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Report

Tea Extracts - Company Evaluation Report, 2025

Market Report I 2025-09-01 I 115 Pages I MarketsandMarkets

The Tea Extracts Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Tea Extracts. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and industry trends. MarketsandMarkets 360 Quadrants evaluated over 102 companies, of which the Top 15 Tea Extracts Companies were categorized and recognized as quadrant leaders.
The global tea extract market is witnessing robust growth, driven by increasing consumer awareness of tea's health benefits and the rising demand for functional foods & beverages. The market's value is projected to see significant expansion over the next several years. Tea extract, derived from Camellia sinensis leaves, is rich in bioactive compounds, such as polyphenols and catechins, which offer antioxidant, anti-inflammatory, and weight management. This has spurred its use across dietary supplements, skincare, and beverage industries.
As noted by the International Institute for Sustainable Development, global tea production is on an upward trend. Tea is one of the world's most consumed beverages after water, and for a vast number of people, it is a daily ritual. Additionally, the Food and Agriculture Organization highlights that global tea production represents a substantial annual monetary value, with the tea trade itself being worth a significant sum, underscoring its vital economic importance for many low-income and developing nations.
This sustained growth in both production and consumption presents considerable opportunities for the tea extract market, especially with the increasing demand for natural, plant-derived ingredients. The expanding use of tea extracts in health, wellness, and cosmetic products is set to drive further global market expansion in the near future.
The 360 Quadrant maps the Tea Extracts companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Tea Extracts quadrant. The top criteria for product footprint evaluation included by Technology [Solvent Extraction, Supercritical Fluid Extraction (SFE), Ultrasound-assisted Extraction (UAE), Other Extraction Technologies], Application [Food & Beverage, Pharmaceuticals & Dietary Supplements, Cosmetics & Personal Care], Source [Green Tea, Black Tea, Oolong Tea, Other Tea Sources], Form [Liquid, Powder, Encapsulated], Category [Conventional, Organic]
Key Players:
Major vendors in the Tea Extracts market are DM (US), International Flavors & Fragrances Inc. (US), Givaudan (Switzerland), Synthite Industries Ltd. (India), Finlays (UK), Kemin Industries, Inc. (US), Carbery Food Ingredients Limited (Ireland), A. V. THOMAS AND COMPANY LIMITED (India), Karle Group of Companies (India), the nature network (Germany), Taiyo Kagaku Co., Ltd. (Japan), Plant Lipids Private Limited (India), Indena S.p.A. ( Italy), VDF FutureCeuticals, Inc. (US), and UMANG GLOBAL GROUP PVT. LTD. (India). These companies are actively investing in research and development, forming strategic partnerships, and engaging in collaborative initiatives to drive innovation, expand their global footprint, and maintain a competitive edge in this rapidly evolving market.
Top three companies:
ADM
ADM is a leading player in the tea extract market, known for its clean-label and natural solutions. The company utilizes gentle water-based extraction methods to produce high-quality tea extracts suitable for food, beverage, and pharmaceutical applications. ADM emphasizes purity and functionality, aligning with consumer preferences for health-conscious and sustainable ingredients.
International Flavors & Fragrances Inc.
IFF focuses on innovation and sensory science to develop customized tea extract solutions. Its expansion in Asia, particularly through the Shanghai Creative Center, enhances its ability to co-create and deliver high-quality products tailored to regional tastes. The company integrates biotechnology and culinary expertise to meet evolving market demands.
The Nature Network
The Nature Network, through its Martin Bauer division, offers comprehensive beverage solutions with a strong emphasis on formulation and packaging. Strategic acquisitions and facility expansions have strengthened its position in the tea extract market. The company is recognized for its agile production capabilities and commitment to delivering diverse, plant-based beverage innovations.

