Market Research Report
Tea Market Growth, Trends, and Forecasts (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||850305|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Tea Market Growth, Trends, and Forecasts (2019 - 2024)|
|Published: July 1, 2019||Content info: 100 Pages||
Global Tea Market is forecasted to grow at a CAGR of 4.5% in the forecast period 2019-2024.
Global tea market has been segmented by form, product type, distribution channel, and geography. By form, the tea market has been segmented into leaf tea, CTC tea, and other forms of tea. By type, the tea market has been segmented into black tea, green tea, a fermented tea, herbal tea, and other types of tea. By distribution channel, the market has been segmented as supermarkets/hypermarkets, specialist retailer, convenience stores, Online Retail Stores and other distribution channels. The other distribution channels include online retail stores and vending machines.
Increasing Acceptance of Green Tea
Consumer awareness about the health benefits of herbal and green tea can further drive the growth of the global tea market. Rise in disposable income of consumers, changes in taste and preferences, and introduction of additional healthy ingredients in tea by different market players are the other factors that fuel the market growth. The easy availability of tea is expected to encourage the growth of the Asia Pacific green tea market. World green tea production is expected to grow at a faster rate than black tea, reflecting the growth in China. However, the higher price of green tea in comparison with black tea is anticipated to restrict the growth of the global green tea market in the next few years. Nevertheless, the expansion of the product portfolio and the increasing marketing activities and advertising are expected to offer promising opportunities for the key players in the global green tea market.
Asia-Pacific Leading the Global Tea Market
Current tea consumption growth is being driven by rapid growth in per capita incomes, particularly in the developing countries of the Asia-Pacific region. A growing, increasingly urban young population segment entering the middle class is prepared to consume more and to pay for premium tea products. These changes have the potential to develop into a stronger and longer trend. Currently, Asia-Pacific is the largest market for tea consumption, with robust economic growth in a number of developing countries such as China, India, and Russia, which has created a large middle class with a preference for premium tea blends and brands, often upgrading their purchases from unpackaged tea to packed and bagged specialty varieties.
The global tea market is highly fragmented and competitive. The market has key players competing for major market share and small regional players catering to small regions. The key global players are based in North America and Europe, while various small players are based in Asia-Pacific, South America, and Eastern Europe. The key strategies adopted by the players in the market are expansions, innovations, and new product launches. For instance, Unilever is strengthening its presence with more products innovations such as machine compatible tea capsules.