Teas is an old tradition in oriental countries and it is widely produced in several countries like South Korea, Japan, China, India, Sri Lanka, and others. It is getting good recognition with rising awareness related to its varied health benefits. Market players are launching new brands and flavors to grab more eyeballs. Market Research Future (MRFR) predicts that the flavored tea segment would surpass expected valuations with impressive CAGR during the forecast period of 2018 to 2023.
Major factors to drive the growth of the flavored tea market are the constant hike in the research segment to boost new innovations, its growing popularity among the millennials, unique marketing strategies, inclusion of beverage giants, and others.
The global market for flavored tea is banking on the profitable strategies launched by companies like Associated British Foods plc (Twinnings) (U.K.),Goodricke Group Ltd. (India),Golden Tips Tea, Co. Pvt. Ltd. (India),Apeejay Surrendra Group (Typhoo Tea) (India),Tata Global Beverages Ltd. (India)
These companies have made a prominent mark in the market by hiking their investment in the research and development sector and developing marketing strategies that would give them an edge over their rivals. This would also help them in creating a niche market. Other ways like mergers, expansion plans, collaborations, etc. would boost the market prospect of these companies. MRFR’s profiling of these companies guarantees a proper overview of the market using which developing new strategies would be easier
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The global report containing various minute details of the flavored tea market has been studied by MRFR experts on the basis of a segmentation that includes type, flavor, and distribution channels. Various insights can be gained from the inputs and dynamics controlling the market and its outcome. Figures have been included, which may help in identifying growth pattern.
By type, the report on the flavored tea market can be segmented into white tea, green tea, black tea, and others. The black tea is dominating the global market and would continue to do so. However, market experts are assuming that the green tea segment would grow substantially with the fastest CAGR during the forecast period. A rise in health awareness is slated to boost the prospect.
By flavor, the report regarding the flavored tea market can be segmented into herbs, spices, fruits, and others. The herbs segment would dominate the market. Recent reports are showing that the spices segment may contribute significant growth in the coming days.
By distribution channel, the report containing various details of the flavored tea market can be segmented into store-based and non-store based. The store-based segment is gaining weight as people mostly prefer the one-stop experience when it comes to buying. The e-commerce segment may boost non-store-based segment growth.
Asia Pacific region would dominate the global market as the market would be boosted by the presence of countries like China, Japan, and India. These three countries are known to have a huge population, and tea is a popular drink owing to which the market is expanding. Also, brands are launching experiments and innovations to simplify the market permeation,
In North America and Europe, these drinks are gaining traction from the younger crowd for their varied flavors. Also, a rise in the health-conscious people would boost the market outcome. Green tea is becoming popular for being a good source of antioxidants.
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