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A Cup Above: Tea Industry Trends Steeping into 2024
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Tea Market 2024 Key Insights:
• 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%.
• Herbal Tea As A Catalyst For Unprecedented Growth In The Global Tea Market
• Innovative Trends In The Tea Market With The Rise Of Specialty Iced Teas And Sustainable Initiatives
• Asia-Pacific was the largest region in the tea market in 2023
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