Yerba mate refers to a plant species that belongs to the holly genus. Yerba mate-based beverages are growing in popularity as an alternative to other plant-based beverages, such as tea and coffee. Yerba mate cultivation is prevalent in South American countries, such as Argentina, Uruguay, Paraguay, and South Brazil. As per the latest market research report published by Technavio, the global yerba mate market has the potential to grow by USD 224.97 million during 2019-2023, and the market’s growth momentum will accelerate throughout the forecast period.
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Key Factors Responsible for Expected Growth:
The main factor driving the growth of the global yerba mate market size is the increasing consumer awareness about the health benefits of yerba mate. Yerba mate is a rich source of polyphenols, saponins, and xanthines. It is also rich in minerals such as potassium, copper, zinc, aluminum, and manganese and contains vitamins B1, B2, and C. Such health benefits of yerba mate are increasing its preference among consumers. This is expected to fuel market growth during the forecast period.
Yerba mate drinks are witnessing increased adoption as premium, exotic beverages, particularly in the US and Western European countries. Cafes and coffee shop chains have evolved from simple purchase points for coffee for consumers to social hangout destinations over the past few years. Subsequently, coffee shop outlets, such as Portenas Mate Bar (US), are placing significant emphasis on expanding their portfolio of beverages.
Popular cafes are generally themed to highlight South American culture and focus on introducing South American cuisine to local consumers. The rising demand for alternative caffeine sources has aided the popularity of yerba mate drinks in recent years. Hence, increasing on-premise sales of yerba mate beverages in North America will boost the growth of the global yerba mate market at a CAGR of 3.64% during the forecast period.
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