SAN FRANCISCO, April 23, 2020 /PRNewswire/ -- The global fruit tea market size is expected to reach USD 5.1 billion by 2027, expanding at a CAGR of 9.6% over the forecast period, according to a new report by Grand View Research, Inc. Shifting preference of consumers toward healthy and caffeine-free beverages is boosting the demand for the product across the world. Fruits teas have become a popular out-of-home beverage among health-conscious consumers and are gaining more traction as compared to the traditional black tea.
Key suggestions from the report:
- North America is expected to witness fastest CAGR from 2020 to 2027 in light of growing demand for healthy beverages among millennials in U.S. and Canada
- Asia Pacific dominated the fruit tea market in 2019, accounting for more than 35% share of the global revenue. This dominance is attributed to increased popularity of these products as healthy drinks among consumers in countries including China and Taiwan
- Online distribution channel is expected register a CAGR of 10.6% from 2020 to 2027 owing to it rising popularity for providing extra-convenience and easy access of products to the consumers
- Major players in the market include Harney & Sons Fine Teas, R. Twining and Company Limited, Tata Consumer Products, Hain Celestial, Stash Tea, and Unilever. New product development is expected to remain as a critical success factor for the industry players.
Read 80 page research report with ToC on "Fruit Tea Market Size, Share & Trends Analysis Report By Product (Conventional, Organic), By Distribution Channel (Offline, Online), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/fruit-tea-market
In terms of product, the conventional segment accounted for over 80% of the market share in 2019. The dominance of this segment is majorly attributed to its affordability and easy availability. However, the organic product segment is projected to expand at the fastest growth rate over the forecast period owing to rising number of health-conscious consumers.
Considering the growing demand for organic products, manufacturers are introducing new products in order to tap the emerging market. For instance, in October 2019, Hain Celestial launched an organic wellness product, TeaWell, which includes delicious flavors with health benefits. These products are available in different fruit flavors including elderberry, grape, and lemon, which enhance immunity and wellbeing of the consumers. In addition, global food and beverage companies such as Nestlé and Coca-Cola are also entering the market with organic product lines in order to appeal to the consumers.
North America is anticipated to expand at the fastest CAGR of 10.5% from 2020 to 2027. Increasing popularity of the product in U.S. and Canada has widened the opportunity of manufacturers in the region. As a result, in June 2018, Unilever's Lipton brand introduced two new flavors, watermelon and mango, under its fruit-infused iced tea bags for U.S. consumers.
The key competitors in the fruit tea market include R. Twining and Company Limited, Stash Tea, The Bigelow Tea Company, Dilmah Ceylon Tea Company PLC, TIESTA TEA, and Bettys & Taylors of Harrogate Ltd. The companies are launching innovative products in order to expand their business and gain a competitive edge in the market.
Grand View Research has segmented the global fruit tea market on the basis of product, distribution channel, and region:
- Fruit Tea Product Outlook (Revenue, USD Million, 2016 - 2027)
- Fruit Tea Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Fruit Tea Region Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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