Portland, OR -- (SBWIRE) -- 06/22/2018 -- The tea market is projected to reach at $67,751 million by 2023 from $46,392 million in 2016, growing at a CAGR of 5.5% from 2017 to 2023, according to the latest report published by Allied Market Research. The black tea segment accounted for about half of the global market volume in 2016.

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 growth of the global tea market is driven by the health benefits associated with consuming tea and rise in fitness concerns among people in different regions. The additional facts that support the growth of the market include increase in caf culture, rise in disposable income, change in tastes of people, and innovation of tea via introducing additional healthy ingredients. However, increase in cost of raw materials due to unpredictable weather, high cost of production, and increase in trend of coffee consumption are expected to hamper the growth of market during the forecast period. Rise in tea demand from health-conscious young population and frequent introduction of new flavors & variety are expected to provide numerous opportunities for expansion of the global tea market.

The hypermarkets/supermarkets segment was the leading distribution channel with most of the tea market share in 2016, growing with significant CAGR during the forecast period. This is attributed to the increase in business of retail sales in different regions and availability of large shelf space for maximum sales.

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Tea consist of large number of bioactive compounds apart from flavonoids such as amino acids, caffeine, lignins, proteins, xanthines, and more. These maintain cardiovascular health, reduce cholesterol, check DNA damage, enhance metabolism, prevent cancer, promote neurological health, and more. In 2016, the black tea segment occupied major market, in terms of revenue, accounting for about one-third of the share. This trend is expected to be replaced by green tea during the forecast period, owing to its rise in consumption in different regions. The green tea segment accounted for second highest market share in 2016, and is expected to grow at a significant CAGR during the forecast period. Asia-Pacific and Europe accounted for more than 80% share of the global tea market in 2016, owing to the large-scale consumption of tea and presence of different varieties.

Key Findings of the Tea Market:

-Green tea segment is projected to witness the highest CAGR of 8.8% in revenue terms during the forecast period.

-Asia-Pacific is expected to dominate the market in 2023, due to high growth of population and increase in demand for tea products.

-Supermarket/hypermarket segment occupied the largest market with maximum value share in 2016, and is expected to grow at the significant CAGR during the forecast period.

-China is the largest country in terms of demand and production of tea in the global tea market.

-Fruit/herbal tea is anticipated to witness the second highest growth rate, registering a CAGR of 7.1% from 2017 to 2023, in value terms.

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In 2016, Asia-Pacific and North America collectively accounted for more than 80% of the tea market share, registering a lucrative CAGR, and are anticipated to retain their position in the global tea market in 2023. This is attributed to the significant growth of the food & beverage industries in China, India, & other developing economies; rise in health-conscious population, and increase in popularity of various tea types in both regions.

Major companies profiled in the report include

-Tata Global Beverages
-Unilever
-Associated British Foods Plc.
-TAETEA
-Nestle
-Barry's Tea
-Apeejay Surrendra Group
-Bettys & Taylors Group Ltd.
-McLeod Russel and
-ITO EN Inc.