Press release
Tea Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
Tea Market
The Business Research Company offers in-depth market insights through Tea Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The tea market size has grown strongly in recent years. It will grow from $52.74 billion in 2023 to $56.12 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to cultural significance and tradition, health and wellness trends, globalization and access to varieties, rising disposable incomes, marketing and branding strategies.
The tea market size is expected to see strong growth in the next few years. It will grow to $70.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to premiumization and specialty teas, functional and health-boosting teas, sustainability and ethical sourcing, innovation in tea formats, e-commerce and direct-to-consumer channels. Major trends in the forecast period include exploration of tea-based culinary applications, enhancement of tea packaging and presentation, rise of tea subscription services, integration of technology in tea retail, cultural and regional tea exploration.
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Market Segmentation:
The tea market covered in this report is segmented -
1) By Type: Green Tea, Black Tea, Oolong Tea, Fruit Or Herbal Tea, Other Types
2) By Packaging: Plastic Containers, Loose Tea, Paper Boards, Aluminum Tins, Tea Bags
3) By Distribution Channel: Super Markets Or Hyper Markets, Special Stores, Convenience Stores, Online Stores, Other Distribution Channels
4) By Application: Residential, Commercial
Major Driver - Herbal Tea As A Catalyst For Unprecedented Growth In The Global Tea Market
The growing demand for herbal tea is expected to propel the growth of the tea market going forward. Herbal tea refers to a tea with dried herbs and spices that often has no caffeine. It is a beverage created by steeping several plants' leaves. Herbal tea is a type of tea whose benefits include lowered inflammation, lowered stress levels, support for the immune system, and more, and it also supplements a healthy eating regimen. For instance, in October 2022, according to a data published by Canada Statistics, a Canada-based government agency, the forecast fruit or herbal tea retail value sales in 2022 was $144.1 million, which will rise to $286.1 million in 2026. Therefore, the growth in demand for herbal tea is driving the growth of the tea market.
Competitive Landscape:
Major companies operating in the tea market report are Nestlé S.A., Unilever PLC, Associated British Foods plc, ITO EN Ltd., Hain Celestial Group Inc., Godrej Consumer Products Limited, Tata Global Beverages Limited, Twinings of London Ltd., McLeod Russel India Limited, Tazo Tea Company, RC Bigelow Inc., DavidsTea Inc., Yorkshire Tea Ltd., Barry's Tea Limited, Traditional Medicinals LLC, Rishi Tea & Botanicals, Celestial Seasonings Inc., Harney & Sons Fine Teas, The Republic of Tea Inc., Dilmah Ceylon Tea Company PLC, Apeejay Surrendra Group Limited, Typhoo Group Limited, M.M. Ispahani Limited, The Jasmine Pearl Tea Company, Mighty Leaf Tea, The Tea Spot, Big Heart Tea Company, Taetea Group Co Ltd., Numi Organic Tea, Teavana Corporation
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Top Trend - Market Elevates Tea Experience With The Launch Of Tata Tea Premium Street Chais Of India
Major companies operating in the tea market are focused on developing new advanced tea solutions, such as Tata Tea Premium, to strengthen their position in the market. For instance, in March 2023, Tata Consumer Products Limited, an India-based consumer products company, launched Tata Tea Premium Street Chais of India, a range of teas celebrating the unique flavors inspired by the streets of India. These teas are blended by expert crafters and are best enjoyed when prepared with milk.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Tea Market Characteristics
3. Tea Market Trends And Strategies
4. Tea Market - Macro Economic Scenario
5. Tea Market Size And Growth
…..
27. Tea Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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