World Tea Market Study 2020: COVID-19 Impact Analysis and Forecast to 2024 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "The Global Tea Market and the Impact of COVID-19 in the Medium Term" report has been added to ResearchAndMarkets.com's offering.

This is the most detailed (COVID-19 updated) and comprehensive report about the global tea market, covering all global regions and 151 single countries. The report presents information on each indicator for each of the 151 countries covered, offering unmatched value, accuracy and expert insights.

The global tea market was equal to 113.46 billion USD (calculated in retail prices) in 2014. Until 2024, the tea market in the world is forecast to reach 235.75 billion USD (in retail prices), thus increasing at a CAGR of 6.8% per annum for the period 2019-2024. This is a decrease, compared to the growth of about 8.7% per year, registered in 2014-2018.

The average consumption per capita in value terms reached 20.71 USD per capita (in retail prices) in 2014. In the next five years, it grew at a CAGR of 4.75% per annum. In the medium term (by 2024), the indicator is forecast to slow down its growth and increase at a CAGR of 4.08% per annum.

The tea market has evolved dramatically in the past few years in line with consumers' changing behavior. Today, tea drinkers are more interested in high-quality products with a great story and drinks that give them specific health benefits, which has driven demand for healthy green, functional botanical tea and herbal blends. In addition, the perception of tea has also changed, as it is viewed by most younger consumers as a sensual and wellness drink.

Premiumization is another positive development on the market, as customers are showing strong preferences for functional botanical blends and single estate artisanal teas. More and more people are interested in innovative flavor combinations, as well as in authenticity and the story behind certain brand. When it comes to different types, a recent trend suggests that natural, earthy alternative flavors such as ginger, matcha, turmeric and cumin are in higher demand. Cheese tea is another food service phenomenon, which has been especially popular in Asian countries such as Malaysia, Taiwan, and China.

Another interesting trend on the tea market is the emergence of tea pairing menus. Since customers are increasingly opting for unique and experience led products, different restaurants have been trying to enhance culinary experience by introducing a several course tea pairing menu. In addition, the tea market has been expanding outside the category of hot beverages with the development of new ready-to-go drinks and iced tea variants. Kombucha, for example, has shown an impressive growth over the past few years from a niche product to a well-established product in mainstream supermarkets.

This report presents a strategic analysis of the global tea market and a forecast for its development in the medium term, taking into account the impact of COVID-19 on it. It provides a comprehensive overview of the market volume and value, dynamics, segmentation, characteristics, main players, prices, international trade, trends and insights, growth and demand drivers, challenges, etc.

The report on the global tea market covers:

• Market volume, value and dynamics for the last five years;
• Market segmentation (by region and each covered country; by product groups, etc.) for the last five years;
• Analysis of the factors, influencing the market development (market trends and insights, drivers and challenges) and the impact COVID-19 has and will have on the market in both the short and the medium term;
• Value chain analysis and structure of price formation;
• Analysis of retail price levels and their dynamics for the last five years (broken down by region and each covered country);
• Analysis of the major international trade flows;
• Volume, value, dynamics, segmentation (by region and each covered country) and analysis of imports for the last five years;
• Volume, value, dynamics, segmentation (by region and each covered country) and analysis of exports for the last five years;
• Volume and dynamics of the average import and export prices for the last five years (broken down by region and each covered country);
• Volume, value, dynamics, segmentation and analysis of per capita consumption for the last five years (broken down by region and each covered country);
• Forecast for market development in the medium term (volume, value and segmentation by region and each covered country);
• Characteristics of the main players on the market;
• Analysis of the competitive landscape;
• Five Forces analysis;
• Analysis and forecast for the global economy and demographics.

Companies Mentioned

• Accolade Wines
• ADMiral Nelson's Rum Ltd.
• Alko
• Allagash Brewing Company
• Allied Blenders & Distillers
• Amrut Distilleries
• Anchor Brewing Company
• Angus Dundee Distillers PLC
• Arkell's Brewery
• Asahi Breweries
• Bacardi Ltd.
• Bass Brewery
• Beam Suntory
• Belvedere
• Bombay Spirits
• Brown Forman
• Central European Distribution
• Changyu
• Chase Distillery
• Constellation Brands, Inc.
• Courvoisier
• Davide Campari-Milano S.p.A.
• Diageo
• Distell Group
• Dreher
• E&J Gallo
• Emperador
• Golden Grape
• Gran Madador
• Gruppo Campari
• Hennessy
• Honey Bee
• Iceberg Vodka
• James Burrough
• Jose Cuervo
• Juarez
• Mansion House
• Martell
• Mast-Jgermeister SE
• Matusalem
• McDowell's No.1
• Men's Club
• Mohan Meakin
• Old ADMiral
• Old Kenigsberg
• Ouzo Barbayanni
• Ouzo of Plomari Isidoros Arvanitis
• Patron Spirits
• Pernod Ricard
• Proximo Spirits
• Pusser's
• Radico Khaitan
• Ron Bermudez
• Ron Edmundo Dantes
• Russian Standard
• San Miguel Corporation
• Sauza
• Savor Stoli
• Shiva Distilleries
• Suntory Holdings
• Tanduay
• Vivendi
• Whitbread
• William Grant and Sons

For more information about this report visit https://www.researchandmarkets.com/r/m4k71h