Allied Market Research published a report, titled, “Tea Market by Type (Green Tea, Black Tea, Oolong Tea, Fruit/Herbal Tea, Others), by Packaging (Plastic Containers, Loose Tea, Paperboards, Aluminum Tins, Tea Bags), by Application (Residential, Commercial), by Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global tea industry generated $49 billion in 2021 and is estimated to generate $93.2 billion by 2031, witnessing a CAGR of 6.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
The global tea market is experiencing rapid growth worldwide, owing to factors such as the health benefits associated with tea and increased awareness of the need to lose weight among people. However, fluctuations in the cost of raw materials and an increase in coffee consumption are likely to hinder the market growth during the forecast period. Furthermore, the reduced demand for carbonated beverages and the introduction of new tea flavors will present new growth opportunities for the global market in the coming years.
- The COVID-19 pandemic had impacted the global tea market negatively. There were supply chain disruptions, leading to shortages of tea in some regions and surpluses in others.
- The demand for loose-leaf and specialty tea increased as a result of changes in consumption habits, while sales decreased as a result of the closure of tea shops and cafes.
- Tea export markets were also impacted, with the demand declining in some nations.
- After the COVID-19 pandemic, people are now more concerned about their health and wellness, which increased the demand for tea worldwide, which has boosted the tea market’s growth significantly.
The paperboards segment to maintain its leadership status throughout the forecast period-
By packaging, the paperboards segment held the highest market share in 2021, accounting for nearly two-fifth of the global tea market, and is estimated to maintain its leadership status throughout the forecast period. This is due to the rising demand for environmentally friendly packaging options as well as their practicality and affordability, which drive the growth of the segment. However, the Plastic Containers segment is projected to manifest the highest CAGR of 7.2% from 2022 to 2031. The plastic container segment is driven by convenience. Fresh produce can be kept in plastic containers for a long time and is easy to carry.
The commercial segment is projected to maintain its lead position by 2031-
By application, the commercial segment held the highest market share in 2021, contributing to nearly one-fifth of the global tea market revenue and is projected to maintain its lead position during the forecast period. This is due to significant growth of food chains and restaurants which is expected to continue in the future, driven by an increase in quick service restaurants. However, the residential segment is expected to showcase the largest CAGR of 7.0% during the forecast period. The increase in the consumption of caffeine beverages at home fuels the residential segment’s market growth.
The supermarkets/hypermarkets segment to rule the roost during the forecast period-
By distribution channel, the supermarkets/hypermarkets segment held the highest market share in 2021, accounting for more than one-third of the global tea market and is projected to rule the roost in terms of revenue during the forecast period. The growth of the supermarket/hypermarket segment in the tea market is attributed to the increase in adoption of supermarkets and hypermarkets in both the mature and emerging markets. On the other hand, the online stores segment is projected to manifest the highest CAGR of 8.1% from 2022 to 2031. An increasingly popular sales channel in the tea industry is online distribution. Online platforms are preferred by customers because they are convenient and easily accessible. To attract more customers, this platform provides a number of discounts on tea orders placed online.
Asia-Pacific garnered highest share in 2021-
By region, Asia-Pacific held the major share in 2021, garnering more than three-fourths of the global tea market revenue and is likely to dominate the market during the forecast period. owing to the highly prevalent tea culture in countries such as China, India, Japan and Sri Lanka. It has been consumed for centuries as part of traditional medicine and daily rituals. The cultural significance of tea has led to a high level of tea consumption in the region. However, the North America region is expected to witness the fastest CAGR of 8.4% from 2022 to 2031. The market in the region has been consolidating, due to high competition. Moreover, the shift in preference of consumers toward healthier alternatives to caffeinated beverages and toward tea and coffee is expected to provide opportunities for growth of the tea market.
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Leading Market Players-
- The Republic of Tea, Inc.
- Mcleod Russel India Limited
- R.C. Bigelow, Inc.
- Tata Consumer Products Limited
- Barrys Tea
- ITO EN, LTD.
- HAIN CELESTIAL GROUP, INC.
- Unilever PLC
- Nestle S.A.
- Associated British Foods plc
The report analyzes these key players in the global tea market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
Source From:- https://www.prnewswire.com/news-releases/tea-market-to-garner-93-2-billion-by-2031-at-6-7-cagr-allied-market-research-301809568.html
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