Tea Market: Consumption of Tea Reduces Risks of Heart Attack, Cancer
The low price factor and easy availability of tea has been the major factor for its high consumption after water across the world. The immense employment opportunities provided by the tea industry along with the growing adoption of green tea in skin care and beauty products is also propelling the growth of the global tea market.
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The global tea market is expected to display a CAGR of 2.80% between 2014 and 2020 for the market’s valuation to increase from US$38.84 bn in 2013 to US$47.20 bn by 2020.
The growing demand for green tea for beauty and skin care has opened new avenues for the growth of the global tea market. “An increasing number of beauty products manufacturers are introducing green tea extracts in sunscreen formulations as green tea is associated with reducing the impact of sunburns,” TMR report states.
The key types of tea include CTC (crush, tear, and curl) tea and leaf tea. Among the leaf tea segment, black tea accounted for a majority share in the overall market in 2013. However, during the forecast period, the green tea segment is anticipated to drive the demand from the market and register the fastest growth. Among the packaged and loose tea, loose tea dominates the market. To increase their market share, the packaged tea manufacturers are introducing different flavors of tea while enhancing the quality of tea.
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By geography, the global tea market has been categorized into Asia Pacific, Europe, North America, and Rest of the World. In 2013, Asia Pacific dominated the global tea market and is projected to remain in its leading position throughout the forecast period. The rapid growth of this region can be attributed to the tremendous demand from China and India. Moreover, the highest revenue is generated in the Asia Pacific tea market, owing to the huge quantity of tea exported from countries such as China, India, and Sri Lanka across the globe. On the other hand, the North America tea market holds a comparatively smaller share in the overall market at present; nevertheless, it is estimated to witness sluggish growth in the next few years.
The information presented in this review is based on a Transparency Market Research report, titled “Tea Market - Global Industry Analysis, Trend, Size, Share and Forecast, 2014 - 2020.”
Global tea market has been segmented as:
The global tea market is segmented into:
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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