New York, United States, March 26, 2024 (GLOBE NEWSWIRE) -- The Global Tea Market Size is to Grow from USD 49.53 Billion in 2023 to USD 98.29 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.09% during the projected period.
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The drink known as tea is prepared by soaking dried Camellia sinensis leaves in hot water. It is among the most widely drank drinks worldwide, and its caffeine content is responsible for its energizing properties. It is among the most widely consumed drinks globally. The beverage is considered healthful since it contains minerals including potassium, calcium, magnesium, and manganese as well as antioxidants. Because tea reduces the body's concentration of free radicals, it has been shown to limit cell damage. The polyphenolic ingredients in black and green tea help to avoid heart problems. The market is expected to further expand due to growth in the cosmetics and beauty sector. Changes in customers' lives and the degree to which they demand accessibility are having a major impact on the global tea industry. As a result, ready-to-drink (RTD) tea beverages are becoming increasingly popular as customers seek quick and easy beverages to fit into their busy schedules. Being able to purchase packaged or bottled tea while traveling at an affordable price is a perfect feature of modern life. Tea companies are also expanding their ready-to-drink tea offerings to meet consumer demand for affordable, convenient, and high-quality tea. This will help promote the expansion of the global tea market. However, competition from other beverages is a major challenge to the tea industry's growth. When their preferences and tastes change, customers can stop drinking tea and turn to coffee or energy drinks instead. Tea sales and market share may decline as a result of this.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Tea Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Green Tea, Oolong Tea, Herbal Tea, Black Tea, And Others), By Packaging (Loose Tea Packets, Plastic Container, Paperboard, Tea Bags, And Aluminum Tins), By Distribution Channel (Offline, Online), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The black tea segment is expected to grow at the fastest pace in the global tea market during the anticipation timeframe.
Based on the product type, the global tea market is divided into oolong tea, herbal tea, black tea, green tea, and others. Among these, the black tea segment is expected to grow at the fastest pace in the global tea market during the anticipation timeframe. In addition to having anti-allergic, anti-viral, and anti-spasmodic qualities, black tea extract has a higher antioxidant concentration than green tea. Due to its high antioxidant and polyphenol content, black tea is also well-liked by athletes.
The paperboard segment is expected to grow at the fastest pace in the global tea market during the anticipation timeframe.
Based on the packaging, the global tea market is divided into loose tea packets, plastic containers, paperboard, tea bags, and aluminum tins. Among these, the paperboard segment is expected to grow at the fastest pace in the global tea market during the anticipation timeframe. Paperboards are often coated with substances such as waxes, resins, and lacquers to improve functionality and durability. Metals are often used in frozen food packaging because of their high barrier properties. Metal boxes are being replaced by hard plastic boxes and paperboard because they are cheaper and more susceptible to impact damage. The remarkable structural flexibility and excellent barrier properties of these boxes contribute to their increased appeal.
The offline channels segment is expected to hold the largest share of the global tea market during the anticipation timeframe.
Based on distribution channels, the global tea market is divided into offline and online. Among these, the offline channels segment is expected to hold the largest share of the global tea market during the anticipation timeframe. Offline channels are crucial in the tea industry because they allow consumers to personally handle products, inspect the packaging, and assess the quality of tea leaves or other ingredients. This personal encounter gives customers greater confidence and the ability to make informed judgments.
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Asia Pacific is expected to hold the largest share of the global tea market over the anticipation timeframe.
Asia Pacific is expected to hold the largest share of the global tea market over the anticipation timeframe. In the Asia-Pacific area, which includes China, India, and Japan, black tea is expected to be in strong demand due to its widespread acceptability and reasonably priced compared to other segments. The tea market may be stimulated by consumers' increased interest in and understanding of health. The improvements in taste and flavor of packaging will open up new business opportunities for regional markets. Because of the brand's continuous innovation such as its assortment of theme flavors, it is drawing in Gen Z and Millennial consumers. This can be explained by factors such as the rising trend of health concerns among local customers, particularly among millennials, who prefer tea to soda and soft beverages. In addition, China and India, the two biggest producers in the world, export tea to meet the rising demand for the beverage. China, which sold more than 369 thousand metric tons of tea in 2021 for almost 2.3 billion USD, or at least 25% of the world's supply, is the main player in this region's tea market.
North America is predicted to grow at the fastest pace in the global tea market during the projected timeframe. North America, which comprises both America and Canada, has seen an important rise in the tea market in recent years. Tea's numerous health advantages make it a perfect fit for the growing trend of consumers seeking healthier beverage options. Novel tea mixes, ready-to-drink tea products, and specialized tea businesses have all increased in the area.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global Tea market include Associated British Foods Plc., Kusmi Tea, Peet’s Coffee & Tea, DAVIDs Tea, Unilever Plc., Tea Forte, Starbucks, RC Bigelow Inc, Apeejay Surrendra Group, Tata Consumer Products, Ekaterra, Nestle S.A., Mcleod Russel India Limited, Barrys Tea, The Republic of Tea, Inc., And Others.
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Recent Developments
- In January 2024, by 2028, Starbucks aims to operate 1000 cafes in India, unveiling a new one every third day, focusing on the nation's remarkable growth and improved business environment for tea drinkers. Established in 2012, Starbucks now has 390 locations in India and has hit a revenue milestone of Rs 1,000 crore.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Tea Market based on the below-mentioned segments:
Global Tea Market, By Product Type
- Green tea
- Oolong Tea
- Herbal Tea
- Black Tea
- Others
Global Tea Market, By Packaging
- Loose tea packets
- Plastic container
- Paperboard
- Tea bags
- Aluminum tins
Global Tea Market, By Distribution Channel
- Offline
- Online
Global Tea Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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