Global Tea Market Expected to Retain Dominance & Grow at an Encouraging CAGR
Posted by nikhilkhadilkar on August 26th, 2019
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 synesis 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.
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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).
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.
Global Tea Market: Segmental Analysis
The Global Tea Market has been segmented based on 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.
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 to produce 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.
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