Chrysanthemum Tea Market to Reach $249.8 Million, Globally, by 2032 at 5.1% CAGR: Allied Market Research

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Sep 07, 2023, 10:05 ET

PORTLAND, Ore., Sept. 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Chrysanthemum Tea Market by Type (Chrysanthemum Indicum and Chrysanthemum Morifolium), Packaging (Loose Tea, Tea Bags, and Bottled/Canned), Application (Residential and Commercial), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2022–2031." According to the report, the global chrysanthemum tea industry was valued at $153.1 million in 2022 and is projected to reach $249.8 million by 2032, registering a CAGR of 5.1% from 2023 to 2032.

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Chrysanthemum tea is an herbal beverage that is traditionally consumed in many cultures around the world. It is composed of the flowers of the chrysanthemum plant and is renowned for its aromatic properties and various health benefits. The global market for this tea is characterized by its production, distribution and sales of these products to consumers through various channels such as supermarkets, online platforms, specialty tea shops, and more.

Prime Determinants of Growth:

The global chrysanthemum tea market is experiencing growth due to several factors, including the rise in demand for floral-infused beverages, health benefits associated with tea, and the demand for chrysanthemum tea to boost production effectiveness and product quality is increasing as the food processing sector expands, especially in emerging nations. On the other hand, Limited awareness and familiarity of chrysanthemum tea, and competition from established beverages may hinder the market growth. Moreover, the expansion and rising popularity of the health benefits of the herbal tea market, and the increase in online retail are expected to create lucrative growth opportunities for the market.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$153.1 Million
Market Size in 2032	$249.8 Million
CAGR	5.1 %
No. of Pages in Report	250
Segments covered	Type, Packaging, Application, Distribution Channel, and Region
Drivers	• Rise in demand for floral-infused beverages • Health benefits associated with tea • Product innovation and diversification
Opportunities	• Expansion of specialty tea market • Increase in online retail
Restraints	• Limited awareness and familiarity • Competition from established beverages

The chrysanthemum morifolium segment to maintain its leadership status throughout the forecast period-

Based on type, the chrysanthemum indicum segment held the highest market share in 2022, accounting for more than half of the global chrysanthemum tea market revenue. This tea is renowned for its believed antioxidant and anti-inflammatory properties, which improve liver health, aid digestion, and provide relief for respiratory issues. It has been consumed for centuries in traditional Chinese medicine for its potential health benefits, such as relief from respiratory issues, reduction of inflammation, and promotes relaxation. On the other hand, the chrysanthemum morifolium segment to maintain its leadership status throughout the forecast period. The same segment would also showcase the fastest CAGR of 6.1% during the forecast period.

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The loose tea segment to maintain its leading position throughout the forecast period-

Based on packaging, the loose tea segment held the highest market share in 2022, accounting for more than two-fifths of the global chrysanthemum tea market revenue, and is estimated to maintain its leading position throughout the forecast period. The customization and control provided by loose tea leaves allow individuals to tailor their brew to personal preferences and equally serve those who prefer a premium tea-drinking experience. The extensive variety of tea types and specialty blends available in the loose-leaf form further drives consumer demand, which caters to the desire for exploration and unique flavor experiences among consumers. Moreover, the tea bags segment would display the fastest CAGR of 6.8% during the forecast timeframe.

The commercial segment to maintain its leadership status throughout the forecast period-

Based on application, the commercial segment held the highest market share in 2022, contributing to more than half of the global chrysanthemum tea market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also cite the fastest CAGR of 5.4% during the forecast timeframe. In the food & beverage sector, it serves as a highly adaptable ingredient, which enhances the flavor profiles of diverse products such as ice creams, desserts, and alcoholic beverages. Moreover, its association with traditional Chinese medicine positions chrysanthemum tea as a valuable component in herbal remedies and health supplements that aligns with the growth in demand for natural and holistic solutions.

The online segment to maintain its dominance throughout the forecast period-

Based on distribution channel, the offline segment held the highest market share in 2022, accounting for more than half of the global chrysanthemum tea market revenue. Many customers prefer to select products in person, particularly when it comes to tea, where they can smell and examine the quality of tea leaves. The presence of specialty tea shops and traditional herbal medicine shops caters to specific customer needs. However, the online segment to maintain its dominance throughout the forecast period. The same segment would also portray the fastest CAGR of 5.8% during the forecast period.

Asia-Pacific garnered the major share in 2023-

Based on region, Asia-Pacific held the highest market share in 2022, garnering around two-fifths of the global chrysanthemum tea market revenue, and is likely to dominate the market during the forecast period. The same region would also exhibit the fastest CAGR of 6.4% from 2023 to 2032. Chrysanthemum tea is a popular and refreshing beverage in China, Korea, Singapore, and Japan, especially during hot summers. It holds traditional health benefits and has been part of Chinese medicine for centuries. The therapeutic properties of chrysanthemum have been utilized in herbal remedies for various health concerns. Its widespread cultivation in China, Japan, and India allows key players to meet consumer demands easily. With its long-standing cultural significance and medicinal qualities, chrysanthemum tea remains a cherished and cost-effective choice for many in the region.

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Leading Market Players: -

Yunnan Sourcing Tea Shop
Bravo Tea
Asha Tea House
Teasenz
The Chinese Tea Company
Ten Ren Tea
Grand Tea & Imports
Onyx Coffee Lab
Chymey Teas

The report analyzes these key players in the global chrysanthemum 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, developments, and product portfolios of every market player.

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