Peppermint Tea Market to Expand at 8% CAGR Through 2030 Amid Rising Health-Conscious Consumer Base - Analysis by TMR

The food & beverages sector has witnessed major developments over the past decade, particularly in niche flavors and product segments. Due to evolving consumer preferences, engaging branding & marketing strategies deployed by brands, and increasing interest in exploring new products, a range of new beverages and food products have entered the market. The popularity of tea continues to rise worldwide, and as per current trends, tea is also gaining popularity among consumers in traditionally non-tea drinking nations. With the tea wave likely to continue for several years to come, fusion tea flavors such as peppermint tea have garnered considerable popularity for a range of factors.

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Market Size and Growth

Evolving consumer trends have played an imperative role in shaping the growth of the peppermint tea market in recent years. Analysts at Transparency Market Research suggest that these trends are likely to drive the demand for peppermint tea during the forecast period. The entry of a range of ready-to-drink tea brands in the global and domestic markets is projected to augment the sales of peppermint tea in the upcoming months. Health benefits of peppermint tea coupled with the growing influence of social media marketing are some of the other key factors expected to boost the sales of peppermint tea in the upcoming years. At the back of these factors, along with the willingness among consumers to explore new products and flavors, the global peppermint tea market is on course to reach a market value of US$ 330 Mn by the end of 2030. Market players involved in the current peppermint tea market are increasingly focusing on the packaging of products, pricing points, and creating more awareness regarding the benefits of peppermint tea - factors that are projected to bolster the sales of peppermint tea in the near future.

Market Segmentation

The peppermint tea market can be segmented based on product type, packaging, distribution channel, and region. Product types include loose leaf, tea bags, and ready-to-drink formats. Packaging options range from sachets and tins to bottles and cartons. Distribution channels encompass supermarkets, specialty stores, online retailers, and direct sales. Each segment offers unique opportunities and challenges, with ready-to-drink teas and online sales channels showing significant growth potential.

Regional Analysis

Ready-to-drink teas are primarily promoted as super-foods in developed regions, including North America and Europe, and are known to be cold-brewed, low on preservatives, and possess antioxidants. The average consumption of peppermint tea has witnessed a considerable hike over the past few years - a trend that is expected to continue during the forecast period. As the millennial population continues to lean toward a healthier and improved lifestyle, the demand for peppermint tea is growing worldwide. In addition, social media marketing is anticipated to have a strong influence on the overall growth of the peppermint tea market, as more popular digital influencers promote fusion tea flavors. While social media marketing is likely to remain one of the key marketing strategies deployed by brands, market players are increasingly focusing on launching products with engaging label designs, packaging designs, etc.

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Market Trends

The demand for ready-to-drink teas is likely to grow amid the COVID-19 pandemic due to the health benefits associated with peppermint tea. Antibacterial and antiviral properties of peppermint are known to boost the body's immunity and treat common colds, due to which the demand for peppermint tea has witnessed consistent growth in 2020. Furthermore, the overall health benefits associated with peppermint tea are likely to augment sales in 2020. While sales across retail stores and supermarkets are projected to drop due to stringent lockdown measures imposed by governments in the second quarter of 2020, online sales are expected to increase.

Competitive Landscape

Detailed profiles of providers of peppermint tea have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies. Key players operating in the global peppermint tea market include:

Associated British Foods plc
Tata Consumer Products
Unilever N.V.
The Hain Celestial Group
Orientis Gourmet SAS
R.C. Bigelow Inc.
Dilmah Ceylon Tea Co. Plc
Yamamotoyama Co. Ltd
Harney & Sons Tea Company
The Republic of Tea

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Future Outlook

The global peppermint tea market is expected to expand at an impressive CAGR of ~8% during the forecast period. The market growth can be primarily attributed to the growing demand for niche beverage products worldwide, rising average tea consumption worldwide, the popularity of tea products in non-tea drinking nations, and increasing consumer awareness pertaining to the benefits of peppermint tea. Furthermore, the entry of a range of new peppermint tea manufacturers in the market, the rising influence of social media, and the booming e-commerce sector worldwide are expected to propel the global peppermint tea market during the assessment period.

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