1 INTRODUCTION 12
1.1 MARKET DEFINITION 12
1.2 INCLUSIONS AND EXCLUSIONS 12
1.3 STAKEHOLDERS 13
2 EXECUTIVE SUMMARY 14
3 MARKET OVERVIEW 19
3.1 INTRODUCTION 19
3.2 MARKET DYNAMICS 19
3.2.1 DRIVERS 20
3.2.1.1 Expansion of food & beverage industry 20
3.2.1.2 Surge in global tea production 20
3.2.1.3 Dynamic growth of personal care and cosmetics industry 21
3.2.2 RESTRAINTS 21
3.2.2.1 Supply chain disruptions in tea industry 21
3.2.2.2 Negative impact of soaring tea price fluctuations 21
3.2.3 OPPORTUNITIES 22
3.2.3.1 Rising demand for tea extracts in pharmaceutical and dietary supplement market 22
3.2.3.2 Growth of organic and specialty tea segments 22
3.2.4 CHALLENGES 23
3.2.4.1 Intensifying competition and high demand for substitutes 23
3.2.4.2 Climate change impact on tea industry 23
3.3 IMPACT OF GEN AI ON TEA MARKET 23
3.3.1 INTRODUCTION 23
3.3.2 USE OF GEN AI ON TEA EXTRACTS 24
4 INDUSTRY TRENDS 25
4.1 INTRODUCTION 25
4.2 SUPPLY CHAIN ANALYSIS 25
4.3 VALUE CHAIN ANALYSIS 26
4.3.1 RESEARCH AND DEVELOPMENT 27
4.3.2 SOURCING 27
4.3.3 MANUFACTURING 27
4.3.4 PACKAGING & STORAGE 27
4.3.5 DISTRIBUTION 27
4.3.6 END USE 27
4.4 TECHNOLOGY ANALYSIS 27
4.4.1 KEY TECHNOLOGIES 27
4.4.1.1 Membrane separation 27
4.4.1.2 Supercritical CO? extraction 28
4.4.1.3 Enzymatic extraction 28
4.4.2 COMPLEMENTARY TECHNOLOGIES 28
4.4.2.1 Spray drying technology 28
4.4.2.2 High-performance liquid chromatography 28
4.4.3 ADJACENT TECHNOLOGIES 29
4.4.3.1 Nanoemulsions 29
4.4.3.2 Liposomal technology 29
4.5 ECOSYSTEM ANALYSIS 29
4.5.1 SUPPLY SIDE 29
4.5.2 DEMAND SIDE 29
4.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 30
4.7 PATENT ANALYSIS 31
4.8 KEY CONFERENCES AND EVENTS, 2025-2026 34
4.9 PORTER'S FIVE FORCES ANALYSIS 35
4.9.1 THREAT OF NEW ENTRANTS 36
4.9.2 THREAT OF SUBSTITUTES 36
4.9.3 BARGAINING POWER OF SUPPLIERS 37
4.9.4 BARGAINING POWER OF BUYERS 37
4.9.5 INTENSITY OF COMPETITIVE RIVALRY 37
5 COMPETITIVE LANDSCAPE 38
5.1 OVERVIEW 38
5.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 38
5.3 ANNUAL REVENUE ANALYSIS, 2019-2023 40
5.4 MARKET SHARE ANALYSIS, 2024 41
5.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 42
5.5.1 STARS 42
5.5.2 EMERGING LEADERS 42
5.5.3 PERVASIVE PLAYERS 43
5.5.4 PARTICIPANTS 43
5.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024 44
5.5.5.1 Company footprint 44
5.5.5.2 Regional footprint 45
5.5.5.3 Source footprint 46
5.5.5.4 Application footprint 46
5.6 COMPANY EVALUATION MATRIX: START-UPS/SMES, 2024 47
5.6.1 PROGRESSIVE COMPANIES 47
5.6.2 RESPONSIVE COMPANIES 47
5.6.3 DYNAMIC COMPANIES 47
5.6.4 STARTING BLOCKS 47
