Tea Market Driven by Preference of Ready-to-Drink Beverages by Millennials

Pune, India, September 2019, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Tea Market.

Tea is a beverage being increasingly preferred by consumers globally due to its aroma and health benefits. Presence of polyphenols, a type of antioxidant, which can protect the body cells from harmful molecules in tea is a factor which can influence the purchase intent of consumers. Types of tea popularly known include Darjeeling tea, oolong tea, green tea, and black tea. The global tea market report compiled by analysts at Market Research Future (MRFR) with a comprehensive understanding of the latest trends and developments.  

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.

Launch of tea lounges and bars to capitalize on the trend of the large volume of consumption can drive the manufacture of tea. Introduction of new combinations in the form of cocktails by hotels and large hospitality chains can entice customers in huge numbers. The move by manufacturers of adhering to clean label policies and attractive packaging strategies can provide the global market a much-needed impetus.

But coffee-based beverages can pose a challenge to the 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.

Distribution channels discussed in the market report are store-based and non-store-based. The store-based segment can generate revenue for the market due to the trust of customers in brick-and-mortar stores.

Access Report Details @ https://www.marketresearchfuture.com/reports/tea-market-2155

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.

The European region can showcase a strong growth trajectory with respect to the market due to large number of imports from India, Sri Lanka, China, and Kenya. Green tea can command a heavy share of the regional market share due to rising levels of health-consciousness among consumers.

Competitive Analysis

Major industry participants in the global tea market include ITO EN Inc., Bettys & Taylors Group Ltd., Associated British Foods plc, Taetea, McLeod Russel, Unilever, Apeejay Surrendra Group, Nestlé, Barry's Tea, and Tata Global Beverages. Players are launching new types of drinks by focusing on various parameters in order to differentiate themselves from the competition. These can include wide product offering, flavors, taste, packaging, and price.