Tea Market report categorizes the global market by Product (Leaf Tea and CTC Tea), Type (Premium/Specialty Tea and Mass Tea) & Geography.
Albany, NY -- (SBWIRE) -- 05/01/2018 -- Global Tea Market: Snapshot
Tea is one of the most frequently consumed beverages across the world. The medicinal benefits ?€" it contains phytochemicals, flavonoids, and antioxidants, which help to maintain a healthy functioning of the human body ?€" associated with tea have kept its demand high over time. The pool of tea consumers has been witnessing a continuous rise, globally, owing to which, the global tea market is anticipated to experience a high growth over the forthcoming years.
In 2016, the market stood at US$12.45 bn. Researchers estimate the opportunity in this market to rise at a CAGR of 5.70% between 2017 and 2025 and attain a value of US$20.03 bn by the end of the forecast period. The introduction of new flavors in tea is expected to boost this market substantially over the next few years. However, the increasing popularity of coffee may pose a tough challenge for the tea market in the years to come.
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Mass Tea Segment to Remain on Top in Global Tea Market
Broadly, the global market for tea is evaluated on the basis of the products and the type of products available across the world. Tea is primarily found in two types: Mass tea or traditional tea and premium/specialty tea. As the name suggests, mass tea is consumed by the mass, which means, the consumption volume of the mass tea segment is much higher than the premium specialty tea segment. With the cost-efficiency it offers, the segment is expected to continue its growth streak over the next few years.
The demand for premium/specialty tea is also rising at a steady rate across the world. Premium/specialty tea, including yellow tea, white tea, oolong tea, and several ready-to-drink tea, is prepared by infusing various organic ingredients and flavors to the traditional tea. Considering its health benefits and high quality, specialty tea are very expensive in comparison with mass tea. With the increasing number of young and health conscious consumers, the demand for specialty tea is expected to rise significantly in the years to come.
Leaf tea and CTC tea are the main products available in the worldwide market for tea. The demand for CTC tea is relatively higher than leaf tea and the trend is expected to continue in the near future due to the low cost of CTC tea.
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Asia Pacific to Maintain Dominance over Global Market
The global tea market is also assessed on the basis of region, that is, Asia Pacific, North America, the Middle East and Africa (MEA), Europe, and South America. Asia Pacific has been leading the global market over the last few years and is anticipated to maintain its dominance in the near future as tea is the most common and popular hot beverage in various economies in this region, such as India, Singapore, China, Japan, Thailand, Hong Kong, Australia. North America and Europe are also projected to register a high rise in their respective tea markets over the forthcoming years, thanks to increasing awareness among consumers regarding the benefits of tea on health.
Starbucks, Kusmi Tea, Associated British Foods Plc., Peet's Coffee & Tea, Tata Global Beverages, DAVIDs Tea, Unilever Plc., and Tea Forte are some of the leading tea vendors across the world.