New York, USA, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global ready to drink tea and coffee market size is expected to upsurge from USD 114.49 billion in 2023 to USD 216.40 billion by 2032. The market is likely to exhibit a compound annual growth rate (CAGR) of 7.4% during the forecast period from 2024 - 2032.
Market Introduction:
What is Ready-to-Drink Tea and Coffee?
Today’s hectic modern lifestyle has led consumers to search for convenient foods and beverages. Ready-drink beverages such as tea, coffee, and juices are gaining popularity among consumers due to their easier accessibility and availability. Along with consumers, these ready-to-drink teas and coffee are also creating growth opportunities for the food industry, with many companies constantly experimenting with unique flavors and ingredients.
However, there is still a need to incorporate functional benefits into ready-to-drink (RTD) coffee and tea, such as immunity-boosting ingredients without the added sugars and calories, as well as added protein. As consumers become more health-conscious, they are seeking healthy on-the-go beverages.
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Market Report Attributes:
| Report Attributes | Details |
| Market value in 2023 | USD 114.49 billion |
| Market value by 2032 | USD 216.40 billion |
| CAGR | 7.4% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019–2022 |
| Forecast period | 2024–2032 |
Key Highlights of Report:
- The market is significantly driven by factors including growing demand for convenient and portable beverages, increasing consumption of RTD tea and coffee among the urban population, and increasing products launched by market players.
- The market is primarily segmented on the basis of packaging, distribution channel, product, price, and region.
- Based on region, the market in North America accounted for the largest revenue share in 2023.
Ready-to-Drink Tea and Coffee Market Key Players:
- AriZona Beverages USA
- ASAHI GROUP HOLDINGS, LTD.
- Coca-Cola HBC
- Danone
- Monster Energy Company
- Nestlé
- PepsiCo
- Pretty Tasty Tea
- Starbucks Corporation
- SUNTORY HOLDINGS LIMITED
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Growth Drivers and Trends:
- Demand for Convenience and Portable Options: Consumers find ready-to-drink tea and coffee convenient because they are easily accessible without the need for brewing or steeping. These beverages can be enjoyed during work hours or while performing activities such as traveling. Thus, the growing demand for convenient options like RTD coffee and tea drives the ready-to-drink tea and coffee market demand.
- Increasing Product Launches: Companies operating in the market are constantly introducing products with new flavors, formulations, and packaging to cater to the rising consumer demand, which is accelerating the ready-to-drink tea and coffee market growth. For instance, in July 2024, DAVIDsTEA unveiled ready-to-drink (RTD) sparkling cold-brewed iced tea, which contains natural ingredients with an Organic Earl Grey blend.
- Variety of Flavors Attracting Consumers: Ready-to-drink tea and coffee come in various flavors, including ginseng and honey, fruit juice cocktails, mint, lemon, peach, strawberry, and fruity cereal. This diverse range of flavors attracts consumers, encourages repeat purchases, and fuels market sales.
Which Region Dominates Ready-to-Drink Tea and Coffee Market Globally?
The market in North America held the largest share owing to the rising consumption of tea across the region. For instance, in 2022, the US-led North American countries in per capita consumption of ready-to-drink (RTD) tea, averaging 18.90 liters per year. Additionally, busy lifestyles and increasing urbanization are driving market growth in the region.
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Segmental Overview:
Ready-to-Drink Tea and Coffee Market – Product Based Outlook:
- RTD Coffee
- Flavored coffee
- Cold brew coffee
- Iced coffee
- Others
- RTD Tea
- Kombucha
- Green
- Black
- Fruit
- Others
Ready-to-Drink Tea and Coffee Market – Packaging Based Outlook:
- PET Bottle
- Canned
- Glass Bottle
- Others
Ready-to-Drink Tea and Coffee Market – Price-Based Outlook:
- Economy
- Premium
Ready-to-Drink Tea and Coffee Market – Distribution Channel Based Outlook:
- Food Service
- Supermarkets/Hypermarkets
- Convenience Stores
- Online
Ready-to-Drink Tea and Coffee Market – Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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