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Ready to Drink Tea and Ready to Drink Coffee Market foreseen to grow exponentially over 2020
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Asia Pacific has largest market share, followed by Europe. North America is the fastest growing ready to drink tea and ready to drink coffee market due to increasing health awareness and growing consumer awareness about ill effects of carbonated beverages.
Rising health awareness, introduction of functional ingredients, rising disposable income and increasing urbanization are some of the major driving force for ready to drink tea and ready to drink coffee market. Increasing awareness among consumers regarding health, diet and fitness results in an improved lifestyle. In recent time, customers are more conscious of their calorie intake. With the increasing number of diseases such as diabetes and obesity globally, people are showing more consciousness towards their food and drinks. Urban population is more concerned about their lifestyle as compared to the rural population. The lifestyle of urban population is more fast-paced. Fast-paced lifestyle along with an aspiration to stay fit attracts people to ready to drink tea and ready to drink coffee.
Increasing disposable income in the developing countries such as India and China is expected to trigger the growth rate of ready to drink tea and ready to drink coffee market. Increasing disposable income allow the customer to spend more. According to the National Bureau of Statistics China, annual per capita disposable income of urban households in China increased from USD 2,271.0 in 2008 to USD 3408.5 in 2012. The overall annual disposable income in India medium household income increased from USD 1,366.2 billion in 2010 to USD 1,587.6 billion in 2013.
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Some of the major restraints of ready to drink tea and ready to coffee market are rising raw material prices and increasing consumption of freshly ground coffee. New target consumer such as young adults and health conscious consumers acts as an opportunity for ready to drink tea and ready to drink coffee market.
The major companies operating in the ready to drink tea and ready to drink coffee market include Dr Pepper Snapple Group, Dunkin’ Brands Group, The Coca Cola Company, San Benedetto, PepsiCo Inc, Monster Beverage Company, Starbucks Corporation and Japan Tobacco Inc.
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