Global Tea Market: Snapshot
Tea is one of the most famous and frequently consumed and most preferred beverages globally. Phytochemicals, antioxidants, and flavonoids in the tea helps to maintain the healthy functioning of the human body. Rising awareness about this benefit from tea are boosting adoption of the tea globally which is driving growth of the tea market. The increasing pool of consumers which are preferring tea coupled with the trend of numerous flavored tea and green tea are driving growth of the global tea market and expected to continue to grow over the forecast period.
The report anticipates that in 2016, the global tea market was registered the revenue of US$12.45 bn and with the CAGR of a 5.70% over the forecast period from 2017 and 2025 to attain the value of US$20.03 bn by the end of the 2025.
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However, the popularity of coffee is the only challenge that limiting growth of the global tea market. Nevertheless, the launch of the new flavors and increasing target based advertisement by key players are influencing positively on the growth of the global tea market.
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Global Tea Market: Segments
The global tea market is segmented on the basis of the products and type. On the basis of products, the market is segmented in to leaf tea and CTC tea. Of these, CTC tea is expected to dominate the global market for tea in terms of revenue and expected to remain dominant over the forecast period. This growth is attributable to substantially low cost of CTC.
On the basis of types, the tea market is segmented in to mass tea or traditional tea and premium/specialty tea. Of these, the segment of mass tea is expected to dominate the global market for tea. Similar with the name of segment – mass tea – it is consumed generally by mass as it is cost-effectiveness. However, the demand for premium tea is increasing globally. The premium tea includes yellow tea, ready-to-drink tea bags, and oolong tea which is primarily produced by the addition of flavors to the mass tea. Health benefits of the specialty tea is higher, thus the segment is witnessing the significant growth despite of its higher cost. Demand for specialty tea is expected to increase over the forecast period owing to changing preferences of young and health conscious people to tea.
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Global Tea Market: Regional Analysis
On the basis of region, the global tea market is segmented in to North America, Asia Pacific, Europe, the Middle East and Africa (MEA), and South America. Of these, Asia Pacific accounted for the leading share in the global market and expected to continue its dominance over the last few years. This growth is attributable to the preference for tea among the general population and being the most common and popular hot beverage especially in developing economies such as India, China, Singapore, Hong Kong, Japan, Thailand, and Australia.
Global Tea Market: Competitive Landscape
Some of the key players operating in the global tea market includes Starbucks, Associated British Foods Plc., Kusmi Tea, Peet’s Coffee & Tea, DAVIDs Tea, Tata Global Beverages, Unilever Plc., and Tea Forte.
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