Tea and Tea Based Beverages Market to Garner Brimming Revenues by 2028
Transparency Market Research provides key detailed insights into the global tea and tea-based beverages market, in its upcoming market outlook titled, ‘Tea and Tea-Based Beverages Market: Global Industry Analysis and Forecast 2018-2028′. The global tea and tea-based beverages market is anticipated to register a relatively higher compound annual growth rate of 4.9% in terms of revenue during the time frame of the forecast period, due to various market dynamics, regarding which, TMR offers detailed insights.
The Market in North America to Witness Predominant Growth in the Global Tea and Tea-Based Beverages Market
Being a well-developed economy with a larger population of health-conscious consumers, and with higher per capita expenditure on food products, North America holds a greater compound annual growth in the tea and tea-based beverages market in comparison with all other regions across the world.
Owing to factors such as increasing imports and consumption of green tea, favorable government policies in international trade and labeling, and other macro-economic factors favoring tea and tea-based beverages, it is anticipated that, the market in North America would register a considerable growth rate in the tea and tea-based beverages market, representing around 5.8% during the forecast period.
High Propensity for the Tea Blends Segment in the Global Tea and Tea-based Beverages Market
On the basis of type of tea and tea-based beverage, the tea blends segment is anticipated to register a compound annual growth rate of around 5.1% during the forecast period. Increasing consumer preference for a variety of flavor, aroma, and other healthy herbal ingredients such as infused honey, cinnamon, and lemon flavor has increased the market penetration of blended tea-based beverages over the years. As tea blends are available in various flavors at an affordable cost, blended tea and tea-based beverages have significant demand among consumers.
Growing Consumer Adoption of Ready-to-Drink (RTD) Formats of Tea and Tea-Based Beverages, Owing to Easy Accessibility
Increasing development in the infrastructure and supply chain of the tea and tea-based beverages market over the years has enabled the availability of tea and tea-based beverages in variable formats such as loose tea powder, tea bags, and ready-to-drink (RTD) tea. However, ready-to-drink (RTD) format of tea and tea-based beverages has relatively growing consumer adoption, owing to easy accessibility in various sales channels, including modern groceries, traditional groceries, food specialties, and other refreshment stores, in different flavors and the possibility of consumption without any processing. This factor is anticipated to contribute towards the substantial growth rate of ready-to-drink (RTD) tea, accounting for around 5.9% CAGR compared to other formats in the global tea and tea-based beverages market.
The tea and tea-based beverages market report includes the current trends driving each segment, and provides data in terms of value and volume. It also presents a deep-dive analysis of the potential of the tea and tea-based beverages market in specific regions. According to market attractiveness, North America and Europe are relatively more attractive regions in the tea and tea-based beverages market.
Tea and Tea-Based Beverages Market: Competition Dashboard
TMR has profiled some of the most prominent companies active in the global tea and tea-based beverages market, such as Tata Global Beverages, Starbucks Corporation, Unilever Group, The Hain Celestial Group Inc., Associated British Foods Plc., Organic India Private Limited, The Republic of Tea, Townshend’s Tea Company, R.Twining and Company Limited, Arbor Teas, The Stash Tea Company, Ceylon Organics Limited, Alkaloid AD Skopje, AMORE Pacific Corp., Numi, Inc. P.B.C., and others, to provide a wider view of the tea and tea-based beverages market around the world.
Tea and Tea-Based Beverages Market: Key Insights
Key global manufacturers and product developers are processing tea and tea-based beverages in user-friendly formats, such as loose tea powder, tea bags, and ready-to-drink (RTD) tea and tea-based beverages. Tea and tea-based beverages are also blended with other herbal ingredients, flavors, and infused aroma to provide additional benefits to the consumers. Manufacturers and food processors are planning to incorporate various unique flavors in tea and tea-based beverages in all formats, due to the increasing demand for flavored tea and tea-based beverages.
