PORTLAND, Ore., Oct. 26, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Hemp Tea Market by Distribution Channel (Online/Direct-to-Consumer, Convenience Stores, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global hemp tea industry generated $56.2 million in 2021, and is estimated to reach $392.8 million by 2031, witnessing a CAGR of 22.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers and Opportunities
Various benefits offered by hemp tea such as relief from anxiety, improvement of sleep quality, and easing of chronic pain, relief from nausea & muscle cramps, and alleviation of high blood pressure fuel the 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 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 in the market.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic had a negative impact on the global hemp tea market growth, owing to fluctuations in the prices of raw materials and delay in the approval and legalization process across several countries.
- Governments worldwide implemented stringent regulations and travel restrictions to prevent the deadly 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, hemp-infused cosmetics, lotions, and oils were being produced, which caused the market revenue to fall drastically.
- However, in the post-pandemic, the hemp tea market is growing at a rapid pace as various cannabidiol (CBD) research studies have shown promising results in treating coronavirus.
The online/direct-to-consumer segment to 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 roost during the forecast period. The same segment is projected to witness the fastest CAGR of 22.3% from 2022 to 2031. This growth is majorly attributed to the growing popularity of online shopping among consumers, especially working professionals, owing to the shopping convenience. Also, hemp tea is widely available at online stores with great offers and discounts, which attracts many customers worldwide. The report also discusses convenience stores and others segments.
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Asia Pacific to achieve the fastest growth by 2031
Based on region, Asia Pacific is anticipated to manifest the fastest CAGR of 23.1% during the forecast period, 2022-2031, 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 owing to the high product penetration and legalization for marijuana in this region. The other regions studied in the report include LAMEA and Europe.
Leading Market Players
- ItsHemp
- Willie’s Remedy
- Clipper Teas
- Buddha Teas
- Traditional Medicinals
- The Tea CanCompany
- Cannabiniers
- Colorado Harvest Company
- Charlotte’s Web
- Green Roads
The report analyzes these key players of the global hemp tea market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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