According to the latest report by Renub Research, titled “Global Tea Market By Type, Packaging, Distribution Channel, Application, Region, Company Analysis, & Forecast” Worldwide Tea Industry was valued at US$ 47.4 Billion in 2020. Worldwide tea has a long history of popularity; it is believed to have arisen in China, with records of its usage dating back to the 3rd century AD. It is an aromatic drink prepared by pouring hot or boiling water over cured or fresh leaves of Camellia sinensis, an evergreen shrub native to China and East Asia. Furthermore, after water, tea is the most extensively consumed drink in the world. Tea is a rich source of antioxidants and offers numerous health benefits such as reducing weight loss, risk of heart attack and stroke, maintaining bone health, boosting immunity, and enhancing digestion.
Tea has been trendy in the emerging market, owing to the prevalence of tea culture. An increase in health awareness and a rise in disposable income have aided the tea industry growth. Another significant factor driving the growth of tea is its strong consumer acceptance. The rapid expansion of the food and beverage industry has also significantly contributed to the tea market growth. According to Renub Research, Global Tea Market is anticipated to be USD 71.8 Billion by the year 2026.
Besides, there are many different types of tea such as Green Tea, Black Tea, Oolong Tea, Herbal Tea and Others Tea. Green tea is recognized for its antioxidant properties. Hence, it is increasingly consumed by pregnant women, health-conscious people, and the older population. Oolong tea is a mixture of black and green tea and effectively prevents high blood cholesterol levels and type 2 diabetes. Herbal and green teas such as chamomile and jasmine are also widely used to remedy blemish-free skin and healthy hair, propelling the product demand.
In Addition, Distribution Channel such as Supermarkets/ Hypermarkets are continuously evolving, and the investors are capitalizing on purchasers’ comforts to allow an easy buying experience. The adoption of venerable technologies and equipment on the floor help retailers to provide good quality tea with packaging such as Plastic Container, Loose Tea, Paperboards, Aluminum Tins, and Tea Bags to the consumers.
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North America Tea Market
Tea consumption in North America is encouraged by consumer’s search for new non-alcoholic beverages above fruit juices and carbonated drinks. Customers are growing an affinity for tea due to its bag version, which offers enhanced convenience, thus, providing a suitable, convenient, and healthy alternative to juices and carbonates. Healthy hydration transfers the ability of tea to provide instant refreshment and mild stimulating benefits that are not considered detrimental, which is otherwise the case with coffee and other energy drinks.
As per the Tea Association of the U.S.A, tea is the only beverage commonly served hot or iced, anytime, for every occasion. On any given day, up to 159 million Americans are drinking tea. Around the world, about 3.7 billion cups of tea are consumed daily in 2020. Our research says that the Global Tea Market Size will grow with a CAGR of 7.15% from 2020 to 2026.
China is the largest tea producer in Asia- Pacific, followed by India, Kenya, Sri Lanka, and others. This has created a sizeable middle-class group, with a preference for premium tea blends and brands, often upgrading their purchases from unpackaged tea to packed and bagged specialty varieties.
Impact of COVID-19 on Tea Industry
The global supply chain of different types of teas has experienced a sudden disturbance due to the outbreak of the COVID-19 pandemic. Nationwide lockdowns in multiple countries have resulted in the disruption of trade activities, which has slowed the growth of the tea industry.
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Tata Global Beverages, Unilever, Associated British Foods Plc., Nestle S.A., Tenfu (Cayman) Holdings Company Limited are some of the key tea companies. These key players have focused on leveraging opportunities posed by emerging industries to develop their product portfolio, further expanding their market share. To obtain a competing advantage in the market, companies’ offer, quality, taste, flavors, price, functionality, size, packaging, and marketing/branding activities. For instance, in March 2020, Unilever and its partner PepsiCo launched two new varieties of tea, watermelon and white peach. This launch has enabled the company to expand its product portfolio to tap into modern consumer demands.
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