Global Tea Market Size Projected to Surge USD 104.2 Billion Growth by 2032, Exhibit a CAGR of 7.2%
The increasing demand for organic tea is projected to have a positive effect on the expansion of the tea market. Companies engage in research and development efforts to enhance the quality and flavor of their goods in order to appeal to a wider customer base. As an illustration, Green Hills launched a herbal tea infused with rum and honey for individuals seeking low-sugar beverage options.
Newark, Dec. 11, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 52.0 billion tea market will reach USD 104.2 billion by 2032. Health benefits associated with tea consumption and increased awareness about carbonated beverages are the major factors driving the global demand for tea. The flavonoids, antioxidants and phytochemicals in tea help improve various functions of the human body. Growing awareness about the benefits of drinking tea for patients with arthritis, cardiovascular diseases and high blood pressure will pave the way for market growth and expansion in the coming years. In addition, the factors boosting the growth of the tea market are the increase in disposable income, the change in people’s taste buds and the introduction of healthy additives in tea by various market participants. Introducing speciality iced teas is likely to be one of the major trends that will drive the tea market during the forecast period. Vendors present speciality ice creams by customizing different mixes. In addition, organic brands and herbal teas are growing in popularity as they grow in popularity. This is because of their health benefits and the greater benefits of ingredients like basil, tulsi, etc., which are changing consumer preferences towards products based on natural ingredients.
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Report Scope and Segmentation –
|2032 Value Projection
|USD 52.0 Billion
|Market Size in 2022
|USD 104.2 Billion
|No. of Pages
|Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
|Product, Distribution Channel
|The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
|Market Growth Drivers
|Rising popularity of organic tea
Key Insights on Tea Market
Asia Pacific will account for the largest market size during the forecast period.
Asia Pacific is expected to hold the largest share of the tea market owing to the favourable climatic conditions for tea plantations and the availability of land for it. Furthermore, the region has high tea-consuming countries, such as India and China, stimulating the market’s growth. Leading Indian manufacturers such as Tata Global Beverages and Apeejay Surrendra Group produce a wide range of products across India and the Asia Pacific region for sophisticated consumers. Indian speciality store Teabox has launched a unique range of teas that use only organic and all-natural ingredients that are kept cold to preserve the aroma and freshness of the product. Therefore, these products are more expensive than regular products, adding impetus to the market’s growth in the region.
The green segment dominated the market with the most significant revenue of USD 17.6 billion.
The green segment dominated the market with the most significant revenue of USD 17.6 billion. Health and fitness awareness and the number of educated tea consumers have increased. In addition, direct-to-consumer advertising and celebrity endorsements are fueling this segment’s growth in the market.
The hypermarkets & supermarkets segment dominated the market with the most significant revenue of USD 15.6 billion.
The hypermarkets & supermarkets segment dominated the market with the most significant revenue of USD 15.6 billion. The growth of the supermarket/hypermarket segment in the tea market is driven by the increase in the use of supermarkets and hypermarkets in both mature and emerging markets. Additionally, these retail formats make a one-size-fits-all shopping solution popular for consumers.
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Drivers: Health benefits associated
The health benefits associated with tea consumption are a major factor driving the growth of the tea market. Tea offers a variety of health benefits, including reducing the risk of cardiovascular disease, diabetes, cancer and other chronic diseases. In addition, it has a high nutritional value owing to its antioxidants and low-calorie content. In addition, it is considered an excellent source of antioxidants and alkaloids, as well as other vitamins such as A, D, E and C. Due to its various health benefits, the tea market is growing exponentially.
Restraint: Availability of substitute
The availability of tea substitutes like coffee is expected to curb the market growth. This is due to changing consumer tastes and preferences, with British customers preferring coffee to tea. In addition, according to today’s fast-paced lifestyle, young people choose instant coffee when and where they want and self-service.
Opportunity: Availability of wide variations of tea
The increasing availability of tea broad varieties will provide significant growth opportunities during the forecast period. For example, the Cha Bar tea room in India offers consumers 133 different types of Indian and international teas, including aromatic, herbal and fruit teas. Organic tea, green tea and Ayurveda are new varieties on their menu. Thus, high variability in tea market growth is anticipated shortly.
Challenge: Changing weather conditions
Fluctuations in the price of raw materials due to unpredictable climatic conditions lead to a gap between demand and supply. This factor is expected to restrain the growth of the tea market during the forecast period.
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Some of the major players operating in the tea market are:
● HAIN CELESTIAL GROUP, INC.
● Mcleod Russel India Limited
● The Republic of Tea, Inc.
● Unilever PLC
● Barrys Tea
● Associated British Foods plc
● ITO EN, LTD.
● Nestle S.A.
● Tata Consumer Products Limited
● R.C. Bigelow, Inc.
Key Segments cover in the market:
By Distribution Channel :
● Convenience Stores
● Hypermarkets & Supermarkets
● Specialty Stores
About the report:
The global tea market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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