- Health benefits of tea, prevalence of tea culture, surge in awareness of its use to lose weight, and expansion of the retail sector drive the growth of the global tea market
PORTLAND, Ore., Sept. 15, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Tea Market by Type (Green Tea, Black Tea, Oolong Tea, Fruit/Herbal Tea, and Others), Packaging (Plastic Containers, Loose Tea, Paperboards, Aluminum Tins, and Tea Bags), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, And Others) and Application (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global tea industry generated $55.14 billion in 2019, and is estimated to generate $68.95 billion by 2027, witnessing a CAGR of 6.6% from 2020 to 2027.
Drivers, restraints, and opportunities
Health benefits of tea, prevalence of tea culture, surge in awareness of its use to lose weight, and expansion of the retail sector drive the growth of the global tea market. However, variations in raw material prices hinder the market growth. On the other hand, declining demand for carbonated drinks and introduction of new flavors present new opportunities in the market.
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- Manufacturing activities have been stopped due to lockdown restrictions. Moreover, unavailability of raw materials due to disrupted supply chain is one of the major reasons for stoppage of manufacturing activities.
- The online stores have stopped delivery services with lockdown imposed by the government to curb the spread. The demand-supply gap widened as health-conscious people needed green tea and other types of teas.
- Supermarkets, hypermarkets, and specialty stores have been closed or opened for a specific period as per government regulations to curb contamination. With lockdown restrictions lifted off, manufacturing activities and physical stores have begun their operations.
The green tea segment to maintain its lead position during the forecast period
Based on type, the green tea segment accounted for the highest market share in 2019, holding nearly one-third of the global tea market, and is estimated to maintain its lead position during the forecast period. Moreover, this segment is projected to witness the highest CAGR of 9.8% from 2020 to 2027. This is attributed to health benefits such as better digestion, improved heart & mental health, weight loss, and reduced tumor growth along with direct to innovative advertisements and celebrity endorsements. The report also analyzes segments including black tea, oolong tea, fruit/herbal tea, and others.
The supermarket/hypermarket segment to maintain its lead position by 2027
Based on distribution channel, the supermarket/hypermarket segment accounted for more than one-third of the global tea market in 2019, and is estimated to maintain its lead position in terms of revenue by 2027. This is due to availability of wide variety of products, increase in footfall in emerging countries, and a one-stop solution provided by them. However, the online stores segment is expected to grow at the highest CAGR of 8.4% from 2020 to 2027, owing to convenience and discounts provided by online channels.
Asia-Pacific to offer lucrative opportunities
Based on region, Asia-Pacific accounted for the largest market share in 2019, contributing to nearly three-fourths of the total share of the global tea market, and will maintain its dominance during the forecast period. Moreover, this region is expected to grow at the fastest rate with a CAGR of 7.3% during the forecast period. This is attributed to prevalence of tea culture in countries such as India, China, and Japan along with rise in popularity of black tea due to its health benefits. However, North America is expected to register the second-highest CAGR of 5.5% from 2020 to 2027.
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Leading market players
- Associated British Foods Plc.
- Barry's Tea Limited
- Hain Celestial Group, Inc.
- ITO EN, Ltd.
- Mcleod Russel India Limited
- Nestle S.A.
- Tata Global Beverages
- The Republic of Tea, Inc.
- Unilever Group
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SOURCE Allied Market Research