The food & beverages sector has witnessed major developments over the past decade, particularly in niche flavors and product segment. Over the past decade, due to evolving consumer preferences, engaging branding & marketing strategies deployed by brands and increasing interest in exploring new products have paved the way for a range of new beverages and food products to enter the market. The popularity of tea continues to rise worldwide and as per current trends, tea is also gaining popularity among consumers in traditionally non-tea drinking nations. With the tea wave likely to continue for several years to come, fusion tea flavors such as peppermint tea have garnered considerable popularity for a range of factors.
Evolving consumer trends have played an imperative role in shaping the growth of the peppermint tea market in recent years and as per the analysts at Transparency Market Research, it is likely to drive the demand for peppermint tea during the forecast period. The entry of a range of ready-to-drink tea brands in the global and domestic markets are projected to augment the sales of peppermint tea in the upcoming months. Health benefits of peppermint tea coupled with growing influence of social media marketing are some of the other key factors expected to brew up the sales of peppermint tea in the upcoming years.
At the back of these factors, along with the willingness among consumers to explore new products and flavors, the global peppermint tea market is on the course to reach the market value of US$ 330 Mn by the end of 2030. Market players involved in the current peppermint tea market are increasingly focusing on the packaging of products, pricing point, and creating more awareness regarding the benefits of peppermint tea– factors that are projected to bolster the sales of peppermint tea in the near future.
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Ready-to-Drink Teas to Make Comeback
Although ready-to-drink teas received considerable criticism in the past, in the current scenario, ready-to-drink teas are likely to make a gradual comeback and gain mainstream recognition among modern-day consumers. Several brands continue to focus on utilizing natural ingredients, niche super-food formulations, and expanding their product range– factors that are anticipated to propel the peppermint tea market. Ready to drink teas are primarily promoted as super-foods in developed regions, including North America and Europe and are known to be cold brewed, low on preservative, and possess antioxidants. The average consumption of peppermint tea has witness considerable hike over the past few years– a trend that is expected to continue during the forecast period. As the millennial population continues to lean toward a healthier and improved lifestyle, the demand for peppermint tea is growing worldwide. In addition, social media marketing is anticipated to have a strong influence on the overall growth of the peppermint tea market, as more number of popular digital influencers are promoting fusion tea flavors.
While social media marketing is likely to remain one of the key marketing strategies deployed by brands, market players are increasingly focusing on launching products with engaging label designs, packaging designs, etc. Several brands are increasingly focusing on launching peppermint tea with minimal, modern, and chic branding designs to increase the mass appeal of their products.
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Demand Likely to Grow amid COVID-19 Pandemic Due to Health Benefits of Peppermint Tea
The peppermint tea market is expected to witness consistent growth in 2020 amid the ongoing COVID-19 pandemic due to health benefits associated with peppermint tea. Antibacterial and antiviral properties of peppermint are known to boost the body’s immunity and treat common cold due to which, the demand for peppermint tea has witnessed consistent growth in 2020. Furthermore, the overall health benefits associated with peppermint tea are likely to augment the sales in 2020. While sales across retail stores and supermarkets are projected to drop due to the stringent lockdown measures imposed by governments in second quarter of 2020, online sales are expected to increase.
Suppliers are understanding consumer requirements, their preferences for variety, blend, pack sizes, and processing of peppermint tea products, and are trying to provide affordable and innovative products at a reasonable price. Suppliers are also launching with innovative tea concepts and sales with original ideas, which provide an opportunity to customers to explore respective products and offerings.
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