New York, NY -- (SBWIRE) -- 03/23/2018 -- Tea can be defined as a hot beverage made by infusing or brewing / boiling / decocting the dried leaves of the Camellia sinensis plant. In 2015, the global tea market was valued at US$ 13,847.4 Mn and is estimated to reach a value of US$ 14,448.3 Mn by the end of 2016, reflecting Y-o-Y growth rate of 4.0%. By 2024, the global tea market is expected to reach a value of US$ 21,329.7 Mn, registering a CAGR of 5.0% over the forecast period.

Among all type segments in the global tea market, revenue from the black tea segment is projected to lead with a CAGR of 5.1% (2016–2024). This segment is expected to remain dominant and expected to account for 42.5% value share over the forecast period. The black tea segment is estimated to account for major value share in 2016, owing to continuous development, which is expected to fuel growth of this segment over the forecast period.

As a result of rising popularity of various flavors in the tea market and increasing consumer base along with introduction of new tea flavors such as lemon flavor, mint flavor, chocolate flavors and others is expected to have robust growth in the global tea market during the forecast period. As a result of availability of a wide variety of flavored tea worldwide, which is resulting in increasing consumer base and thus is expected to fuel global tea market growth during the forecast period.

A cup of tea has many health benefits, but over consumption of tea has some unpleasant side effects. As per a research work, a cup of tea contains 14 to 60 milligrams of caffeine, which is less than that in coffee. Caffeine affects people in different ways, causing difficulty in sleeping, nervousness, irregular heart rate, diarrhoea and others. According to the University of Maryland Medical Centre, excessive consumption of green tea increases the risk of lung cancer, colorectal cancer, and esophageal cancer. In addition, it may cause some complications such as high blood pressure, insomnia, anxiety, and stomach ulcers. Also, availability of substitutes for tea could influence consumers to defer from tea consumption during the forecast period.

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The black tea segment is expected to contribute comparatively high revenue among the type segment over the forecast period, and is estimated to account for around 42.1% value share of the overall global market by 2016 end. Green tea segment is also expected to witness favorable revenue growth in the global tea market, registering a CAGR of 5.4% over the forecast period. This segment is projected to create incremental $ opportunity of US$ 2499.2 Mn between 2016 and 2024.

The global tea market is also segmented on the basis of distribution channel into hyper/super market, online stores, and retail stores, convenience stores, and others. Among the distribution channel segment, the hyper/super market is projected to contribute significantly high revenue in the global tea market.

Markets in North America, APAC and Europe are expected to contribute significantly to overall revenue growth of the global tea market. Change in outlook towards social consumption of tea, increasing tea consumption among youth and kids, growing prominence of café and quick service restaurants in urban areas has resulted in increasing demand for tea consumption across the globe, are factors expected to fuel growth of the global tea market. Among the regions, APAC is estimated to account for majority in terms of revenue share at 41.2% in 2016, followed by Europe.

APAC market is set to witness highest growth in terms of value over the forecast period, followed by Europe and North America. Sales of various flavors of teas in North America, Europe and APAC is estimated to collectively account for over 83.1% revenue share of the global tea market by 2016 end. Among all major markets for type, black tea and green tea segments are expected to witness significant growth rates over the forecast period.

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Top companies operating in the global tea market are Associated British Foods, WISSOTZKY TEA, Unilever, Starbucks Corporation, Akbar Brothers Ltd, Nestlé S.A, Tata Global Beverages (Tata Tea Ltd.), DAVIDs TEA, and The Republic of Tea.