Tea Market is estimated to reach USD 69 billion by 2027, increasing at 9.5% CAGR during 2020-2027 | Size, Share & Forecast

Tea Market

The Tea Market is estimated to reach USD 69 billion by 2027, growing at a CAGR of 9.5% over the forecast period (2020-2027).

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/global-tea-market-by-type-green-black-oolong-herbal/

The factors driving the growth of Tea Market includes increasing demand for low sugar beverages and immunity building products, rising awareness about the health benefits of herbal tea, growing prevalence of diabetes, obesity and heart related diseases around the world and improvements in the living standards. According to the report published by Statista, the market size of herbal tea production in the United States has increased from 395.7 million in 2019 to 401.3 million in 2021, which is expected to accelerate the Global Tea Market in the approaching years. Moreover, rise in the launch of innovative flavors of tea, growing adoption of advanced technologies by manufacturers, easy availability of tea products at e-commerce platforms and offline retail outlets, rapid urbanization and increasing application of tea in cosmetic and beauty industry, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Tea Market is hindered attribute to fluctuations in the price of raw materials and growing consumption of coffee. 

The prominent players operating in the market are MCLEOD RUSSEL INDIA LIMITED, NESTLE S.A., TAETEA, Associated British Foods plc, BARRY'S TEA LIMITED, Hain Celestial, Tata Consumer Products, THE REPUBLIC OF TEA, ITO EN, LTD., and Unilever, among others.

Based on Type, the Black Tea segment is predicted to grow at a significant CAGR during the forecast period

Black tea reduces cell damage in the body, improves heart's health, minimizes low-density lipoprotein (LDL) cholesterol, and enhances gut health, are some of the factors responsible for the segment's growth. 

Based on Distribution Channel, the Supermarkets/Hypermarkets segment is projected to expand at a robust CAGR over the forecast period

Supermarket offers wide range of tea products with attractive discount offers and provides the option of free-home delivery, are some of the factors propelling segment's growth.

Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR over the forecast period

Rise in the prosecution of tea, favorable climatic and demographic conditions for producing tea, rapid urbanization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In 2021, Ito En partnered with Taiyo International to offer high-quality matcha to the food, beverage, and supplement industries in North America.
In 2019, ITO EN LTD. launched Oi Ocha, a ready-to-drink green tea brand, in Walmart nationwide.

Market Segmentation

Segmentation by Type

Green Tea
Black Tea
Oolong Tea
Fruit/Herbal Tea
Others

Segmentation by Packaging

Plastic Containers
Loose Tea
Paperboards
Aluminum Tins
Tea Bags

Segmentation by Distribution Channel

Supermarkets/Hypermarkets
Specialty Stores
Convenience Stores
Online Stores
Others

Segmentation by Application

Residential
Commercial

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.