Tea Market
— Allied Market Research
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, August 7, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Tea Market,” The tea market size was valued at $49 billion in 2021, and is estimated to reach $93.2 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.
The market for tea is mostly driven by the health benefits associated with tea. Tea is one of the most popular beverages consumed in the world. Increase in demand for tea is driven by the several health benefits associated with it, such as it is rich in antioxidants such as polyphenols, which mainly include flavonoids and catechins. These prevent large-scale cellular destruction via stabilization of harmful free radicals present in the human body.
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KEY FINDINGS OF THE STUDY
By type, the green tea segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
By packaging, the paperboard segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
By application, the residential segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
By distribution channel, the offline segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
By region, the North America region was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
The major players operating in the tea industry focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been also focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the tea market include Associated British Foods plc, BARRY’S TEA, HAIN CELESTIAL GROUP, INC., ITO EN, LTD., Mcleod Russel India limited, Nestle S.A., TAETEA, Tata Global Beverages, The Republic of Tea, INC., UNILEVER GROUP.
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The tea market trends shows high growth potential in Europe and North America region. The market in the North America region has been consolidating, due to high competition. Moreover, the shift in preference of consumers toward healthier alternatives to caffeinated beverages and toward tea and coffee is expected to provide growth of the tea market opportunities . Moreover, the Europe market for tea is driven by rise in the number of educated tea and coffee drinkers.
The tea market forecast is segmented on the basis of type, packaging, application, distribution channel, and region. By type, the market is divided into green tea, black tea, oolong tea, dark tea, and others. By packaging, it is fragmented into plastic containers, loose tea, paperboard, aluminum tins, and tea bags. Applications covered in the study include residential and commercial. By distribution channel, it is categorized into supermarkets/hypermarkets, specialty stores, convenience stores, online stores, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on type, the market is divided into green tea, black tea, oolong tea, dark tea, and others. The green tea segment accounted for a major tea market share in 2021 and is expected to grow at a significant CAGR during the forecast period. Green tea is often associated with numerous health benefits, such as boosting metabolism, improving brain function, reducing the risk of cancer and heart disease, and promoting weight loss. The growing interest in health and wellness among consumers has led to an increase in demand for green tea.
Based on packaging, the market is fragmented into plastic containers, loose tea, paperboard, aluminum tins, and tea bags. The paperboard segment accounted for a major share of the tea market in 2021 and is expected to grow at a significant CAGR during the forecast period. Paperboard packaging is considered an eco-friendly packaging option as it is made from renewable resources, such as wood pulp, and is biodegradable and recyclable. The growing focus on sustainability among consumers has led to an increase in demand for paperboard packaging. The sustainability, protection, convenience, branding, and cost-effectiveness of paperboard packaging have made it the most dominant segment in the tea market. The growing demand for sustainable packaging options, along with the convenience and cost-effectiveness of paperboard packaging, is expected to continue driving its dominance in the future.
By application, the market is fragmented into residential and commercial. The residential segment accounted for a major share of the tea market in 2021 and is expected to grow at a significant CAGR during the forecast period. The residential segment includes common populace consuming tea at their residence. These users dominate the global market, owing to the presence of a large number of residents consuming tea for health and refreshment.
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Based on distribution channel, it is categorized into supermarkets/hypermarkets, specialty stores, convenience stores, online stores, and others. The supermarkets/hypermarkets segment accounted for a major share of the tea market in 2021 and is expected to grow at a significant CAGR during the forecast period. Surge in consumption of caffeine beverages at home boosts the market growth in the residential segment.
By region, the tea market analysis is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for a major share of the tea market in 2021 and is expected to grow at a significant CAGR during the forecast period. Tea has a rich cultural significance in many countries in the Asia-Pacific region, including China, Japan, India, and Sri Lanka. It has been consumed for centuries as part of traditional medicine and daily rituals. The cultural significance of tea has led to a high level of tea consumption in the region.
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