Global Tea Market Size & Share is Projected to touch USD30.3 Billion by 2027, growing at the CAGR of 4.5 % during the forecast period | BlueWeave

A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global tea market was worth USD22.4 Billion in the year 2020. It is estimated to grow at the CAGR of 4.5%, earning revenue of around USD30.3 Billion by the end of 2027.Tea- the world’s most popular beverage, is manufactured from the leaves of the Camellia Sinens is plant. Increased awareness of the benefits of consuming tea, such as boosting the immune system, strengthening bones and teeth, and lowering the risk for heart disease, kidney stones, and cancer, are propelling the demand for tea across the world. Moreover, the increasing popularity of organic tea is also influencing the growth of the global tea market. Increasing acceptance of tea instead of fizzy drinks, mainly among health-conscious consumers, is an important factor driving the growth of the global tea market.

Increased exports of tea from Asia-Pacific region favoring market growth

One reason for the increased consumption of tea is the rapid growth of per capita income mainly in developing Asian countries. Moreover, young urbanites who are entering the middle class are ready to consume more and able to afford premium tea products. Tea production in China and India is the highest globally, and these two nations export tea worldwide to meet the growing demand. China is also the largest exporter of tea around the world. According to Statista, China exported approximately 2.04 billion U.S. dollars' worth of tea in 2020, making it the world's leading tea exporter. India is the world's second-largest producer and third-largest exporter of tea. The Directorate General of Foreign Trade (DGFT) estimates that India exported almost 250 million kg of tea worth $872 million in 2019.

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Inclination towards herbal tea driving market

The global demand for herbal tea has steadily increased due to consumers' increasing health awareness and their desire to consume organic foods and beverages. Processed foods and carbonated drinks have been labeled as "foods that pose health hazards". This has prompted a greater interest in organic teas and spices. Farmers are also focusing on new and innovative methods of cultivating herbal tea and spices to drive the volume of production. Moreover, herbal tea and black tea types play an important role in controlling many lifestyle diseases like blood pressure, diabetes, cold, and cough, etc.

Restraints

Tea farmers around the world face a major bottleneck because of the lack of knowledge regarding proper farming practices. For tea growers, it is becoming more difficult to convert their conventional farming systems to more sustainable and productive systems. In addition, the production cost of tea is significantly higher, which impacts the market's growth. Because of the expensive certification, the process involved in organic tea production and sales in the international market mainly discourages farmers from accepting organic farming.

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Impact of COVID-19 in the industry

The outbreak of COVID-19 has affected almost every industry. COVID-19 took the world by surprise and has had a significant impact on not only how businesses are run, but also how they survive. More than 80 million people are employed in the tea production and growing industry globally. Therefore, the diseases and measures imposed to control them will heavily affect this industry. The global tea market had to experience an adverse impact during Corona virus outbreak due to lockdown conditions and social distancing norms imposed by the governments of different countries to curb the spread of the virus. Manufacturing procedures, import and export business, and the supply chain have also been hampered due to the strict measures taken by the government to control the COVID-19.

Black tea, by type occupies the largest share of global tea market

Based on types, the global tea market is segmented into Oolong Tea, Green Tea, Black Tea, Herbal Tea, and others. Black tea has accounted for the largest market share of the global tea market due to its major health benefits. By virtue of its antioxidant properties, Black Tea helps prevent DNA damage related to tobacco and other toxic chemicals. Antioxidants from these plants are very different from those found in fruits and vegetables. Therefore, by including them regularly in your diet, you can gain additional health benefits.

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The Asia Pacific region is expected to witness significant growth in the market during the forecast period

Based on regions, the global tea market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The Asia-Pacific region has the largest tea market due to strong economic growth in numerous emerging countries, including China and India. The growth of disposable income has created a big middle-class group that loves premium tea blends and brands, moving from unpacked tea to packaged and specialty tea. Urban youth are prepared to consume more and are willing to pay for premium tea products, which can lead to stronger and longer trends in the global tea market that will fuel its growth. Additional factors expected to boost the tea market in the region include unique variety of flavors and innovative packaging methods.

Global tea market: Competitive landscape

The key players in the Global Tea Market are Associated British Foods Plc., Barry's Tea Limited, Hain Celestial Group, Inc, ITO EN, Ltd., Mcleod Russel India Limited, Nestle S.A., TaeTea, Tata Global Beverages, The Republic of Tea Inc., Unilever Group and other key manufacturers. To improve their market presence, these players focus on campaigns and new product launches.

Do not miss the business opportunity of the Global Tea Market. Consult our analysts to gain crucial insights, and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global tea market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global tea market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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