Tea Market: Size, Share, Unveiling Growth Potential and Outlook for 2024-2031 | Starbucks Corporation, Wissotzky Tea

The global tea market was valued at US$ Mn in terms of revenue in 2020 and is predicted to grow at a CAGR of 5.0% during the forecast period (2021 to 2027).

Market Overview:

Tea is one of the most widely consumed beverages in the world. It is prepared by pouring hot or boiling water over cured or fresh leaves of Camellia sinensis. Black, green and oolong tea varieties are largely consumed globally due to various health benefits associated with their consumption.

Market Dynamics:

The tea market is expected to witness significant growth over the forecast period owing to rising awareness about various health benefits associated with tea consumption. Studies have shown that regular tea consumption may reduce risk of cancer, heart disease, diabetes and many other chronic ailments. Increasing health-consciousness among consumers is therefore expected to boost the demand for tea. Moreover, launch of new flavored and herbal tea products by players is further expected to augment the market growth over the forecast period. Tea products infused with fruits, herbs, spices and other ingredients are gaining popularity among health-conscious demographics. Continuous innovation and new product launches by vendors catering rising consumer preferences is estimated to drive the market growth.

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Market Drivers for Tea

Increased Health Awareness is Boosting Tea Consumption

With growing awareness about the health benefits of tea, more consumers are switching to tea from other beverages. Tea is known to provide various health benefits such as improved heart health, weight management, bone strength etc. The antibacterial and antioxidant properties of tea help reduce the risk of chronic diseases. As people focus more on fitness and wellness, tea has emerged as a preferred beverage choice. Various studies by health organizations have highlighted the medicinal advantages of tea consumption which is fueling the sales of tea products globally.

Rising Working Population is Augmenting the Demand for Ready to Drink Tea Variants

The fast paced lifestyle has resulted in shortage of time for meal preparations and tea making. The busy schedules leave little time for leisure activities. To address the need of convenience among urban populations with hectic schedules, ready-to-drink tea variants in bottles, cans and tetra packs have gained widespread popularity. The on-the-go consumption trend has boosted the sales of iced tea, green tea and herbal tea forms. Manufacturers recognize the consumer shift towards instant and easy to prepare products leading to extensive new product launches in the ready-to-drink segment on an ongoing basis.

Market Trends for Tea

Innovation Led Premiumization is Driving Consumer Interest

To appeal to changing consumer preferences, tea producers are coming up with new product forms, flavors and packaging innovations. Novel blends with exotic fruits and herbs, specialized single estate offerings, cold brew and bottled variants attract health conscious youth. Premium loose leaf and artisanal varieties positioned as luxury products appeal to affluent customers willing to pay higher prices.Specialized store formats & e-commerce enable discovery of unique products from diverse origins. The trends of new experiences, wellness and premium goods have motivated brands to focus on differentiated, value added offerings commanding premium price points.Innovation remains crucial for the industry to engage evolving consumer segments.

Worldwide major and leading players within the market are:

★ Starbucks Corporation
★ Wissotzky Tea
★ Associated British Foods
★ Nestle S.A.
★ Akbar Brothers Ltd.
★ Tata Global Beverages
★ The Republic of Tea
★ DAVIDs Tea

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Segmental Overview

Tea Market segmentation offers an in-depth analysis of the various segments of the market, including application, type, end use, and region. The segmentation overview section offers crucial information about the market share, sales, and growth rate for each of the segments over the forecast period. Moreover, an examination of the relative multitude of significant sub-portions in the market has been canvassed in the report.Having a knowledge about the various segments and sub-segments helps businesses recognize the importance of factors that drive industry growth.

The titled segments and sub-section of the Tea market are illuminated below:

Global Tea Market, By Product Type:

★ By Type: Black tea, Green tea, Oolong tea, Herbal tea, and Others tea.
★ By Distribution Channel: Hyper Market/ Super Market, Convenience Stores, Retail Stores, and Online Stores

Regional Analysis for Tea Market:

📍 North America (United States, Canada, and Mexico)
📍 Europe (Germany, France, UK, Russia, and Italy)
📍 Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
📍 South America (Brazil, Argentina, Colombia, etc.)
📍 The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

Key Highlights of the Report

Offers a comprehensive and holistic analysis of the Tea Market.
Evaluates the competitive environments, covering partnerships, joint ventures, acquisitions, and organic growth.
Provides forecast information related to every region and sub-region of the Tea market.
Includes information on the key opportunities and challenges faced by key industry players worldwide.
Covers the Tea market's current and future market outlook on industry drivers, market restraints, and regional constraints.
The report answers a number of crucial questions, including:

➥ Which companies dominate the global Tea market?
➥ What current trends will influence the Tea market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular Tea market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?

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This release was published on openPR.