Does Matcha Have Caffeine?

Yes!  Matcha has a good amount of caffeine.  This does not mean, however, that drinking it has the same effect as the consumption of coffee, mate or other energizing drinks. 

How much caffeine is there in matcha?

The exact content of caffeine in a sample depends on several variables:  age of the tea leaves, cultivar, composition of the terroir, exposure to sunlight.  It is, however, safe to say that:

1) Matcha has a higher concentration of caffeine (mg/g) than most other tea styles. The very young, shade grown, not fermented leaves used to make matcha pack a good amount of it.

2) Matcha is micro-milled tea whisked into a suspension with water; 100% of the caffeine contained in the tea powder goes into your belly.  The case is different with brewed tea (or coffee): you only ingest the whatever is dissolved in your brew.

In a study by Kochman, Jakubczyk et al (see reference below) matcha samples contained between 18.9 - 44.4 mg/g of caffeine.  Coffee, on the other hand, contains 10.0 - 12.0 mg/g.  Do note, however, that 2g of matcha are sufficient to whisk a nice bowl of usucha (thin tea); a much higher amount of coffee is required to brew 1 cup.

What happens when you drink matcha?

Personally, we drink matcha because it provides a most satisfying experience.  On one hand, the brew is delicious. Also importantly, the experience of whisking a tea bowl is very pleasant: for a few minutes, your mind is focused on tea, water and a handful of utensils.  

Because of it caffeine content, some people may also choose matcha as a mild stimulate or cognitive enhancer.  It is important to notice that tea leaves in general (and matcha in particular) also contains healthy amounts of other compounds like chlorophyll, theanine and several types of catechins.  These compounds make the experience of drinking matcha very different vs. drinking coffee.

Sources:

Health Benefits and Chemical Composition of Matcha Green Tea: A Review.   Kochman, Karolina Jakubczyk, et al.  2020

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7796401/

A review on matcha: Chemical composition, health benefits, with insights on its quality control by applying chemometrics and multi-omics.  Phuah, Chang et al.  2021

https://www.sciencedirect.com/science/article/abs/pii/S0963996923005525

Medical News Today.  Does matcha have caffeine?

https://www.medicalnewstoday.com/articles/does-matcha-have-caffeine#caffeine-content