PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324356
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324356
According to Stratistics MRC, the Global Bottled Tea Market is growing at a CAGR of 6.5% during the forecast period. The term "bottled tea" refers to a variety of teas that are offered for sale as bottled beverages. In the food and beverage industry, tea in bottles is referred to as ready-to-drink (RTD) tea. Businesses have launched a variety of bottled teas with distinct tastes and flavors in an effort to diversify their product offerings and attract more customers. There are numerous packaging options for bottled tea, including cans, glass bottles, plastic bottles, and others.
According to the Tea Association of USA, consumption of bottled tea in the United States accounts for around 70% of overall tea consumption within North America.
The hectic schedule and changes in way of life had an impact on consumers' eating habits. More people than ever are choosing convenience foods, which has led to an increase in the demand for processed bottled tea. The demand for processed and bottled tea is also growing as a result of the rising popularity of shareable snacks and drinks as well as RTD. Additionally, as working class women have become more prevalent, they have increased the demand for quick, simple, and labor-saving food and drink products, which has led to the expansion of bottled tea.
Consumer perception of the quality of tea in bottles versus freshly brewed tea is among the main issues. Many customers might be reluctant to buy bottled tea because they prefer the flavor of freshly brewed tea. The expansion of the market is also being hampered by growing concern about the environmental effects of plastic bottles.
Millennials favor tea in bottles over tea that has been freshly brewed at home. Young consumers' increasing consumption of flavored bottled tea is accelerating market growth. Generation Z has aided the global demand for bottled iced tea beverages. A few benefits of drinking bottled iced tea include antioxidants, reduced stress, and hydration. People are embracing this beverage as a result, fostering the market's expansion.
The growth of the bottled tea market is being hampered by fluctuating raw material prices brought on by erratic climatic conditions. The higher cost of RTD tea and coffee compared to regular hot tea and ground coffee are major barriers to market expansion.
The COVID-19 pandemic has had a conflicting effect on the market for bottled tea. Although the market was initially impacted by the closure of foodservice establishments and on-the-go consumption channels, opportunities for growth were later created by the rise in at-home consumption and e-commerce sales. However, the pandemic increased consumer demand for tea products by highlighting the value of immune-boosting beverages.
Due to the alleged health advantages and antioxidant qualities, green tea will enjoy a sizable market share over the forecast period. It is favored by consumers who are looking for natural beverages that are energizing. Furthermore, green tea is regarded as one of the world's healthiest drinks and has a wide range of potential health advantages. These benefits are accelerating the segment's growth.
In the anticipated timeframe, the home segment is expected to witness highest CAGR. The demand for ready-to-drink beverages in homes is anticipated to increase due to their rising popularity among working professionals. Furthermore, bottled iced tea is frequently consumed at home across many different regions of the world because it is a convenient and healthy beverage option. Such factors are propelling market growth.
The largest regional market was in the Asia Pacific, and it is anticipated that it will remain dominant during the forecast period. This is due to the rise in iced tea consumption in nations like China, Japan, South Korea, Taiwan, and India. Additionally, rising disposable income levels and an increase in the number of branded retail outlets are predicted to fuel industry growth.
Due to shifting consumer preferences toward healthy beverages and increased demand from the female population, particularly during the summer, North America is predicted to experience significant growth. The market in the United States is expected to grow significantly as a result of rising consumer spending power and rising individual black tea consumption. Additionally, the presence of significant corporations will encourage industry growth in the upcoming years.
Some of the key players profiled in the Bottled Tea Market include: Adagio Teas, Arcadia Beverage, Argo Tea, Arizona Beverage Company, Honest Tea, Inko's Tea, Lipton, Monster Beverage Corporation, Nestle, Oishi Group, PepsiCo, Inc., Starbucks Corporation, Steaz, Suntory Products Ltd., Tejava, Tiesta Tea and TingHsin Group.
In July 2023, Monster Beverage Corporation and Vital Pharmaceuticals, Inc. (together with certain of its debtor affiliates, "Bang Energy") today announced they have entered into an Asset Purchase Agreement ("APA" or "Agreement") under which a subsidiary of Monster would acquire substantially all of Bang Energy's assets, including a beverage production facility located in Phoenix, AZ (the "Transaction"). The Transaction is subject to certain terms and closing conditions, which include obtaining Bankruptcy Court approval.
In June 2023, Vahdam India, the leading global wellness brand known for its organic and premium teas and spices from India, has unveiled an exciting new product line: ICED TEAS! Crafted using 100 percent real tea, this new range of iced teas is available in two convenient forms - instant premix and pitcher tea bags.
In January 2022, Monster Beverage Corporation announced that it has entered into a definitive agreement to acquire CANarchy Craft Brewery Collective LLC, a craft beer and hard seltzer company for $330 million in cash.