Tea is one of the most popular beverages, usually made via brewing or boiling of dried Camellia Sinensis plant leaves. The two prominent types of tea include black tea, widely consumed in western nations, and green tea, common in Asian countries. Tea care & husbandry management comprises proper site selection and several carefully maintained steps, which include permanent source of water, proper shelter, free draining soil with pH ranging from 5 to 5.8, and stringent regulations towards the amount of pesticides applied on plantations. Presently, the commercial consumption of tea is increasing, thus bridging the gap between out-of-home tea and coffee consumption. China and India are the major tea producing countries consisting of key players in the global market.
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The global tea market was valued at $55,144 million in 2019, and is projected to reach $68,950 million by 2027, registering a CAGR of 6.6% from 2020 to 2027. The green tea segment was the highest contributor to the market, with $16,362 million in 2019, and is estimated to reach $26,110 million by 2027, at a CAGR of 9.8% during the forecast period. China is one of the prominent regions in the market that accounted for a sizeable share of the total market in 2019.
The trend for specialty or organic tea such as green tea and herbal/fruit tea is witnessing an upsurge, whereas ordinary black tea market is stabilizing. Customers are more aware towards the health effects of their food, thus shifting towards organic products
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.
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The key players profiled in the tea industry include 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., And Unilever Group.
Key findings of the study
The tea market was valued at 55,144 million in 2018 and is estimated to reach $68,950 million by 2027, growing at a CAGR of 6.6% through the forecast period.
Based on packaging, the tea bag segment would witness the fastest growth, registering a CAGR of 7.7% during the forecast period.
In 2019, based on type, the black tea segment held the highest share, accounting for more than one-fourth of the global market share.
In 2019, China was the most prominent market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.
Based on the application in 2019, the residential segment accounting for more half of the global tea market share.
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