Recent report by Persistence Market Research (PMR), titled, “Tea Market: Global Industry Analysis and Forecast, 2016-2024,” furnishes new insights on global tea market.
New York, NY -- (SBWIRE) -- 08/31/2017 -- The global tea market is estimated to reach value of US$ 14.45 Bn by the end of 2016. During the forecast period, the tea market is expected to register a CAGR of 5.0% due to a slew of factors affecting the market's dynamics.
Influence of Health awareness on Tea demand:
Tea drinkers across the world always value the quality of tea taste and always seek for unique varieties in the products. They always scan the market yard for their favorites such as lemon flavor, fruit flavor, mint flavor, chocolate flavor and other. It is studied that there are more than 500 varieties of tea on the globe. Overseeing the demand, no. of tea lounges have started offering a wide variety of tea with different flavors, blends, and colors which are expected to drive the market growth during the forecast period. Increased health awareness also boosts the demand for tea with the blend of Ayurveda such as green tea, which has become a healthy trend today. Increased health awareness also boosts demand for tea with a blend of Ayurveda. The green tea has become a widely accepted health drink. Consumers psychological need for mutual discussion lead them towards tea outlets, this phenomenon supports tea specific retail outlets worldwide.
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Globally Increased Adult Tea Consumption in Adult Drives Tea market
On the basis of type, the market is segmented into black tea, green tea, oolong tea, herbal tea, and others. Black tea segment is projected to observe robust growth, followed by green tea segment. On the basis of distribution channel type, the market is segmented into hyper/super market, convenience stores, retail stores, online stores, and others. Due to increased customer base and popularity, supermarket/ hyper market segment is expected to increase exponentially with ease of availability of various flavored teas. Increasing percentage of beverages consumption among adults is an outcome of aggressive advertising by tea manufacturers to promote their products. It is generating more awareness of various health benefits by tea consumption and hence is expected to drive market growth. Manufacturers are adopting various marketing strategies that are based on creating knowledge and awareness about the product globally.
Black tea segment is to witness the highest growth
On the channel basis, the tea market is segmented into hyper/super market, retail stores, convenience stores, online stores, and others. Major segments in tea market consist black tea. Green tea, oolong tea, and herbal tea. During the forecast period, black tea segment is projected to witness robust growth. Green tea segment is estimated to mark the second position. Owing to the massive range of available products and the uncompromising customer base the hyper/super market segment is expected the significant growth in the global tea market.
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Being a choice of most of the population classes, the black tea segment is expected to witness highest revenue share which is expected to follow by green tea, oolong tea, herbal tea and others. Owing to energizing effect consumers of tea choose it as a means of quick refreshment. Tea manufacturers are adopting many marketing strategies such as health awareness programs to promote antioxidant properties of green tea.
This report reveals the trends and factors affecting the drive on each segment. Offers insight analysis to explain the potential of region for the tea and its variants. Among all key regions across the globe, North America is estimated to account for comparatively high global value share followed by Europe and Asia-Pacific. During the forecast period North America, Europe, and Asia Pacific are expected to register high growth rates. Amongst all, North America is expected to persist a dominating position with 37.7% revenue share of global market by 2024-end.
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Global tea market competitive landscape
The report reveals the profiles of significant players operating in global tea market along with the key strategies, product offering and the key developments. Key companies in this report are; Companies featured in this report are Associated British Foods, Akbar Brothers Ltd, Tata Global Beverages (Tata Tea Ltd.), The Republic of Tea, Unilever, Starbucks Corporation, DAVIDs TEA. Nestlé S.A, and WISSOTZKY TEA.
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