Market Analysis
Oolong tea is partially oxidized tea which has mixed properties of both black tea variety and green tea. Depending of the production, oxidation of oolong tea can vary from 8% to 80%. The major difference between oolong tea and other tea is based on the oxidation level and the shape of the tea leaves. Oolong tea leaves generally are curled into tight balls or thin strands which make the tea leaves unique from other varieties. Increasing sale of oolong tea is driven by rising awareness among the consumers about the health benefits gained from consumption of oolong tea in its chemical-free form. High antioxidant content of oolong tea makes its application more significant in personal care products due to its anti-ageing properties. Increased nutraceutical application of tea has resulted in growth of share in the nutraceuticals industry. Increasing disposable income and economy development has influenced the consumers spending behavior leading to increased expenditure on quality products. All these factors contribute to increased market share of oolong tea globally. The consumption as well as production of oolong tea is found to be high in Asia-Pacific region and is evaluated to increase at a positive growth rate in various countries of North America and Europe.
Globally the Oolong Tea market share as one of the fastest growing tea variety is estimated to escalate at a higher growth rate which is supported by the rising mass consumer demand for natural and healthy products. Rapid urbanization and increased disposable income has led to consumers’ inclination towards purchase of food and beverages with natural and organic ingredients which also has a positive impact on this market. Oolong tea has high antioxidants which enhances the overall nutritional value of the tea. The multi-purpose application of oolong tea in food sector is one of the major drivers for this market. Active components of oolong tea and have anti-cancerous properties and is highly used for weight management due to which oolong tea is becoming popular among the population of health-conscious consumers.
All these factors will contribute to the calculated CAGR of 4.5% of Oolong Tea market during 2017-2024.
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Major Key Players Strategy
The key players profiled in the Oolong Tea Market are
- ESP Tea Emporium (U.S.),
- British Foods (U.K.),
- The Mighty Leaf Tea Company (U.S.),
- Tata Global Beverages Limited (India),
- The Republic of Tea (U.S.),
- Associated Harney & Sons (U.So.),
- Unilever (U.K.)
Oolong Tea manufacturers across various regions follow the strategy of improving their existing product line by adding innovations for their business expansion. Due to this the application of oolong tea is increasing across various industries. In the Asia-Pacific region, China is among the dominating countries holding a major share in oolong tea market and exports the product in various other countries which include Morocco, China, Vietnam, U.S. and others.
Segment:
Consumption of Oolong Tea Market Size is growing at significant rate based on the health benefits obtained from it. Oolong tea is found to be beneficial for weight management and helps in reducing the cholesterol level of the body. Oolong tea is also being used in personal care products due to its high anti-oxidant content which helps in repairing the skin tissues and imparts anti-ageing properties. Multi-purpose application of oolong tea across food industries had led to increased use of the product. Based on the form, loose leaf is anticipated to hold a major share followed by tea bags.
Application of oolong tea is found to be high in beverages whereas, the growth of nutraceuticals is escalating at a high rate owing to the functional properties of oolong tea. Based on the formulation, unflavored oolong tea dominates the market due to high consumers’ preference for food products with no artificial additives. Based on type of oolong tea, Fujian oolong tea dominates the market.
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