The prevalence of tea drinking culture, various health benefits of tea, increased weight loss awareness and expanding retail sector are propelling the growth.
PORTLAND, OR, USA, July 16, 2022 /EINPresswire.com/ — According to the report, the global tea industry generated $55.14 billion in 2019 and is expected to reach $68.95 billion by 2027, registering a CAGR of 6.6% from 2020 to 2027.
Drivers, constraints and opportunities
The prevalence of tea drinking culture, various health benefits of tea, rising awareness of weight loss and expanding retail sector are propelling the growth of the global tea market. However, fluctuating commodity prices are restraining the growth of the market. On the contrary, the reduced demand for soft drinks and the advent of new flavors are creating new opportunities in the years to come.
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Production activities have been halted due to containment restrictions. Additionally, there was unavailability of raw materials and disruptions in the supply chain, which in turn hampered production.
Online stores have suspended delivery services with government-imposed lockdown restrictions to limit the spread. Moreover, the gap between supply and demand has widened as health conscious people need green tea and different types of teas.
Supermarkets, hypermarkets and specialty stores have been closed or opened for a specified period in accordance with government regulations. With lockdown restrictions pushed back, production activities and physical stores have started operations.
The green tea segment will continue its leading status during the forecast period
On the basis of type, the green tea segment contributed the largest market share in 2019, accounted for nearly one-third of the global tea market and is expected to maintain its leading status during the forecast period. Moreover, this segment is estimated to witness the fastest CAGR of 9.8% from 2020 to 2027. This is due to health benefits such as better digestion, better heart and mental health, benefits of weight loss, innovative ads and celebrity endorsements. The report also covers segments such as black tea, fruit/herbal tea, oolong tea and others.
The supermarket/hypermarket segment will maintain its leading position by 2027
Based on distribution channel, the supermarket/hypermarket segment held more than a third of the global tea market in 2019 and is expected to maintain its leading position in terms of revenue by 2027. This is due to the presence of ‘a wide variety of products, increased footfall in emerging countries and unique solution offered by them. However, the online store segment is expected to register the highest CAGR of 8.4% from 2020 to 2027, owing to the discounts and convenience offered by these online channels.
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Asia-Pacific must maintain dominance by 2027, North America must grow steadily
Based on region, Asia-Pacific accounted for the highest market share in 2019, holding almost three quarters of the total market share of the global tea market, and will continue its dominance during the forecast period. . Moreover, this region is expected to show the highest CAGR with a CAGR of 7.3% during the forecast period. This is attributed to the advent of tea culture in countries like China, India, and Japan, as well as the rise of black tea with its health benefits. However, North America is estimated to experience the second highest CAGR of 5.5% from 2020 to 2027.
Main market players
Associated British Foods Plc.
Barry’s Tea Limited
Hain Celestial Group, Inc.
ITO FR, Ltd.
Mcleod Russel India Limited
Tata World Drinks
The Republic of Tea, Inc.
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Organic Tea Market: https://www.alliedmarketresearch.com/organic-tea-market
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