LONDON--(BUSINESS WIRE)--According to Technavio Research Report “Tea Market by product (black tea, green tea, and others), distribution channel (online and offline) and geographical regions (APAC, EMEA, and the Americas) is witnessed to grow USD 12.6 billion, at a CAGR of 5% from 2019 to 2023”.
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Global tea market: Introduction of premium tea products
The engagement of consumers with beverages is changing globally. The beverage industry is largely driven by premium products, and the global tea market is not an exception. For instance, in the US, the introduction of premium tea products is expected to drive the market during the forecast period. A major contribution for the RTD tea segment in the US was from premium and super-premium RTD in 2017. Similarly, European tea drinkers are looking for niche and luxurious flavors in the form of customized offerings. Black tea fusions, fruit/herbal teas, and RTD are among the tea products that have growing varieties of premium products. Moreover, consumers are also willing to spend on premium teas, which in turn is contributing largely to the growth of the global tea market.
“The functional benefits of tea, the rapid rise in consumption of green tea, the growing popularity of purple tea, and the booming online sales of tea are some other major factors, apart from introduction of premium tea products, to boost the growth of the overall global tea market, during the forecast period,,” says a senior analyst at Technavio for research on food, beverage & tobacco.
Global tea market: Segmentation analysis
This market research report segments the global tea market by product (black tea and green tea) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 56%, followed by EMEA and Americas respectively. During the forecast period, the APAC region is expected to continue dominating the global tea market and register the highest incremental growth.
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Few Major Players for the Tea Market are:
- Associated British Foods
- Hain Celestial
- ITO EN
- Tata Global Beverages
Rising consumption of tea
The global consumption of tea is increasing. By volume, the consumption of tea increased by around 30 to 36 billion liters from 2013 to 2018. Globally, tea was the second most consumed liquid after packaged water in 2017. According to the FAO, the production of tea witnessed an annual increase of 4.4% between 2007 and 2016. The growth trend in the production and consumption of tea is expected to continue during the forecast period. For instance, the per capita consumption of tea was around 35% in 2017, and it is expected to increase by around 3% by 2021. Major consumers of tea in terms of per capita consumption include Turkey, Ireland, Paraguay, Argentina, Kuwait, and the UK. Countries such as China, Sri Lanka, India, Kenya, and Indonesia are the largest producers and consumers of tea. Exports of tea are also increasing to cater to the globally increasing demand for tea. Therefore, the growing consumption of tea is expected to be a key volume driver for the market during the forecast period.
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