The ‘Global Tea Market Growth, Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global tea market, assessing the market on the basis of its segments like source, types, packaging types, applications, distribution channels, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Tea Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Nearly USD 49.75 Billion
• Forecast CAGR (2023-2028): 6.2%
• Forecast Market Size (2028): About USD 71.37 Billion
Tea is one of the most popular beverages across the world. The popularity of tea beverages in trendy bars across the globe and the increasing trend of sobriety, especially among the young population, are surging the demand for tea cocktails. With the surging focus on health, the demand for black and green teas owing to their antiviral, antioxidant, and antiallergenic properties is expected to increase in the forecast period.
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Some of the significant tea market trends include the surging interest in herbal and wellness tea blends, rising awareness regarding the health benefits of tea, innovation in tea varieties, and the surging incorporation of tea in alcoholic and non-alcohol beverages and food products.
With the growing millennial and Gen-Z population, the demand for premium and super-premium tea is surging. This is also bolstering the demand for high-grade and pure loose-leaf tea that offers a strong flavour and is packaged into glass jars, paper bags, and tea chests, among others.
As young consumers are inclined towards healthy beverages, the consumption of tea that is brewed with botanicals and high-quality leaves and does not contain artificial ingredients is surging. Furthermore, the tea market demand is bolstered by the surging popularity of various types of teas like matcha tea, kombucha, and boba tea, among others, on social medial platforms.
Tea Industry Definition and Major Segments
Tea refers to a beverage that is typically produced from the combination of water and the processed leaves of camellia Sinensis, a sub-tropical native Asian plant. Tea is widely consumed across the globe and has cultural significance in several countries and societies. It contains polyphenols and various antioxidants, due to which it is consumed as a healthy beverage.
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Based on source, the market is bifurcated into:
The significant types of tea include:
The tea market by packaging type is divided into:
• Plastic Containers
• Loose Tea
• Aluminium Tins
• Tea Bags
The market, on the basis of distribution channel, is segmented into:
• Supermarkets and Hypermarkets
• Convenience Stores
• Speciality Stores
By application, the market for tea is bifurcated into:
The major regional markets of tea include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Tea Market Trends
With globalisation, the demand for tea with exotic and blended flavours in emerging economies like India is increasing. The trend of health and wellness is driving the demand for teas infused with restorative and therapeutic ingredients. The growing prevalence of anxiety, stress, depression, and other mental issues is significantly boosting the preference for teas containing adaptogens and therapeutic ingredients. Various companies are also launching teas containing antioxidants that offer health and immune benefits, hence driving the tea market growth.
In hospitality venues and cafes, there is a growing interest in single-origin teas offering traceability benefits. With increasing flavour innovations in the food sector, the utilisation of teas such as matcha tea in baked goods, desserts, and chocolates is surging. In addition, the plummeting soda sales amid rising health concerns are favouring the consumption of high-quality teas in cafés, fast and casual dining, and catering, among others.
The emergence of tea cafes that enable consumers to personalise their tea by deploying innovative technologies like the Internet of things (IoT) is likely to support the market growth. The tea market development is likely to be fuelled by the growing demand for tea through online channels, the adoption of technologies by tea cafes to automate and customise brewing processes, the emergence of tea as a superfood, and the increasing preference for teas with sustainable and recyclable packaging.
Key Market Players
The major players in the tea market report are
- Unilever Plc
- Associated British Foods Plc
- Tata Consumer Products Limited
- ITO EN, LTD.
- Taiwan Tea Corporation
- Dilmah Ceylon Tea Company PLC.
- Barry’s Tea
- SAC Leão
- The Hain Celestial Group, Inc.
- Tenfu’s TEA
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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