5.6.5 COMPETITIVE BENCHMARKING: START-UPS/SMES, 2024 49
5.6.5.1 Detailed list of key start-ups/SMEs 49
5.6.5.2 Competitive benchmarking of key start-ups/SMEs 50
5.7 COMPANY VALUATION AND FINANCIAL METRICS 50
5.8 BRAND/PRODUCT COMPARATIVE ANALYSIS 52
5.9 COMPETITIVE SCENARIO AND TRENDS 53
5.9.1 PRODUCT LAUNCHES AND ENHANCEMENTS 53
5.9.2 DEALS 54
5.9.3 EXPANSIONS 55
6 COMPANY PROFILES 58
6.1 KEY PLAYERS 58
6.1.1 ADM 58
6.1.1.1 Business overview 58
6.1.1.2 Products/Solutions/Services offered 59
6.1.1.3 MnM view 60
6.1.1.3.1 Right to win 60
6.1.1.3.2 Strategic choices 60
6.1.1.3.3 Weaknesses and competitive threats 60
6.1.2 INTERNATIONAL FLAVORS & FRAGRANCES INC. 61
6.1.2.1 Business overview 61
6.1.2.2 Products/Solutions/Services offered 62
6.1.2.3 Recent developments 63
6.1.2.3.1 Expansions 63
6.1.2.4 MnM view 64
6.1.2.4.1 Right to win 64
6.1.2.4.2 Strategic choices 64
6.1.2.4.3 Weaknesses and competitive threats 64
6.1.3 GIVAUDAN 65
6.1.3.1 Business overview 65
6.1.3.2 Products/Solutions/Services offered 66
6.1.3.3 Recent developments 67
6.1.3.3.1 Expansions 67
6.1.3.4 MnM view 68
6.1.3.4.1 Right to win 68
6.1.3.4.2 Strategic choices 68
6.1.3.4.3 Weaknesses and competitive threats 68
6.1.4 SYNTHITE INDUSTRIES LTD. 69
6.1.4.1 Business overview 69
6.1.4.2 Products/Solutions/Services offered 69
6.1.4.3 MnM view 71
6.1.4.3.1 Right to win 71
6.1.4.3.2 Strategic choices 71
6.1.4.3.3 Weaknesses and competitive threats 71
6.1.5 FINLAYS 72
6.1.5.1 Business overview 72
6.1.5.2 Products/Solutions/Services offered 72
6.1.5.3 Recent developments 73
6.1.5.3.1 Product launches 73
6.1.5.3.2 Deals 74
6.1.5.4 MnM view 74
6.1.5.4.1 Right to win 74
6.1.5.4.2 Strategic choices 74
6.1.5.4.3 Weaknesses and competitive threats 75
6.1.6 THE NATURE NETWORK 76
6.1.6.1 Business overview 76
6.1.6.2 Products/Solutions/Services offered 76
6.1.6.3 Recent developments 77
6.1.6.3.1 Expansions 77
6.1.6.3.2 Deals 77
6.1.6.4 MnM view 77
6.1.7 KEMIN INDUSTRIES, INC. 78
6.1.7.1 Business overview 78
6.1.7.2 Products/Solutions/Services offered 78
6.1.7.3 Recent developments 79
6.1.7.3.1 Expansions 79
6.1.7.4 MnM view 79
6.1.8 CARBERY FOOD INGREDIENTS LIMITED 80
6.1.8.1 Business overview 80
6.1.8.2 Products/Solutions/Services offered 81
6.1.8.3 Recent developments 81
6.1.8.3.1 Expansions 81
6.1.8.3.2 Deals 81
6.1.8.4 MnM view 82
6.1.9 A.V. THOMAS AND COMPANY LIMITED 83
6.1.9.1 Business overview 83
6.1.9.2 Products/Solutions/Services offered 84
6.1.9.3 MnM view 84
6.1.10 KARLE GROUP OF COMPANIES 85
6.1.10.1 Business overview 85
6.1.10.2 Products/Solutions/Services offered 85
6.1.10.3 MnM view 86
