New York, USA, Sept. 20, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global tea market is anticipated to rise at a stable CAGR of 6.6%, thereby garnering a revenue of $67,920.8 million in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the tea market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market:
Drivers: Business expansion strategies chalked out by leading market players to expand geographical presence are expected to become the primary growth driver of the tea market in the forecast period. Additionally, health benefits associated with tea consumption are anticipated to push the market forward.
Opportunities: Over the recent period, new tea flavors have been introduced by many leading companies which is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, product launches and partnerships between leading market players are expected to help the market register substantial growth in the coming period.
Restraints: However, according to market analysts, increase in coffee consumption might become a restraint in the growth of the tea market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The tea market, on similar lines, was negatively impacted by the pandemic and the subsequent lockdowns. Shortage of labor, import-export restrictions, and stoppage of manufacturing activities led to a massive decline in production, supply, and distribution of processed tea products, which resulted in a slowing down of the market’s growth rate during the pandemic.
Segments of the Market:
The Research Dive report has fragmented the tea market across different segments such as type, packaging, distribution channel, application, and region.
Type: Green Tea Sub-segment to Have the Fastest Growth Rate
By type, the green tea sub-segment is expected to be the fastest growing one and generate a yield of $30,513.4 million by 2028. Health benefits associated with consumption of green tea such as improving brain functioning, aiding in excess fat burning, reduction in bad breath, reduction in risk of cardiovascular diseases, etc. have increased the demand for green tea, which is predicted to help in the growth of this sub-segment.
Packaging: Paperboards Sub-segment to have the Highest CAGR
By packaging, the paperboards sub-segment of the tea market is expected to have highest CAGR and generate a revenue of $26,199.5 million by 2028. Paperboards and cardboards are highly efficient in moving and carrying various items, which is why they are extensively used for packaging different kinds of products. This increasing adoption of paperboards is predicted to offer numerous growth opportunities to the sub-segment in the forecast period.
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Distribution Channel: Hypermarket/Supermarket Sub-segment to Have the Largest Market Share
By distribution channel, the hypermarket/supermarket sub-segment is expected to have the highest market share and generate a revenue of $27,286.1 million by 2028. Since hypermarkets and supermarkets offer a variety of products at a single place, they provide a lot of choices to the customers. Hence, consumers opt for hypermarkets in order to purchase different types of products, which is anticipated to help in the growth of the sub-segment.
Application: Residential Sub-segment to be the Most Dominant
By application, the residential sub-segment is predicted to be the most dominant and generate a revenue of $60,344.5 million by 2028. Growing popularity and consumption of tea across residential segments is predicted to boost the growth of this sub-segment.
Region: Market in the Asia-Pacific Region to be the Most Profitable
By regional analysis, the tea market in Asia-Pacific region is anticipated to be the fastest growing as well as the most dominant and register a revenue of $51,650.0 million by 2028. Increasing prevalence of tea culture in various countries of this region such as India, China, Japan, etc. is predicted to be the primary growth driver of the market in this region.
Prominent Market Players:
Some prominent players in the tea market are
- Associated British Foods Plc.
- McLeod Russel
- Tata Global beverages
- Barry's Tea Limited
- Nestlé S.A.
- The Republic of Tea, Inc.
- Hain Celestial Group, Inc
- Taetea Group
- Unilever Group
- ITO EN, Ltd.
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in November 2021, CVC Capital Partners, a private equity firm, announced that it was acquiring ekaterra, Unilever’s tea business. Ekaterra is one of the biggest manufacturers of tea products and this acquisition is predicted to help the acquiring company gain a lot of capital and investment in the coming period.
Finally, this comprehensive report also summarizes many crucial facets of the tea market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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More about Tea Market:
- How is the Global Tea Market Faring in the Forthcoming Years?
- How Tea Can Bring Long-Run Health Benefits to Live Life Happily and Disease-Free?
