Tea Market Report 2018: Growth Factors Analysis with Research Findings and Opportunity Forecast 2023

Market Overview:
The Global Tea Market is expanding rapidly and is expected to reach a significant high over the forecast period of 2018-2023. One of the preliminary factors driving the growth of the tea market is the health benefits associated with it. Tea is proven to have plentiful health benefits such as strengthening the body's immune system, bones, and teeth. Moreover, being loaded with antioxidants, the intake of tea is also considered to reduce the risk of cardiovascular diseases, cancer, and kidney stones other than improving cholesterol levels and blood vessel functions. Tea has gradually earned its popularity as a beverage which has been instrumental in shaping the tea market. Health-conscious consumers invariably prefer functional drinks over other carbonated beverages. To tap these consumers, various F&B companies are foraying into the tea space and launching different variants of tea-based beverages. In addition, the introduction of newer varieties of teas such as purple tea, green tea, and matcha have also contributed to the growth of the global tea market. Green tea, kombucha, and matcha tea, of late, has gained immense foothold in the tea market since they have functional properties, the most desirable one being weight loss. Moreover, such tea varieties are increasingly being introduced as ready-to-drink beverages which further augments the growth of the market. Crossbreeding of tea varieties has led to the introduction of new clones which coupled with the adoption of good agricultural practices has led to the betterment of tea varieties. However, the growth of the global tea market might be hindered by raising awareness regarding the ill effects related to caffeine, which is found in tea.

 

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Segmentation:
The global tea market has been segmented based on type, form, distribution channel, and packaging type. By type, the market has been segmented into black, white, green, oolong, and others. By form, the market has been segmented into powder, leaves, and others. By distribution channel, the market has been segmented into store-based and non-store based. By packaging type, the market has been segmented into tea bags, bottles, cans, pouches, and others.

 

Competitive Landscape:
The notable players operating in the global tea market include Tata Global Beverages (India), Barry's Tea (Ireland), McLeod Russel (India), Associated British Foods plc (UK), ITO EN Inc. (US), Unilever (The Netherlands), Taetea (China), Nestlé (Switzerland), and Apeejay Surrendra Group (India).

 

Industry Updates:
In October 2018, Gratitude Health, US-based ready-to-drink beverage maker launched ready-to-drink green tea range. Called Gratitude Dragon Well Green Teas, the new range is certified by the US Department of Agriculture (USDA) and is available in different flavors such as wild berry, peach, mint, blood orange favors and original.

 
In October 2018, Arunachal Pradesh, India, is going to host the first ever auction of purple tea in the country at Guwahati Tea Auction Centre. The tea is being made from plants rich in anthocyanin and is said to have 15 times more flavonoid than wild blueberries.

 
In October 2018, Sainsbury, a leading chain of supermarkets in the UK, launched two unique flavors in tea. The two new flavors include Brussels sprouts and pigs in blankets.

 

Regional Analysis:
Regionally, the global tea market has been segmented into North America, Asia Pacific, Europe, and the Rest of the World. Asia Pacific is leading the global tea market. The Asia Pacific region is ideally suited for the production of tea with subtropical monsoon climates with hot summers and relatively cold and dry winters. The emerging economies of Asia Pacific have liberalized their market which supports the tea market growth in Asia Pacific. In addition, the inflow of foreign direct investment attracted by the low-cost advantage that the region offers has boosted the growth of the tea market. China is one of largest tea consuming countries in the world driven by raising awareness regarding the health benefits of tea and high demand for hot beverages.

 North America is expected to be the fastest growing market for tea over the forecast period. Growing inclination of the consumers in the region towards tea and shift in preference from tea to coffee enticed by its health benefits will be instrumental in driving the growth of the North America tea market. The US is one of the largest importers of tea in the world.

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