Global Market Study on Tea: Black Tea Segment Projected to Retain Its Dominance Through 2024
New York, NY -- (SBWIRE) -- 09/20/2017 -- Persistence Market Research (PMR) delivers key insights on the global tea market in its published outlook titled, "Tea Market: Global Industry Analysis and Forecast, 2016–2024". In 2015, the global tea market was valued at US$ 13.85 Bn and is estimated to reach a value of US$ 14.45 Bn 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$ 21.33 Bn, registering a CAGR of 5.0% over the forecast period due to various factors, on which PMR offers vital insights in detail.
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Global tea market dynamics
Tea drinkers value quality and taste. Across the globe they are seeking for new and unique varieties in products. They are looking forward for various blends and flavors in tea products such as lemon flavor, mint flavor, fruit flavor, chocolate flavor, and others. It has been found that there are approximately more than 500 varieties of tea are available worldwide. Moreover in order to attract more consumers, tea lounge are offering wide varieties of tea with different blends, colors and flavors, owing to drive the market growth during the forecast period.
Increasing focus of consumers on health & wellness, and the percolating psychological need for people to unplug in exchange for human interaction is supporting tea-specific retail outlets worldwide. Thus, increasing penetration of the tea cafe and lounge culture, especially in countries of Americas and Asia Pacific, which is further expected to drive the market growth in the near future.
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Global tea market forecast
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. The hyper/super market segment is expected to increase significantly in the global tea market due to increasing consumer base and ease of availability of various flavored teas in these markets.
Black tea segment is expected to witness highest revenue share, followed by green tea and oolong tea segment in the global tea market. As a result of increasing consumption of beverages among young adults in both developed and developing countries, are the major factors to witness highest growth in the global tea market during the forecast period. As a result 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.
This report discusses trends that drive growth of each segment and offers analysis and insights of the potential of the tea market in specific regions. Asia Pacific, North America and Europe are expected to record high growth rates between 2016 and 2024. Among all the regions globally, North America is estimated to account for comparatively higher value share in 2016, followed by Europe and Asia Pacific. The market in North America is expected to remain dominant over the forecast period, and is expected to gain 210 BPS to account for 37.7% revenue share of the global market by 2024. Asia Pacific is another major market for tea. In Asia Pacific, increasing consumer demand for non-GMO ingredients are some of the factors driving the tea market over the forecast period. India, China, and other countries in the Asia Pacific region are expected to witness significant growth over the forecast period in the global tea market.
Global tea market competitive landscape
This report covers detailed profiles of key players functioning in the global tea market and also highlights the key strategies, key developments, and product offerings of these companies. Companies featured in this report are Unilever, Starbucks Corporation, WISSOTZKY TEA, Associated British Foods, Nestlé S.A, Akbar Brothers Ltd, Tata Global Beverages (Tata Tea Ltd.), The Republic of Tea, and DAVIDs TEA.