6.1.11 TAIYO KAGAKU CO., LTD. 87
6.1.11.1 Business overview 87
6.1.11.2 Products/Solutions/Services offered 87
6.1.11.3 MnM view 89
6.1.12 PLANT LIPIDS PRIVATE LIMITED 90
6.1.12.1 Business overview 90
6.1.12.2 Products/Solutions/Services offered 90
6.1.12.3 MnM view 91
6.1.13 INDENA S.P.A. 92
6.1.13.1 Business overview 92
6.1.13.2 Products/Solutions/Services offered 92
6.1.13.3 MnM view 93
6.1.14 VDF FUTURECEUTICALS, INC. 94
6.1.14.1 Business overview 94
6.1.14.2 Products/Solutions/Services offered 94
6.1.14.3 MnM view 95
6.1.15 UMANG GLOBAL GROUP PVT. LTD. 96
6.1.15.1 Business overview 96
6.1.15.2 Products/Solutions/Services offered 96
6.1.15.3 MnM view 97
6.2 OTHER PLAYERS 98
6.2.1 HALSSEN & LYON 98
6.2.1.1 Business overview 98
6.2.1.2 Products/Solutions/Services offered 98
6.2.1.3 MnM view 99
6.2.2 MEDIKONDA NUTRIENTS 100
6.2.2.1 Business overview 100
6.2.2.2 Products/Solutions/Services offered 100
6.2.2.3 MnM view 101
6.2.3 PURE & GREEN LIFE INC. 102
6.2.3.1 Business overview 102
6.2.3.2 Products/Solutions/Services offered 102
6.2.3.3 MnM view 102
6.2.4 LIABLE ESSENTIAL OIL PRODUCTS PRIVATE LIMITED 103
6.2.4.1 Business overview 103
6.2.4.2 Products/Solutions/Services offered 103
6.2.4.3 MnM view 103
6.2.5 NR GROUP 104
6.2.5.1 Business overview 104
6.2.5.2 Products/Solutions/Services offered 104
6.2.5.3 MnM view 104
6.2.6 AKSHAR BIO-SCIENCE 105
6.2.7 PHYTO LIFE SCIENCES P. LTD. 105
6.2.8 NEW DIRECTIONS AROMATICS 106
6.2.9 BOTANIC HEALTHCARE 107
6.2.10 ADVANCED BIOTECH 108
7 APPENDIX 109
7.1 RESEARCH METHODOLOGY 109
7.1.1 RESEARCH DATA 109
7.1.1.1 Secondary data 109
7.1.1.2 Primary data 110
7.1.2 RESEARCH ASSUMPTIONS 110
7.1.3 RESEARCH LIMITATIONS 111
7.1.4 RISK ASSESSMENT 111
7.2 COMPANY EVALUATION MATRIX: METHODOLOGY 112
7.3 AUTHOR DETAILS 115

TABLE 1 TEA EXTRACT MARKET: INCLUSIONS AND EXCLUSIONS 12
TABLE 2 TEA EXTRACT MARKET SHARE SNAPSHOT, 2025 VS. 2030 (USD MILLION) 14
TABLE 3 ROLE OF COMPANIES IN ECOSYSTEM 30
TABLE 4 PATENTS PERTAINING TO TEA EXTRACT MARKET AND RELATED PATENTS,
2021-2025 33
TABLE 5 TEA EXTRACT MARKET: KEY CONFERENCES AND EVENTS, 2025-2026 34
TABLE 6 IMPACT OF PORTER'S FIVE FORCES ON TEA EXTRACT MARKET 35
TABLE 7 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN TEA EXTRACT MARKET 38
TABLE 8 TEA EXTRACT MARKET: DEGREE OF COMPETITION 41
TABLE 9 TEA EXTRACT MARKET: REGIONAL FOOTPRINT 45
TABLE 10 TEA EXTRACT MARKET: SOURCE FOOTPRINT 46
TABLE 11 TEA EXTRACT MARKET: APPLICATION FOOTPRINT 46
TABLE 12 TEA EXTRACT MARKET: KEY START-UPS/SMES 49
TABLE 13 TEA EXTRACT MARKET: COMPETITIVE BENCHMARKING OF
KEY START-UPS/SMES, 2024 50
