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, restraints, and opportunities
Prevalence of tea consumption culture, different health benefits of tea, increase in awareness about weight loss, and expanding retail sector propel the growth of the global tea market. However, varying prices of raw material restrain the market growth. Contrarily, reduced demand for carbonated drinks and advent of new flavors create new opportunities in the coming years.
Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/2296
Covid-19 Scenario
- Production activities have been halted due to lockdown restrictions. Moreover, there have been raw material unavailability and disruptions in supply chain, which in turn, hampered production.
- The online stores put a hold on delivery services with lockdown restrictions imposed by government to limit the spread. Moreover, the demand-supply gap widened as health-conscious people required green tea and different types of teas.
- Supermarkets, hypermarkets, and specialty stores were closed or opened for a specific period of time as per government regulations. With lockdown restrictions put off, production activities and physical stores began their operations.
The green tea segment to continue its leadership status during the forecast period
On the basis 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 leadership status during the forecast period. Furthermore, this segment is estimated to witness the fastest CAGR of 9.8% from 2020 to 2027. This is due to health benefits such as enhanced digestion, improved heart & mental health, benefits of weight loss, and innovative advertisements and celebrity endorsements. The report also discusses segments such as black tea, fruit/herbal tea, oolong tea, and others.
The supermarket/hypermarket segment to maintain its lead position by 2027
On the basis of distribution channel, the supermarket/hypermarket segment held more than one-third of the global tea market in 2019, and is expected to maintain its lead position in terms of revenue by 2027. This is due to presence of wide variety of products, surge in footfall in emerging nations, and one-stop solution offered by them. However, the online stores segment is projected to register the highest CAGR of 8.4% from 2020 to 2027, owing to discounts and convenience offered by these online channels.
For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/2296
Asia-Pacific to maintain its dominance by 2027, North America to grow steadily
Based on region, Asia-Pacific accounted for to the highest market share in 2019, holding nearly three-fourths of the total market share of the global tea market, and will continue its dominance during the forecast period. Moreover, this region is projected to manifest the largest CAGR with a CAGR of 7.3% during the forecast period. This is attributed to advent of tea culture in countries such as China, India, and Japan along with surge in popularity of black tea with its health benefits. However, North America is estimated to witness the second-highest CAGR of 5.5% from 2020 to 2027.
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.
- TaeTea
- Tata Global Beverages
- The Republic of Tea, Inc.
- Unilever Group
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.