing applications in food and beverages.
In a recent study, ESOMAR-certified consulting firm Future Market Insights (FMI) projects a favorable demand outlook for the global matcha market during the forecast period 2021 to 2031. The global matcha sales are poised to total US$ 2.28 Bn in 2021, exhibiting a stellar 10.2% CAGR.
Increasing applications of matcha in diverse end-use sectors such as food and beverage, personal care, and foodservice are driving sales in the market. Apart from this, growing preference for non-alcoholic beverages among millennials is providing tailwinds to market sales.
Matcha is termed as a ‘superfood’ in the food industry as it is packed with vital nutrients and minerals. Loaded with antioxidants, vitamin A and C, and minerals such as potassium, calcium, and magnesium, matcha is becoming a frequently used product in households.
Health benefits derived from matcha are key factors propelling sales in the market. Matcha can potentially combat cholesterol, liver damage and improves the calorie-burning process, making it an ideal choice of beverage among weight watchers.
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In addition, matcha has anti-inflammatory properties that catechins that help in countering hormonal acne. This factor is driving applications of matcha in skincare and personal care products such as moisturizers, lotions, cleansers, and serums, further augmenting the market growth.
Growing consumers’ preference towards plant-based and clean ingredients in packaged food products such as snacks, ready-to-drink beverages, and desserts are encouraging product innovations in the matcha market.
As per FMI’s analysis, the U.S. is anticipated to emerge as a lucrative market. Rising demand for plant-based and organic products, coupled with presence of leading players in the country will augment market growth.
Key Takeaways:
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Competitive Landscape
ITO EN Ltd., Tata Global Beverages Ltd., Starbucks Corporation, The Hain Celestial Group Inc., Unilever PLC, Aiya-Co. Ltd., The AOI Tea Company, McCormick & Company, Inc., Matchaah Holdings Inc., The Republic of Tea, Clearspring Ltd., Andrews & George Company Limited, Green Foods Corporation, Marukyu-Koyamaen Co. Ltd., and Foodchem International Corporation are some leading players profiled by FMI.
Leading players comprise ITO EN Ltd., Tata Global Beverages Ltd., Starbucks Corporation, Unilever PLC, McCormick & Company, Inc., holding 15-20% of the total market share.
Key companies operating in the global matcha market are investing in acquisitions and collaborations to expand their product offerings in various regions. Apart from this, product innovations and launches will be prominent growth strategies among leading players through 2031. For instance:
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Matcha Market by Category
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Feb 07, 2023