Delivered November 30, 2020. Contributor: Subhodeep M.
To uncover the size of the matcha market in India and South Korea to understand the sales prospects of matcha products in these two countries.
Size of the Tea Market in India and South Korea
According to Global Market Insights, the market size of matcha in the APAC region was almost $800 million in 2017. It is expected to become a $1.5 billion market by 2024.
According to Business Market Insights, the size of the green tea market in India was $1.24 billion in 2018. It is expected to reach $2.11 billion by 2027, growing at a CAGR of 6.1% between 2020 and 2027. However, the size of the exclusive matcha market in India is not available in the public domain.
According to Statista, the market size of the tea industry in South Korea is $334.9 million in 2020. The market is expected to grow at a CAGR of 6.4% between 2020 and 2025. However, the size of the exclusive matcha market in South Korea is not available in the public domain.
Insights Into the Matcha Markets in India and South Korea
According to Grand View Research, India is expected to emerge as a major market of matcha in the coming years due to growing health awareness.
According to Global Market Insights, matcha powder is becoming a staple beverage in India and South Korea as it replaces black tea. This shift is due to the "shifting consumer preference for healthy beverages. Indulgence in healthy practices including yoga and meditation would also boost product demand as it relaxes mind and boosts memory & concentration."
Even though the popularity of matcha is growing in India, a few factors that have affected the availability of Japanese green tea and matcha in India are high import tax, rejection of India-based credit cards by countries manufacturing matcha, strict regulations behind "importing Japanese food products," and several impostors in the market.
In South Korea, matcha powder is not only used for making tea but also finds presence as a "layer of green powder" in snacks, cakes, and pastries. Iced matcha latte is a popular drink in the country.
Starbucks has established a huge presence in the South Korean tea market through its premium brand Teavana. Owing to the popularity of matcha in the country, Starbucks has "added two limited matcha drinks to its menu, with the raw material sourced from the southern island of Jeju."
According to CredibleMarkets, the market for matcha in South Korea has been currently affected by the COVID-19 pandemic as "companies are facing short-term operational issues due to supply chain constraints and lack of site access due to the COVID-19 outbreak."
Summary of the Initial Research
We are allotted one hour for conducting the initial research. During the time constraint of this research, we searched for the sizes of the matcha markets in India and South Korea. However, even after an exhaustive search, we could not find free public information about the sizes of these market as the information is hidden behind paywalled reports. We have provided a list of the paywalled reports in which the information is available.
To understand the sales prospects of matcha products in India and South Korea, we have provided insights into the growing popularity of matcha in these countries. While South Korea has readily embraced matcha, India is expected to emerge as a major market in the coming years.
In addition to this public search, we scanned our proprietary research database of over 1 million sources
and were unable to find any specific research reports that address your goals.
Paywalled Reports Encountered During the Initial Research.
"Global Matcha Tea Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)" by CredibleMarkets (Single user, $3,400).
"Matcha Market Size By Production Technology (Pan Fried, Steamed), By Grade (Ceremonial, Classic, Culinary), By Application (Regular Tea, Matcha Beverages, Food, Personal Care & Cosmetics) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024" by Global Market Insights (Single user, $5,150).
"India Green Tea Market Forecast to 2027 - COVID-19 Impact and Country Analysis By Type (Green Tea Bags, Green Tea Instant Mixes, Iced Green Tea, Loose Leaf, Others); Flavor (Lemon, Aloe Vera, Cinnamon, Vanilla, Basil, Others); Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online, Others)" by Business Market Insights (Single user, $3,000).
Only the project owner can select the next research path.