The global tea market is anticipated to grow at substantial CAGR during the forecast period (2011 to 2022), according to a report available on Radiant Insights, Inc. Growing requirement for convenient, easy available, and versatile beverage among consumers is anticipated to propel demand for tea. It is likely to offer various health benefits owing to presence of flavonoids, antioxidants, and phytochemicals in tea can fuel its demand among consumers.
Growing awareness regarding health benefits of tea among consumers can fuel growth of market. Rising popularity of various flavors in tea coupled with increasing consumer base is anticipated to propel market growth. Introduction of new tea flavors such as mint flavor, lemon flavor, chocolate flavor, and others can surge demand for tea among consumers. This, in turn can stimulate growth of market during the forecast period (2011 to 2022).
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To cater to rising demand for tea, most companies are likely to invest in R&D activities to develop innovative product. For instance, 10th Avenue Tea recently introduced its new tea power that is likely to come in recyclable aluminum shaker. This all-natural tea powder can dissolve instantly and served hot or iced. It is likely to come in four matcha flavors including black, green, tropical, and herbal berry.
The tea market can be segregated on the basis of product and region. Based on product, market cab be categorized into black tea, green tea, and tea concentrates, extracts, and essences. Black tea is expected to dominate the market and account for largest market share. Growing production of black tea across the globe can augment growth of segment.
Similarly, green tea segment is expected to witness significant growth during the forecast period owing to presence of health benefits associated with this type of tea. Green tea is expected to act as natural detoxification agent and can help in healing scars, improving quality of skin, and managing weight.
Tea market regional segmentation includes North America, Europe, and Asia Pacific. Asia Pacific accounted for leading market share in past years. The tea market is expected to continue its dominance over the forecast period. Rising preference for tea among general population is likely to augment growth of market in the region. In addition, tea being the most popular hot beverage in developing economies including India, Japan, China, and South Korea can fuel market growth. Moreover, high production rate of tea coupled with increasing number of tea drinkers in India can fuel growth of market in the region. People between age group of 18-30 are likely to experiment with different flavors of tea available in the market including green tea, black tea, and other organic herbal infusions.
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Similarly, North America is predicted to witness significant growth during the forecast period owing to rising popularity of convenient options. In addition, rise in consumer preference for tea in developed nations can augment growth. People are likely to pay more for healthier alternative. This, in turn can stimulate growth of market in the region.
In Europe, the tea market is estimated to grow well over the forecast period attributed to high demand for tea in the region. United Kingdom is expected to be main market for tea. Consumers are likely to be interested in flavored tea offering high quality. In addition, health benefits associated with green tea and herbal tea are likely to gain popularity among Europeans during the forecast period.
Some of the leading companies offering tea are Tata Global Beverages, Unilever, Associated British Foods Plc., Nestle, and Apeejay Surrendra Group.
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