Tea is the most commonly consumed drink with several health benefits. It is an aromatic healthy beverage due to the presence of a number of potent antioxidants, and minerals such as manganese, magnesium, potassium, & calcium. Some of the associated benefits include stronger bones and teeth, the ability to boost the immune system, reduce the risk for cardiovascular diseases, kidney stones, cancer, and control blood cholesterol levels, etc.
According to study, “Tea Market by Type (Green Tea, Black Tea, Oolong Tea, Fruit/Herbal Tea, and Others), Packaging (Plastic Containers, Loose Tea, Paperboards, Aluminum Tins, and Tea Bags), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, And Others) and Application (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global tea market are Associated British Foods Plc., Hain Celestial Group, Inc., The Republic of Tea, Inc., Barry’s Tea Limited, ITO EN, Ltd., Nestle S.A., TaeTea, Mcleod Russel India Limited, Tata Global Beverages, And Unilever Group. The players have adopted business expansion as their key development strategy to upsurge profitability, and to improve stance in the tea market share. The players have also relied on product launch to improve its product portfolio & stay relevant in the global market.
Based on the type, the tea market is segmented into black tea, green tea, fruit or herbal tea, oolong tea, and others. Based on packaging, the market is segmented into loose tea, plastic containers, aluminium tins, paperboards, and tea bags. The paperboards segment dominates the market owing to its remarkable design flexibility and excellent barrier properties. Based on the distribution channel, the market is segmented into convenience stores, supermarket/hypermarket, online stores, specialty stores, and others. Online stores segment is anticipated to exhibit considerable growth rate due to the rise in the use of smartphones for online shopping and increase in penetration of the internet as it allows the consumer to compare products in real-time & make informed decisions during the forecast period. In addition, based on the end-use industry, the market is segmented into commercial and residential. The commercial segment holds the largest share in global market because of the growth in spending of the consumers on cafes & hotels as well as increasing coffee and tea availability at the workplace. Additionally, the residential segment is anticipated to witness higher CAGR as a result of a surge in consumption of caffeine beverages at home during the forecast period.
The tea market is driven by a rise in awareness among people for losing weight, followed by an increase in health benefits associated with tea and expanding retail market. However, growth in coffee consumption and volatility in raw material prices may impact the market. Moreover, a decrease in demand for carbonated drinks and the introduction of new flavors are key opportunities for the market.
Based on geography, the Asian-Pacific is a leading region in the global tea market owing to high consumption & production of tea, rise in prevalence of tea culture, growth in urban young population coupled with an increase in per capita income in the region. Whereas, the North-American and European regions are estimated to witness higher growth rate due to the high prevalence of obesity over the forecast period. In upcoming years, it is projected that future of the global market caused by a rise in demand for green and herbal tea during the forecast period.
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