Tea Market Estimated to Record Highest CAGR by 2024
According to a Mindaspire Market Research (MAMR) report, the global market for tea Market is estimated to surpass US$ 21 Billion, reflecting a 5% CAGR during the forecast period. The market is expected to reach 14.45 Billion by the end of 2016 up from US$ 13.85 Billion in 2015, registering a Y-o-Y growth rate of 4%.
Most consumers demand good quality and unique flavor in tea. Tea producers across the globe are constantly focusing on developing unique and authentic flavors to offer highest consumer satisfaction. Tea producers are looking forward to introducing new blends and flavors in tea products such as mint flavor, lemon flavor, chocolate flavor, fruit flavor, and others. There are more than 500 varieties of tea Market found worldwide. Thus, tea lounges are offering varieties of tea product with variants of blend, color and flavor in order to attract more consumer. Moreover, increasing consumer awareness on health and fitness and the growing need for people to have more human interactions and unplug themselves is expected to support the growth of tea-specific beverage outlets across the globe. Therefore, increasing penetration of the tea cafes and rise of lounge culture, especially in regions such as Asia Pacific and Americas is further anticipated to sustain the market growth for tea in the near future.
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The global market for Tea is estimated to reach US$ 21.33 Billion by the end of 2024
Based on types, the global market for tea Market has been segmented into oolong tea, black tea, herbal tea green tea, and others. Black tea is expected to be the predominant segment, witnessing a robust growth, followed by the green tea segment. Factors such as growing consumption of tea-specific beverages amongst young adults in both developed and developing regions are two of the major factors influencing the overall growth of the market.
Based on distribution channel type, the market has been segmented into convenience stores, online stores, hyper/super market, retail stores, and others. The hyper/super market segment is anticipated to witness a significant growth due to increasing consumer base and easy availability of different type of tea flavors in such market. Due to aggressive promotional strategies implemented by tea producers, awareness on health benefits from consumption of tea has spread vehemently across the globe. This, in turn, is appealing people to start drinking tea Market on regular basis, which is further fueling the demand for tea products globally.
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On the basis of region, the global market for tea has been segmented into Europe, North America, Asia Pacific (APAC), Latin America and the Middle East and Africa (MEA). The markets in Europe, Asia Pacific and North America are anticipated to grow at healthy rates during 2016 to 2024. In addition, North America is expected to account for a relatively higher value share of the market by 2016 end, followed by Europe and APAC respectively. The region is expected to continue its dominance, gaining 210 BPS and is estimated to account for over 37% share of the market in revenues during the forecast period. The market in Asia Pacific is also anticipated to witness significant growth over the forecast period. Further, increasing demand for non-GMO ingredients is a primary factor driving the tea market in the region. APAC countries such as China and India are set to witness a healthy growth of their domestic tea market.
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Key participants in the global market for tea include Starbucks Corporation, Associated British Foods, Akbar Brothers Ltd, Tata Global Beverages (Tata Tea Ltd.), DAVIDs TEA, Unilever, WISSOTZKY TEA, Nestlé S.A, The Republic of Tea.