ALBANY, New York, Aug. 26, 2019 /PRNewswire/ -- The health benefits associated with tea and the availability of teas with different flavors is what makes it one of the most popular beverages across the globe. Moreover, to stay at par with the new trends in the tea market, manufacturers are developing teas that cater to specific purposes. For instance, chamomile tea is used for its calming properties and peppermint tea for stress relief. The global tea market is anticipated to show a promising growth during the forecast period of 2017 to 2025 due to the high popularity of herbal tea among the urban population states Transparency Market Research.
Global Tea Market to Register a CAGR of 5.7%
The study on the tea market predicts it to rise at a CAGR of 5.7% from its historical valuation of US$12.45 Bn to reach the mark of US$20.03 Bn by 2025. A major factor fueling the market's growth is rising awareness regarding the health benefits of tea. Consumers are more inclined towards black tea and green tea owing to their associated health quotient.
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The fact that tea is one of the most affordable beverages has made it more popular among consumers of different economic and social backgrounds. The global tea market also derives its strength from attractive advertising campaigns run by the market players. They are essentially tapping the opportune potential of the tea market by targeting different groups of consumers based on their needs.
However, unpredictable weather and expensive raw materials may act as barriers to the growth of the tea market. Nonetheless, a rise in the number of millennial tea consumers and changes in consumer demographics such as growing urban population has provided a thrust to the tea market's growth.
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Asia Pacific to Emerge as a Leader in the Tea Market
Asia Pacific serves as a promising region for premium tea products. The reason for this is attributable to the rising popularity of premium tea products among the young urban population and the easy availability of these products. India and China are leading contributors to the tea market's growth in Asia Pacific as tea was traditionally consumed in these regions since decades. They are also leading exporters of tea across the world.
Tea has also gained immense popularity in European countries due to the availability of customized products and niche flavors. As a result, key players in the tea market are focusing on premiumization of products and development of new flavors.
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Rise in Tea Lounges to Spur the Tea Market's Growth
In recent years, there has been a rise in the number of tea lounges due to the current popularity of hang-out spaces. These lounges attract numerous consumers as they offer different varieties of hand-picked teas and also a space to relax and indulge in conversations.
According to TMR's study, traditional tea is expected to gain popularity among the masses leading to an increase in the production of this tea. Additionally, the trend of iced teas is catching up among consumers across the globe and is expected to make a significant contribution to the tea market's expansion. Development of specialty iced teas has further triggered the demand for iced tea. Carbonated tea drinks have also become highly popular among consumers, thereby circumventing the tea market's growth.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, "Tea Market (Product - Leaf Tea and CTC Tea; Type - Premium/Specialty Tea and Mass Tea) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025."
The global tea market is segmented based on:
- Leaf Tea
- CTC Tea
- Premium/Specialty Tea
- Mass Tea
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Hong Kong
- Rest of APAC
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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