TABLE 14 TEA EXTRACT MARKET: PRODUCT LAUNCHES AND
ENHANCEMENTS, JANUARY 2021-MARCH 2025 54
TABLE 15 TEA EXTRACT MARKET: DEALS, JANUARY 2021-MARCH 2025 54
TABLE 16 TEA EXTRACT MARKET: EXPANSIONS, JANUARY 2021-MARCH 2025 55
TABLE 17 ADM: COMPANY OVERVIEW 58
TABLE 18 ADM: PRODUCTS/SOLUTIONS/SERVICES OFFERED 59
TABLE 19 INTERNATIONAL FLAVORS & FRAGRANCES INC.: COMPANY OVERVIEW 61
TABLE 20 INTERNATIONAL FLAVORS & FRAGRANCES INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 62
TABLE 21 INTERNATIONAL FLAVORS & FRAGRANCES INC.: EXPANSIONS 63
TABLE 22 GIVAUDAN: COMPANY OVERVIEW 65
TABLE 23 GIVAUDAN: PRODUCTS/SOLUTIONS/SERVICES OFFERED 66
TABLE 24 GIVAUDAN: EXPANSIONS 67
TABLE 25 SYNTHITE INDUSTRIES LTD.: COMPANY OVERVIEW 69
TABLE 26 SYNTHITE INDUSTRIES LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 69
TABLE 27 FINLAYS: COMPANY OVERVIEW 72
TABLE 28 FINLAYS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 72
TABLE 29 FINLAYS: PRODUCT LAUNCHES 73
TABLE 30 FINLAYS: DEALS 74
TABLE 31 THE NATURE NETWORK: COMPANY OVERVIEW 76
TABLE 32 THE NATURE NETWORK: PRODUCTS/SOLUTIONS/SERVICES OFFERED 76
TABLE 33 THE NATURE NETWORK: EXPANSIONS 77
TABLE 34 THE NATURE NETWORK: DEALS 77
TABLE 35 KEMIN INDUSTRIES, INC.: COMPANY OVERVIEW 78
TABLE 36 KEMIN INDUSTRIES, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 78
TABLE 37 KEMIN INDUSTRIES, INC.: EXPANSIONS 79
TABLE 38 CARBERY FOOD INGREDIENTS LIMITED: COMPANY OVERVIEW 80
TABLE 39 CARBERY FOOD INGREDIENTS LIMITED:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 81
TABLE 40 CARBERY FOOD INGREDIENTS LIMITED: EXPANSIONS 81
TABLE 41 CARBERY FOOD INGREDIENTS LIMITED: DEALS 81
TABLE 42 A.V. THOMAS AND COMPANY LIMITED: COMPANY OVERVIEW 83
TABLE 43 A.V. THOMAS AND COMPANY LIMITED:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 84
TABLE 44 KARLE GROUP OF COMPANIES: COMPANY OVERVIEW 85
TABLE 45 KARLE GROUP OF COMPANIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED 85
TABLE 46 TAIYO KAGAKU CO., LTD.: COMPANY OVERVIEW 87
TABLE 47 TAIYO KAGAKU CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 87
TABLE 48 PLANT LIPIDS PRIVATE LIMITED: COMPANY OVERVIEW 90
TABLE 49 PLANT LIPIDS PRIVATE LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED 90
TABLE 50 INDENA S.P.A.: COMPANY OVERVIEW 92
TABLE 51 INDENA S.P.A.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 92
TABLE 52 VDF FUTURECEUTICALS, INC.: COMPANY OVERVIEW 94
TABLE 53 VDF FUTURECEUTICALS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 94
TABLE 54 UMANG GLOBAL GROUP PVT. LTD.: COMPANY OVERVIEW 96
TABLE 55 UMANG GLOBAL GROUP PVT. LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 96
