Market Analysis
Global Tea Market is expected to register a CAGR of 4.47% to reach USD 22,669.8 Million by 2025. of the preliminary factors driving the growth of the tea market is the health benefits associated with it. Tea is proven to have plentiful health benefits such as strengthening the body’s immune system, bones, and teeth. Moreover, being loaded with antioxidants, the intake of tea is also considered to reduce the risk of cardiovascular diseases, cancer, and kidney stones other than improving cholesterol levels and blood vessel functions. Tea has gradually earned its popularity as a beverage which has been instrumental in shaping the tea market.
Health-conscious consumers invariably prefer functional drinks over other carbonated beverages. To tap these consumers, various F&B companies are foraying into the tea space and launching different variants of tea-based beverages. In addition, the introduction of newer varieties of teas such as purple tea, green tea, and matcha have also contributed to the growth of the global tea market. Green tea, kombucha, and matcha tea, of late, has gained immense foothold in the tea market since they have functional properties, the most desirable one being weight loss. Moreover, such tea varieties are increasingly being introduced as ready-to-drink beverages which further augments the growth of the market.
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Crossbreeding of tea varieties has led to the introduction of new clones which coupled with the adoption of good agricultural practices has led to the betterment of tea varieties. However, the growth of the global tea market might be hindered by raising awareness regarding the ill effects related to caffeine, which is found in tea.
Competitive Landscape
The notable players operating in the Global Tea Market include Tata Global Beverages (India), Barry’s Tea (Ireland), McLeod Russel (India), Associated British Foods plc (UK), ITO EN Inc. (US), Unilever (The Netherlands), Taetea (China), Nestlé (Switzerland), and Apeejay Surrendra Group (India).
Segmentation
Global Tea Market has been segmented based on type, form, distribution channel, and packaging type. By type, the market has been segmented into black, white, green, oolong, and others. By form, the market has been segmented into powder, leaves, and others. By distribution channel, the market has been segmented into store-based and non-store based. By packaging type, the market has been segmented into tea bags, bottles, cans, pouches, and others.
Regional Analysis
Regionally, the Global Tea Industry has been segmented into North America, Asia Pacific, Europe, and the Rest of the World. Asia Pacific is leading the global tea market. The Asia Pacific region is ideally suited for the production of tea with subtropical monsoon climates with hot summers and relatively cold and dry winters. The emerging economies of Asia Pacific have liberalized their market which supports the tea market growth in Asia Pacific. In addition, the inflow of foreign direct investment attracted by the low-cost advantage that the region offers has boosted the growth of the tea market. China is one of largest tea consuming countries in the world driven by raising awareness regarding the health benefits of tea and high demand for hot beverages.
North America is expected to be the fastest growing market for tea over the forecast period. Growing inclination of the consumers in the region towards tea and shift in preference from tea to coffee enticed by its health benefits will be instrumental in driving the growth of the North America tea market. The US is one of the largest importers of tea in the world.
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