Alarge number of companies operate in the global tea market rendering it highlycompetitive. The primarily compete on the basis of product quality, service,brand image, innovation, price, and distribution. While the market exhibitspresence of several prominent players such as Tata Global Beverages, KusmiTea, Davids Tea, and Unilever Plc. and Unilever Plc., small andmedium-scale suppliers are also present in plenty, finds Transparency MarketResearch (TMR) in a new study.
TMRpegs the global tea market to reach US$20.0 bn by theend of 2025, from US$12.8 bn in 2017. If these figures hold true, the globaltea market will exhibit a CAGR of 5.7% between 2017 and 2025. Based on type,the demand for crush, tear, curl (CTC) tea is expected to remain considerablyhigh through the course of the forecast period. Regionally, Asia Pacificemerged dominant in the global market. Between 2017 and 2025, the Asia Pacifictea market is likely to rise at a CAGR of 6.8%.
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RisingKnowledge about Help Benefits Tea Offers will Fuel its Consumption
Asper TMR, the global tea market is likely to remain steady in the forthcomingyears. The rising demand for tea around the world will enable the market tosustain growth through the forecast period. TMR finds that traditional tea willremain popular among tea lovers worldwide. Besides its cost-efficiency, thesteadily increasing consumption of traditional tea will enable it secure asignificant share in the global tea market. Meanwhile, the rising popularity ofpremium tea such as oolong tea, yellow tea, and white tea will createconsiderably growth opportunities for the market. The demand for premium teavarieties is expected to rise in the coming years and consumers’ willingness tospend increase in response to their increasing disposable income.
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Thegrowing awareness about health benefits offered by tea will also push itsdemand worldwide. The flavonoids, antioxidants, and phytochemicals present intea help improving various functions in human body. The rising knowledge aboutbenefits of drinking tea for patients suffering from combat arthritis,cardiovascular diseases, and high blood pressure will pave way for the market’sgrowth in the coming years.
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IncreasingCoffee Consumption Pose Threat to Market
Inthe coming years, the market is likely to gain significantly from the risingpopularity of herbal and organic tea. Their infusion with a wide range offlavors and fragrances will also favor growth in the market. On the downside,change in consumer preference and fluctuating wages of labor may hinder themarket’s growth. Also the increasing consumption of coffee will act as keyrestraint for the market.
Otherfactors such as resource constraints and climate change may adverse impact themarket. Nonetheless, tea consumption is forecast to rise around the world.Furthermore, the increasing availability of various flavors and types of tea ata reasonable price will boost the market over the forecast period.
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