LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global tea pods market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global tea pods market will likely grow at a fast rate in the next five years, owing to the increasing popularity of single-serve tea pods in regions like Europe and the Americas. Despite the popularity of tea pods mostly in developed countries, the premium price tag of these products has enabled the category to have a substantial impact on the value of the global tea market.
Manjunath Jaganathan, a lead analyst from Technavio, specializing in research on non-alcoholic beverages sector, says, “The availability of tea pods is encouraging consumers to switch from regular tea to fresh ones. Thus, the overall demand for single-serve tea pods has increased for both at-home and out-of-home purposes. Workplaces have tea pod machines, which help to reduce labor costs.”
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The top three emerging trends driving the global tea pods market according to Technavio research analysts are:
- Rising consumer preference for premium products
- Growing trends in compostable tea pods
- Increasing availability and easier accessibility through online retailing
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Rising consumer preference for premium products
Changing consumer preferences for premium products from conventional products will have a significant impact on the global tea pods market. For example, in the UK, the sales of traditional and strong black tea have been declining since 2011, while the sales of specialty tea products and single-serve tea pods have witnessed a surge in demand.
“The premiumization trend has also impacted the US tea market over the last five years. The tea pods market in the US has tripled in value in the last five years, and consumers are getting increasingly attracted toward tea pods because of their easy-to-use convenience factor,” according to Manjunath.
Growing trends in compostable tea pods
Shifting consumer preferences and technological innovations have been encouraging vendors to come up with new product and packaging innovations such as compostable tea pods. For example, in 2016, Good as Gold, a US-based tea and coffee vendor, introduced Tropical Blast Tea Pods, which were 100% compostable and biodegradable.
Furthermore, The Republic of Tea, a US-based hot beverages company, launched a range of environment-friendly single-serve tea pods under the brand name One Cuppa, in October 2013. The tea pods were 95% biodegradable and compatible with most tea-brewing and single-serve coffee machines.
Increasing availability and easier accessibility through online retailing
With the growth of e-commerce businesses worldwide, the vendors have the potential to enhance their profitability. E-commerce accounts for nearly 12% of the world’s retail trade. Online and e-commerce channels support both business-to-business (B2B) and business-to-consumer (B2C) operations.
The average amount of money spent online per transaction and the number of transactions that take place online are on the rise globally. The rising number of internet users and buy-it-now attitude of these users is influencing the growth rate of this type of retail channel.
The key vendors are as follows:
- Keurig Green Mountain
- Tata Global Beverages
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