Tea Market to Gather $93.2 Billion by 2031 at a CAGR of 6.7%: Report by Allied Market Research

Increased awareness among people across the globe regarding the weight loss and the health benefits associated with tea are predicted to push the growth rate of the global tea market.

PORTLAND, Ore., Nov. 5, 2023 /PRNewswire/ -- Recently, Allied Market Research published a report "Tea Market by Type (Green Tea, Black Tea, Oolong Tea, Fruit/Herbal Tea, Others), by Packaging (Plastic Containers, Loose Tea, Paperboards, Aluminum Tins, Tea Bags), by Application (Residential, Commercial), by Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031". As per the report, the global tea market is anticipated to raise a revenue of $93.2 billion by 2031. The market was valued at $49 billion in 2021 and is estimated to grow at a CAGR of 6.7% during the 2022-2031 period. The report provides a holistic study of the latest market trends, regional scenarios, and competitive landscape of the market.

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Report coverage & details: 

Growth Drivers, Market Restraints, and Investment Opportunities

Widespread awareness among people around the world regarding the importance of weight loss and the health benefits associated with tea are predicted to drive the global tea market. However, fluctuating prices of raw materials and growing coffee consumption around the world will create hurdles in the market's rise. Nonetheless, the decline in demand for carbonated beverages and the launch of new tea flavors will create enormous growth opportunities in the market in the coming period.

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The paperboards segment to be highly dominant in the analysis timeframe

Based on packaging, the paperboards segment accounted for the largest market revenue in 2021, with around two-fifth of the total market. The growth in demand for environmentally friendly packaging options is anticipated to push the segment ahead. On the other hand, the plastic containers segment is predicted to have the highest CAGR of 7.2% during the forecast period. The ability of plastic containers to store fresh produce for a long time is predicted to help the segment grow during the forecast timeframe. 

The commercial segment is anticipated to flourish immensely by 2031

Based on application, the commercial segment generated the highest revenue in 2021, with around one-fifth of the total revenue. The commercial segment is expected to witness growth owing to increasing demand for quick service restaurants. On the other hand, the residential segment is expected to have the fastest CAGR of 7.0% during the 2022-2031 period. The rising consumption of beverages at home will boost the segment's growth in the next few years.

The supermarkets/hypermarkets segment to offer lucrative growth opportunities

Based on distribution channel, the supermarkets/hypermarkets segment garnered the maximum revenue in 2021, with around one-third of the total share of the revenue. Preference for supermarkets and hypermarkets for buying tea and associated products will aid in augmenting the rise of this segment. However, the online stores segment is estimated to demonstrate the highest CAGR of 8.1% during the analysis timeframe. The increase in use of e-commerce websites and online platforms due to the convenience offered by these websites is estimated to push the growth of the segment.

Asia-Pacific accounted for the highest share in 2021

Based on region, the Asia-Pacific tea market valued for the highest market share in 2021 with around three-fourths of the total market. Prevalent tea culture in countries including China, India, Japan, and Sri Lanka is predicted to help the market's rise in this region. However, the market in the North America region is predicted to be the fastest growing with a CAGR of 8.4% during the analysis timeframe. Shifting preference of consumers towards tea is expected to provide tremendous growth opportunities for the market in this region.

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Leading Players of the Market

·  The Republic of Tea, Inc.

·  Barrys Tea

·  Unilever PLC

·  Mcleod Russel India Limited

·  ITO EN, LTD.

·  Nestle S.A.

·  R.C. Bigelow, Inc.

·  HAIN CELESTIAL GROUP, INC.

·  Associated British Foods plc

·  Tata Consumer Products Limited

The report also contains a detailed study of the major players in the global tea market and the different business expansion strategies adopted by them, including mergers and acquisitions. 

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