New York, USA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global tea market is projected to register a revenue of $67,920.8 million at a CAGR of 6.6% during the forecast period from 2021 to 2028, increasing from $54,322.1 million in 2020. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, tea is one of the broadly consumed beverages across the globe mainly because tea has various health benefits such as lowers the risk of heart disease, protects against cancer, promotes weight loss, and many more. These factors are expected to propel the growth of the global tea market over the forecast period. Besides, the introduction of new tea flavors such as organic tea, fruit tea, green tea, white tea, chamomile tea, and others are predicted to generate lucrative growth opportunities for the market by 2028. However, the increase in consumption of coffee as a substitute for tea is expected to hamper the market growth in the coming years.
Check out How COVID-19 impacts the Global Tea Market: https://www.researchdive.com/connect-to-analyst/4659
Impact of COVID-19 on the Industry
The outbreak of COVID-19 across the globe has impacted the global tea market in a devastating way.
This is majorly owing to the import-export restrictions, supply chain disruptions, shortage of labor, and the decline in manufacturing processes due to complete lockdown restrictions in various countries globally. However, the several companies and governments are initiatives to help the society to recover from the chaotic situation.
Green Tea Sub-segment to be Most Lucrative
By type, the green tea sub-segment is predicted to generate a revenue of $30,513.4 million by 2028 and witness the fastest growth during the forecast period. This growth is mainly due to the wide range of benefits associated with the consumption of green tea such as improves the functioning of brain, reduces bad breath, aids in fat burning process, prevents cardiovascular diseases, and others.
Paperboards Sub-segment to be Most Profitable
By packaging, the paperboards sub-segment is projected to account for dominating market share and surpass $26,199.5 million by 2028. Cardboards or paperboards are broadly used for packaging as companies find it economical. In addition, the paperboards are highly efficient to move, carry, or keep items and can also be customized based on consumer needs.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
Online Stores Sub-segment to Witness Fastest Growth
By distribution channel, the online stores sub-segment is predicted to grow at the fastest rate and garner a revenue of $4,738.3 million during the forecast period. The e-commerce platforms are gaining popularity as many services are offered on online platforms such as attractive discounts, cashback offers, coupons, delivery service, and the availability of variety of products have attracted large number of customers globally.
Residential Sub-segment to Hold the Largest Market Share
By application, the residential sub-segment accounted for $49,387.9 million in 2020 and is anticipated to hold a dominant market share by 2028. This growth is majorly owing to the growing popularity and consumption of tea at large number of residences as it provides refreshment and has health benefits.
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Asia Pacific Region to be Most Dominant
By region, the Asia Pacific market for tea accounted for $39,173.3 million in 2020 and is expected to subjugate in the global industry during the forecast period. The dominance of this region can be attributed to the high prevalence of tea culture in various countries of the region such as India, China, Japan, and others. In addition, the growing health consciousness among people have encouraged them to consume different types of tea such as herbal tea, green tea, black tea, and others, which is driving the regional market growth.
Prominent Market Players
• Associated British Foods Plc.
• Barry's Tea Limited
• Hain Celestial Group, Inc.
• ITO EN, Ltd.
• McLeod Russel
• Nestlé S.A.
• Taetea Group
• Tata Global beverages
• The Republic of Tea, Inc.
• Unilever Group
For instance, in February 2021, Tata Consumer Products, formerly known as Tata Global Beverages, announced to relaunch its green tea brand, ‘Tetley’ with a new variant containing vitamin C. The company aims to capitalize on the growing consumer affinity for food & drinks, and remedies that can help boost immunity in the wake of the COVID-19 pandemic.
Further, the report presents several aspects of these major players such as business & financial performance, latest developments, key strategic moves, SWOT analysis, and product portfolio. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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