Market overview
In 2021, the worldwide Tea Market was worth US$ 22 billion. With a CAGR of 5.6 percent from 2022 to 2027, the market is expected to reach US$ 30.3 billion by 2027.
Tea is a widely consumed beverage around the world, and people have been drinking it for centuries because of its health advantages. Tea is high in antioxidants and includes healthful bioactive chemicals that lessen the risk of heart disease, promote weight loss, and protect against cancer. While a cup of tea has various health benefits, excessive tea consumption has certain negative side effects. Excessive intake of green Tea Market Research, according to the University of Maryland Medical Centre, increases the risk of lung cancer, colorectal cancer, and oesophageal cancer.
Organic tea's growing popularity is predicted to improve the Tea Market's growth. Teas such as black, green, and herbal teas are the most popular among customers all over the world.
Associated British Foods Plc., Barry's Tea Limited, Hain Celestial Group, Inc., ITO EN, Ltd., McLeod Russel, Nestlé S.A., Taetea Group, Tata Global drinks, The Republic of Tea, Inc., and Unilever Group are some of the main Tea Market participants.
Market segmentation
The Tea Market is divided into types, packaging, distribution channels, and applications.
By type- green tea, black tea, oolong tea, fruit/herbal tea, and others are the diverse types of tea available. In 2018, black tea was the most profitable segment, and it is predicted to continue to be so throughout the forecast year.
By packaging- The market has been divided into paper boards, plastic containers, loose tea, aluminium tins, tea bags, and other categories based on packaging. Currently, the market is dominated by paper boards.
In terms of distribution- The market is divided into supermarkets/hypermarkets, specialty retailers, convenience stores, online, and others.
By application- The market has been divided into residential and commercial segments based on application. The household sector currently consumes most of the tea produced. In 2019, the most significant segment in the Tea Market was the supermarket/hypermarket, which accounted for the most share.
Regional classification
The Global Tea Market is divided into four regions: North America, Europe, Asia Pacific, and the Middle East and Africa.
The most important regional markets are Asia-Pacific and Europe.
Asia-Pacific has the greatest market for tea consumption. With substantial economic growth in several developing countries such as China and India. Green tea exports from China have been steadily increasing as global consumption has increased.
After China, India is the world's second-largest Tea Market Report. The industry in India is dominated by North India, which accounts for more than three-quarters of the total. Assam and West Bengal are the two states that produce the most tea in the country. India is one of the world's top five tea exporters, accounting for around 10% of global exports. Tea exports from India were valued at US$ 692.1 million in 2020. Indian teas such as Assam, Darjeeling, and Nilgiri are regarded as among the best in the world.
Due to increased demand for the product, which aids in weight management, the United States is expected to boost its North American herbal Tea Market throughout the forecast period.
Competitive Analysis
The players operating in the market are likely to seek revision of supply chains to promote further the development of the market in new segments and demographics. The digital elements of business functioning are estimated to emerge more prominently in the period ahead. The global market's response to new efficiency levels in the forthcoming period is expected to unleash new and transformative changes. The augmentation of commercial interests in the upcoming period is estimated to create a more advantageous position for the market contenders in the forecast period. In the forecast period, the market is appraised to derive a great deal from the market signals while scrutinizing their consumer base to meet their needs better. The diverse regional markets will see steadfast development due to government backup's influence in re-energizing the global market. The new growth ventures are foreseen to improve the company's future goal achievement trajectory and are thus estimated to be essential to growth. The inclusion of social impact goals by the companies in the market is estimated to usher in a new development phase in the market in the upcoming period.
The renowned companies functioning in the Key Tea Market Players are Unilever PLC (UK), McLeod Russel India Ltd. (India), Davids Tea Inc. (Canada), Associated British Foods PLC (UK), Barry's Tea (Ireland), Tata Global Beverages Limited (India), Apeejay Surrendra Group (India), Bettys Taylors Group Ltd. (UK), Ito En, Ltd. (Japan), and Tea Forté Inc. (US).
Industry news
Tata introduced Tulsi green and Gold Care, a new tea product, in January 2021.
Honest Tea, an organic tea brand, expanded its line by introducing Honest Yerba Mate, a caffeinated ready-to-drink bottled beverage, in April 2021.
Dwayne Johnson and his partners unveiled the ZOA energy drink in January 2021, which contains 160 mg of green tea and unroasted green coffee extracts.
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