TABLE 56 HALSSEN & LYON: COMPANY OVERVIEW 98
TABLE 57 HALSSEN & LYON: PRODUCTS/SOLUTIONS/SERVICES OFFERED 98
TABLE 58 MEDIKONDA NUTRIENTS: COMPANY OVERVIEW 100
TABLE 59 MEDIKONDA NUTRIENTS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 100
TABLE 60 PURE & GREEN LIFE INC.: COMPANY OVERVIEW 102
TABLE 61 PURE & GREEN LIFE INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 102
TABLE 62 LIABLE ESSENTIAL OIL PRODUCTS PRIVATE LIMITED: COMPANY OVERVIEW 103
TABLE 63 LIABLE ESSENTIAL OIL PRODUCTS PRIVATE LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED 103
TABLE 64 NR GROUP: COMPANY OVERVIEW 104
TABLE 65 NR GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED 104

FIGURE 1 GREEN TEA SEGMENT TO HOLD LARGEST MARKET SHARE DURING
FORECAST PERIOD 15
FIGURE 2 FOOD & BEVERAGE APPLICATION TO ACCOUNT FOR LARGEST
MARKET SHARE IN 2030 16
FIGURE 3 CONVENTIONAL CATEGORY TO ACCOUNT FOR LARGER MARKET SHARE DURING FORECAST PERIOD 17
FIGURE 4 ASIA PACIFIC ACCOUNTED FOR LARGEST MARKET SHARE IN 2024 18
FIGURE 5 TEA EXTRACT MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 19
FIGURE 6 TEA PRODUCTION DATA IN MILLION TONS, 2018 VS. 2022 20
FIGURE 7 ADOPTION OF GEN AI IN TEA EXTRACTS 24
FIGURE 8 TEA EXTRACT MARKET: SUPPLY CHAIN ANALYSIS 25
FIGURE 9 TEA EXTRACT MARKET: VALUE CHAIN ANALYSIS 26
FIGURE 10 TEA EXTRACT MARKET: ECOSYSTEM 30
FIGURE 11 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 31
FIGURE 12 PATENTS APPLIED AND GRANTED, 2015-2024 32
FIGURE 13 REGIONAL ANALYSIS OF PATENTS GRANTED FOR TEA EXTRACT MARKET,
2015-2024 32
FIGURE 14 PORTER'S FIVE FORCES ANALYSIS: TEA EXTRACT MARKET 36
FIGURE 15 ANNUAL REVENUE ANALYSIS FOR KEY PLAYERS, 2019-2023 (USD BILLION) 40
FIGURE 16 TEA EXTRACT MARKET SHARE ANALYSIS, 2024 41
FIGURE 17 TEA EXTRACT MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024 43
FIGURE 18 TEA EXTRACT MARKET: COMPANY FOOTPRINT 44
FIGURE 19 TEA EXTRACT MARKET: COMPANY EVALUATION MATRIX (START-UPS/SMES), 2024 48
FIGURE 20 COMPANY VALUATION OF KEY VENDORS 51
FIGURE 21 FINANCIAL METRICS OF KEY VENDORS 51
FIGURE 22 YEAR-TO-DATE PRICE TOTAL RETURN AND 5-YEAR STOCK BETA OF KEY VENDORS 51
FIGURE 23 TEA EXTRACT MARKET: BRAND/PRODUCT COMPARISON 52
FIGURE 24 ADM: COMPANY SNAPSHOT 59
FIGURE 25 INTERNATIONAL FLAVORS & FRAGRANCES INC.: COMPANY SNAPSHOT 62
FIGURE 26 GIVAUDAN: COMPANY SNAPSHOT 66
FIGURE 27 CARBERY FOOD INGREDIENTS LIMITED: COMPANY SNAPSHOT 80
FIGURE 28 A.V. THOMAS AND COMPANY LIMITED: COMPANY SNAPSHOT 83
FIGURE 29 TEA EXTRACT MARKET: RESEARCH DESIGN 109

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