LONDON--(BUSINESS WIRE)--Technavio has announced the top six leading vendors in their recent global herbal tea market report. This research report also lists 11 other prominent vendors that are expected to impact the market during the forecast period.
The popularity of herbal tea in Asian economies and the availability of product and flavor variants have contributed to market growth. Herbal tea has garnered attention because it is thought to have numerous health benefits and has no caffeine content.
Ready-to-drink (RTD) tea and coffee are substitutes in the global tea market. Soft drinks and fruit juices are other alternatives, and although not of a similar category, they do pose some threat to the tea market.
Herbal tea bag formats will remain key to the growth of the market during the forecast period. Most consumers consider the tea bag format to be the most convenient form of consumption. Hypermarkets and supermarkets will continue to be the most preferred destinations globally for the purchase of herbal tea. This is because these retail formats are large in size and can allocate more shelf space to house more products of different brands than other retail formats. Attractive offers and discounts provided by these stores will continue to attract more tea lovers to these stores during the forecast period.
Competitive vendor landscape
The global herbal tea market is subject to rapidly changing consumer demand and preferences. Vendor performance in the market may be affected by changing consumer spending patterns. It may also be affected by consumer tastes; regional, national, and local economic conditions; and demographic trends. These changing economic conditions are affecting consumers’ living standards and will also affect vendors' businesses.
“The market is highly fragmented because of the presence of numerous small and large vendors. The vendors in the market compete on the basis of factors such as price, quality, innovation, service, reputation, and distribution,” says Manjunath Reddy, a lead non-alcoholic beverages analyst from Technavio.
Increasing vendor competition may lead to vendors reducing their product prices, which will negatively affect vendor margins and market growth. The current market includes companies of varying sizes. Some companies are also more specialized than others with respect to particular commodities and some companies also have larger financial resources than other companies.
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Top six herbal tea market vendors
Adagio Teas offers a wide variety of tea such as black tea, pu-erh tea, oolong tea, white tea, green tea, herbal tea, rooibos tea, and decaf tea. It also offers pantry products such as amber sugar crystals, tea cookies, tea honey, and matcha fruit mix; spices; iced tea; and teabags.
Associated British Foods (ABF)
ABF is a diversified international group involved in food, ingredients, and retail businesses. It manufactures and markets food and ingredients. The company operates as a subsidiary of Wittington Investments. It has operations in 47 countries located in Europe, the Americas, Southern Africa, Asia, and Australia.
Dilmah Tea is a flagship tea brand of the MJF Group. This brand has its presence in over 100 countries in the world. Apart from production of the tea, it also engages in the export of tea, pre-packaging of tea in branded packs, tea broking, printing and packaging of tea products, and invests in tea plantations. The company's core business is the production of tea.
The company manufactures and retails tea leaves and beverages. The company sells its tea products in various formats such as loose tea, tea bags, and ready-to-drink. The types of tea retailed by the company are green, white, oolong, black, pu-erh, herbal, matcha, chai, artisan, and blends.
Tata Global Beverages (TGB)
TGB is an integrated beverage business that offers tea, coffee, and water. It sells its products under the Tata Tea, Eight O’Clock Coffee, Tetley, Jemča, Vitax, Himalayan, Grand Coffee, and Joekels brand names. As of March 2015, TGB had more than 3,000 employees worldwide.
Unilever functions in the food and beverage, household cleaning, and personal care product markets. As on December 2015, the company had 171,000 employees. In 2015, it reported revenue of USD 59.09 billion. The company's revenue increased by 9.98% in FY2015 (in reported currency) in comparison to the revenue in FY2014.
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