Market Research Future (MRFR) postulates that the global tea market is predicted to register a healthy CAGR during the forecast period (2018-2023) owing to its health benefits. Tea is one of the most popular beverages which is obtained from the leaves of the Camellia sinensis plant. Known to be originated in China, tea is mainly grown in four nations; India, China, Sri Lanka, and Kenya. Due to the presence of polyphenols working as vitamins, antioxidants, amino acids, and trace minerals, tea offer several health benefits such as lower cholesterol, stronger immunity, prevention of cancer, and increased metabolism.
Market Potential and Pitfalls
Tea is gradually earning its popularity among the beverages which has been instrumental to shape the tea market. Tea is gaining immense prominence among the consumers across the world owing to its several available types such as white, black, oolong, and green, which differ from each other in terms of processing method. Factors such as increased mental awareness and protection of the heart and other organs in the human body are estimated to increase the consumption of tea worldwide. Due to the presence of polyphenol catechins, which acts as a powerful antioxidant, tea improves concentration and offers a mental boost. Tea offers several health benefits such as strengthening the bones, body’s immune system, and teeth. The presence of antioxidants in tea also reduces the risk of cancer, cardiovascular disease, and kidney stones, and also improves the function of blood vessels and cholesterol level. Such factors are anticipated to trigger the demand for tea throughout the appraisal period. To tap the consumers preferring functional drinks over carbonated drinks, F&B companies are launching variants of tea-based beverages. Variants such as kombucha, green tea, and matcha tea are gaining a foothold in the global market due to their functional properties. Moreover, the emergence of variants like green tea, purple tea, and matcha are attracting a huge consumer base across the globe.
The crossbreed of tea varieties has led to the emergence of new clones, which along with good agricultural practices have resulted in the betterment of tea varieties. Moreover, the hostile promotional strategies implemented by the producers of tea is likely to spread the consumption of tea across the globe.
On the contrary, the augmenting awareness associated with the ill effects related to caffeine present in tea is estimated to dampen the market growth. The rising cost of raw materials owing to the increasing cost of agricultural inputs and unpredictable weather are some of the top barriers considered to vitiate the market growth globally. Moreover, accelerating consumption of coffee especially among the working population is likely to hinder the market growth in the coming years.
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The major players operating the global tea market are Nestlé (Switzerland), Associated British Foods plc (UK), Taetea (China), McLeod Russel (India), Barry’s Tea (Ireland), Unilever (The Netherlands), Bettys & Taylors Group Ltd. (UK), Apeejay Surrendra Group (India), Tata Global Beverages (India), and ITO EN Inc. (US).
The global tea market has been segmented on the basis of form, type, distribution channel, and packaging type.
By mode of type, the global tea market has been segmented into white, black, oolong, green, and others. Among these, the black tea segment is predicted to occupy the larger share in the global market owing to its high demand across the globe. Also, due to continuous development and high production, the segment is gaining prominence.
By mode of form, the global tea market has been segmented into leaves, powder, and others.
By mode of packaging type, the global tea market has been segmented into bottles, tea bags, pouches, cans, and others. Among these, the tea bags segment is likely to gain prominence during the forecast period as they are convenient to carry and tea can be made in a hassle-free manner.
By mode of distribution channel, the global tea market has been segmented into store-based and non-store based. Among these, the store-based channel is predicted to occupy a major share due to its convenience.
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Geographically, the tea market is spread across regions namely, Europe, Asia-Pacific, North America, and Rest of the World.
Among these, the Asia Pacific region is predicted to dominate the global tea market as the region is ideally suited for the production of tea with the presence of subtropical monsoon climate, hot summers, and dry and cold winters. The flow of FDI attracted by the low-cost advantage offered by the region is further boosting the tea market in this region. Moreover, the emerging nations of the Asia Pacific region have further liberalized the market which is highly supporting the market growth in this region. China is considered one of the largest tea consuming nations owing to the booming awareness associated with the health benefits offered coupled with the increasing demand for hot beverages.
The North American region is estimated to expand at the fastest rate in the coming years. The growth is credited to the inclination of the consumers towards tea. Manufacturers in this region offer a variety of tea flavors which is predicted to expand the market in this region. The U.S. is likely to occupy a major share as the population in the U.S. are inclined towards consuming tea.
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