Owing to multiple health benefits the aromatic beverage, tea is creating a major customer base. Tea is rich in antioxidant which reduces the oxidative stress in the human body and also helps in preventing disease caused by free radicals like cancer. Tea is also a central nervous system stimulant which is extremely healthy for the body Inclination is consumption of tea is observed that helps in improving concentration and alertness. Such health contributions of tea are likely to escalate the market growth. The inclination of consumers towards functional drinks over carbonated beverages are impelling the food and beverage companies operating in the market to launch innovative tea recipes with numerous varieties of tea available globally. Ease and cost-effectiveness of tea cultivation are anticipated to be responsible for scaling up the global tea market in the forthcoming year.
Market Research Future (MRFR) discusses that the global tea market is anticipated to grow with a substantial CAGR during the forecast period 2017-2023 and generate impressive market revenue.
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Competitors Nestlé (Switzerland), Associated British Foods plc (UK), Taetea (China), McLeod Russel (India), Barry’s Tea (Ireland), Unilever (The Netherlands), Bettys & Taylors Group Ltd. (UK), Apeejay Surrendra Group (India), Tata Global Beverages (India), and ITO EN Inc. (US) are the significant tea companies operating in the market.
February 2019: Glucose Health Inc. has been awarded the highest level of trademark protection from the United States Patent and Trademark Office (USPTO). The secured registration of its trademark GLUCODOWN for expanded distribution of all new diabetic tea flavors is the cause for the appreciation.
The segmental analysis of the global tea market by MRFR depicts a pragmatic picture od the market. The global tea market study is segmented by form, type, distribution channel, and packaging type.
Based on type, the global tea market has been segmented into white, black, oolong, green, and others. The black tea is observed to have high demand across the globe, hence, the black tea segment is anticipated to hold a colossal market share in the upcoming years. High production of the black tea variety plausibly propels the tea market growth.
Based on form, the global tea market has been segmented into leaves, powder, and others.
Based on packaging type, the market has been segmented into bottles, tea bags, pouches, cans, and others. The tea bags are convenient to use. This hassle-free characteristic of the tea bags is gaining its market prominence, thereby, leading to the proliferation of the tea bag segment of the global tea market.
Based on distribution channel, the global tea market has been segmented into store-based and non-store based. Owing to convenience the store-based segment is expected to grasp the massive market share.
The Tea Market is regionally segmented by Europe, Asia-Pacific, North America, and Rest of the World (RoW).
Asia Pacific has subtropical monsoon climate, hot summers, dry and cold winters which are favorable for tea cultivation. The cost-effectiveness of the tea cultivation in the region aids in attracting foreign direct investment. These factors are likely to impel the regional market growth. Furthermore, emerging economies like India, Japan, Korea, China have liberalized the tea market trends which is likely to shore up the market growth.
The North American region is estimated to expand at the fastest rate in the coming years. The growth is credited to the inclination of the consumers towards tea. Manufacturers in this region offer a variety of tea flavors which is predicted to expand the market in this region. The U.S. is likely to occupy a major share as the population in the U.S. are inclined towards consuming tea.