Tea Market Size, Growth, Key Drivers, Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Tea Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $70.19 billion In 2028 At A CAGR Of 5.8% :

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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Tea Market Major Segments
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

Key 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.

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Prominent Trend - Innovative Trends In The Tea Market With The Rise Of Specialty Iced Teas And Sustainable Initiatives

Major companies operating in the tea market are focused on developing new product innovations, such as specialty iced teas, to strengthen their position in the market. Specialty iced teas are unique blends of tea that are specifically designed to be served cold over ice. These teas often have a refreshing and fruity flavor profile and can be made with a variety of ingredients, such as fruit, herbs, and spices. For instance, in September 2022, Honest tea Inc., a US-based organic tea and beverages company introduced a specialty iced tea named 'Just Ice Tea', a ready-to-drink organic iced tea. The launch Just Ice Tea's team's goal is to promote 'Justice' through Fair Trade premiums and working standards, which relate to a set of environmental and working standards. The company is dedicated to protecting the environment through organic accreditation, which forgoes the use of artificial pesticides, herbicides, insecticides, and fertilizers.

Tea Market Players
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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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the tea market in 2023. Europe is expected to be the fastest-growing region in the global tea market report during the forecast period. The regions covered in the tea market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Tea Market Report Structure
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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