Market Research Report
North America Tea Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||389758|
|Published||Content info||90 Pages
Delivery time: 2-3 business days
|North America Tea Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: May 1, 2019||Content info: 90 Pages||
North America Tea Market is forecasted to grow at a CAGR of 3.1% during the forecast period of (2019-2024).
Scope of the market includes North America tea segmented as leaf tea and CTC (crush, tear, and curl) tea. By product type, the market is segmented as black tea, green tea, herbal tea, and other product types. By distribution, the market is segmented as supermarkets/hypermarkets, convenience stores, specialist retailers, online retail stores, and other distribution channels.
Rise in Demand for Ready-to-Drink Tea
Rising awareness, regarding the health benefits of RTD tea, on-the-go convenience trend, and premiumisation of tea are a few factors affecting the market. Healthy hydration trends, among the consumers in North America, have led to the rise in the demand of RTD tea products over other carbonated or soft drinks. The market faces challenges with respect to the availability of substitute products, such as energy drinks, other RTD drinks, like coffee, and functional beverages. Innovations and new product launches remain the key influential factors for the market growth, where manufacturers are coming up with new flavors, combinations of ingredients, and strong promotional positioning of the products. For instance, Value-added RTD tea, such as kombucha fermented tea products, are gearing up the market growth in the overall RTD market.
United States is the Largest Market Segment
The United States has been identified as the third-largest importer of tea, globally. Tea consumption in the United States has increased significantly in the past few years, and tea is now the most popular beverage in this country. In this region, the major growth opportunities include increasing health awareness among North American consumers, the introduction of new flavors, and the demand for convenience. The United States tea market recorded robust growth, in terms of value and volume in 2018, with herbal and green tea reflecting stronger demand. The market for tea is expected to grow at an impressive pace, due to continued innovation, convenience, and popularity of high-end specialty tea. Future, the growth is expected to be dependent on growing consumer interest, as well as the marketing of tea as a healthy beverage.
In North America, the packaged tea segment includes several brands/companies, including Unilever PLC, Tata Tea, Waghbakri, Duncan's, Brooke Bond, Red Rose, and A1. Moreover, packaged tea brands have been experimenting with pack sizes from HORECA large packing to 5-10 INR pack sizes, which is targeting various consumer segments, coupled with new innovations in packaging ranging from thin standard packs, tea bags, pet jars, and tetrapacks to wooden and ceramic exotic gift packing for some of the premium variants offered by players, such as Dilmah, Infinitea etc.