Tea Market Scenario
The Global Tea Market is expected to grow significantly during the forecast period owing to the high health benefits of and demand for flavored tea. Tea is an aromatic beverage, usually prepared by pouring hot or boiling water over cured leaves of Camellia sinensis, an evergreen shrub native to Asian countries. Tea is gaining huge demand among consumers due to the various types available, such as black, white, green, and oolong, which are different from each other in terms of processing methods.

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Market Outlook

The Global Tea Market is predicted to exhibit 4.50% CAGR from 2019 to 2024 (forecast period) to touch a size of USD 7,149.90 Million. Health benefits of the beverage which perks up mental alertness levels and provides protection to the human body are expected to drive the market growth. Preference of the beverage by millennials and employees owing to the shift to caffeine-free beverages can boost the global tea market demand by 2024.

Key players

Tata Global Beverages (India), Unilever (The Netherlands), Associated British Foods plc (UK), Taetea (China), Nestlé (Switzerland), Barry's Tea (Ireland), Apeejay Surrendra Group (India), Bettys & Taylors Group Ltd. (UK), McLeod Russel (India), and ITO EN Inc. (US) are some of the key players in the Global Tea Market.

Segmentation Analysis

The global Tea Market is segmented by type, packaging type, form, and distribution channel.

By type, it is segmented into green, oolong, white, black, and others. The black tea segment is touted to dominate the market till 2024 due to containing a higher number of antioxidants. Green tea is predicted to gain the lead in the coming years due to high awareness of consumers and large levels of consumption witnessed in the Asia Pacific.

By packaging type, it is segmented into powder, liquid, and others.

By form, it is segmented into pouches, cans, bottles, tea bags, and others. The tea bags segment is anticipated to gain a large share of the tea market due to its convenience and portability.

Regional Analysis

Asia Pacific, North America, Europe, and Rest-of-the-World (RoW) are regions taken into consideration in the compilation of the global tea market report.

The APAC is expected to exhibit the highest growth rate during the forecast period due to a heavy number of millennials in China and India. In addition, willingness of consumers to experiment with new flavors, penchant for branded products, and high disposable income levels can drive the regional tea market growth.

The North America tea market is deemed to expand due to consumers in the U.S. and Canada. Inclination towards experimental beverages as well as the availability of ready-to-drink beverages in cold and hot forms can bode well for the market growth. Unique combinations formulated by companies which can provide benefits beyond contentment are to be looked out for in the coming years.

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