Tea Market | Share, Industry Growth, Size, Demand, Key Player, Development Analy
Posted by Rishab Gupta on January 23rd, 2020
Tea Market is expected to register a CAGR of 4.47% to reach USD 22,669.8 Million by 2025. Tea is a globally popular beverage prepared by pouring hot or boiling water over the cured leaves of Camellia sinensis. The cultivation of tea is concentrated in China, India, Kenya, and Sri Lanka. Black, white, green, and oolong are some of the popular varieties of tea available in the market, which are obtained through different processing methods.
The global tea market is expected to grow at a moderate pace during the forecast period. The health benefits associated with the consumption of tea are driving the growth of the market. Additionally, the increasing demand for herbal and flavored tea is significantly contributing to the growth of the market. However, the increasing consumption of other beverages such as coffee may affect the growth of the market. The launch of innovative products offers players in the global tea market lucrative growth opportunities.
Tea Market is expected to grow at a substantial rate during the forecast period. Growing consumer awareness about health and wellness is driving the demand for functional beverages. Consumers are inclined toward beverages that assist in enhancing certain body functionalities. This growing trend for functional beverages has increased the scope of the global tea market. In accordance with the high consumption of tea for its functional properties, manufacturers in the global tea market are continuously launching new and innovative products. The launch of such innovative products is expected to drive the growth of the global tea market during the review period. However, fluctuations in climatic conditions and the dependence of the tea plant on weather conditions are likely to pose a limitation to the growth of the tea market across the world.
The black tea segment is expected to expand at a substantial CAGR and reach USD 7,960.2 Million by the end of 2025. Black tea is a common tea type and has a stronger flavor than the less oxidized teas. The availability of various flavors of black tea is boosting sales. However, the consumption of herbal tea is increasing as it is considered a healthy drink and is available in several flavor variants such as mint, chamomile, and fruit-flavored infusions. Thus, the herbal tea segment is projected to be the fastest growing during the forecast period.
Asia-Pacific is expected to account for the largest share of the global tea market during the forecast period. The region accounted for 39.28% share of the global market in 2018. China is a major contributor to the growth of the Asia-Pacific tea market, being the largest producer and consumer of tea. Countries such as India, Japan, Vietnam, and Indonesia also contribute substantially to the growth of the tea market in Asia-Pacific. Europe accounted for a significant share of the market in 2018 with the UK being a major consumer of tea. However, North America is projected to be the fastest-growing regional market at a CAGR of 4.87% during the forecast period. Owing to the high prevalence of obesity in the region, the demand for green and herbal tea is rising as they assist in weight loss.
Tata Global Beverages Limited (India), Unilever PLC (UK), Associated British Foods PLC (UK), Barry's Tea (Ireland), Apeejay Surrendra Group (India), Bettys & Taylors Group Ltd. (UK), McLeod Russel India Ltd. (India), Ito En, Ltd. (Japan), Davids Tea Inc. (Canada), and Tea Forté Inc. (US).
The players operating in the Global Tea Market are focusing on product launches and strengthening their footprints across the globe.
The Global Tea Market has been segmented on the basis of type, form, category, distribution channel, and region.
By type, the market has been divided into green tea, black tea, oolong tea, herbal tea, and others. The black tea segment accounted for the largest market share in 2018. Black tea is the traditionally preferred tea and has a stronger flavor than the less oxidized teas. The availability of various flavors of black tea is further boosting sales. The green tea segment is expected to be the fastest-growing during the review period. Green tea contains four components called catechins, which are natural antioxidants that help prevent cell damage and offer other health benefits. Thus, the growing demand for functional beverages is leading to increased sales of green tea.
Based on form, the Global Tea Market has been segmented into loose-leaf, tea bags, and others. The tea bag segment is projected to be the largest and fastest-growing segment during the review period. Tea bags are filled with tea leaves that can be infused in water to prepare tea. This segment is dominant due to the convenience offered by tea bags.
In terms of category, the market has been classified as organic and conventional. The majority of tea production is through conventional farming practices due to which the conventional segment accounted for the larger share of the market in 2018. However, shifting consumer preferences for organic food products is expected to result in the organic segment registering the higher growth rate during the forecast period.
Based on the distribution channel, the market has been segmented into store-based and non-store-based. The store-based segment has further been divided into supermarkets & hypermarkets, convenience stores, and others. The store-based segment accounted for the larger market share in 2018 with supermarkets & hypermarkets contributing to the majority of tea sales. Consumer preference for store-based channels is high as they offer a one-stop shopping experience. However, the non-store-based segment is projected to exhibit a higher growth rate during the review period.
Get Full Report Summary @ https://www.marketresearchfuture.com/reports/tea-market-2155
Geographically, the global tea market has been segregated into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Asia-Pacific accounted for the dominant share of the global market in 2018 with China being the major producer and consumer of tea across the globe. However, the market in North America is expected to register the highest CAGR during the assessment period. The market in Europe is also projected to register a substantial growth rate during the forecast period, with the UK accounting for the majority share of the regional market.
Available Additional Customizations
Like it? Share it!
About the AuthorRishab Gupta
Joined: November 25th, 2019
Articles Posted: 303
More by this author