Pune, India -- (SBWIRE) -- 09/26/2018 -- Market Overview:
Flavored tea is popular especially among health-conscious consumers due to its higher percentage of antioxidants contents that offer various health benefits. There are already various flavors available in the market, and the makers of flavored tea continuously bring novelties and variations in the taste. Furthermore, distribution channels are playing a vital role in the development of this market.
The global flavored tea market is accruing rapidly, mainly due to its popularity, especially among the health-conscious populace. Simultaneously, various health benefits offered by the flavored tea along with the availability of a range of flavors boost the market growth further. Besides, the growing FMCG sector along with the ever-increasing shift in consumer preferences, worldwide, provides impetus to the market growth. Resultantly, the Flavored tea market is growing pervasively on the global platform.
In their efforts to bring absolutely distinctive, unmistakable flavors food scientists are not leaving a single stone unturned. That fact has given rise to the phenomenon of bacon-flavored tea. Yes, a tea company - Adagio Teas is already into making a bacon-flavored tea based on the Lapsang Souchong tea, grown in China, which is sometimes also called "smoked tea." Adagio has blended this notoriously smoky, Lapsang Souchong tea with black tea, apples, caramel and caramel apple flavors, and cinnamon bark to amplify the effect
Additional factors substantiating the market growth include attractive packaging forms, raising awareness towards keeping good health and the health benefits offered by the flavored tea. Some players strategize their packaging solutions meticulously so as to enhance the customer experience while aligning with their branding, providing top of the line product innovation. Moreover, growing industrialization & urbanization along with the improving economic conditions worldwide commutatively act as the tailwind to the market growth.
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Top Key Players:
The flavored tea market appears to be highly competitive owing to the presence of numerous well-established players. These players are increasingly focusing on reducing the brand recall of their products among consumers, through effective marketing communications.
Brand recall usually occurs due to the low product differentiation and the availability of a wide range of similar products. High potential growth demonstrated by the market is expected to attract several new entrants during the anticipated period. As a result, the competition will get further intensifying
Some of the prominent players profiled in MRFR analysis include Numi, Inc. (US), Twining and Company Limited. (UK), ITO EN (North America) Inc. (US), The Unilever Group (UK), Tata Global Beverages Ltd. (India), Barry's Tea Ltd. (Ireland), Celestial Seasonings, Inc. (US), R.C. Bigelow, Inc. (US), Mighty Leaf Tea Company (US), Harney & Sons Tea Corp. (US), and Weikfield Foods Pvt. Ltd (India).
Industry/Innovation/Related News:
August 10, 2018 – Pure Leaf (US), one of the leading providers of premium iced & Hot tea launched its latest and greatest refreshing beverage - Pure Leaf Apple Cider Flavored Iced Tea. The company has picked out five of the 'most pervasive flavor trends' of the year (2018) across F&B industry, and Apple is expected to be a top selling flavor of the year, particularly in the ready to drink category.
Market Segments:
The MRFR analysis is segmented into four key dynamics for the convenience of understanding;
By Type: Black Tea, Green Tea, White Tea, and others.
By Flavor: Fruits, Herbs, Spices, and others.
By Distribution Channel : Store-Based and Non-Store Based.
By Region: North America, Europe, APAC and the Rest-of-the-World.
The subsegment - black tea accounts for the dominating segment in the market by types. However, the subsegment green tea is projected to be the fastest growing segment over the forecast period due to its popularity.
The subsegment - herbs is anticipated to dominate the market, by flavors followed by the subsegment fruits. However, the subsegment spices are estimated to snowball during the forecast period, due to its health benefits.
The subsegment - store-based distribution channel is dominating the market due to the one-stop shopping experience it offers.
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Regional Analysis:
Globally, Asia Pacific region dominates the flavored tea market with the largest market share. Attributing to the presence of major tea producing countries, such as China, Sri Lanka, India, and Indonesia the APAC market is expected to grow with a phenomenal CAGR, followed by the North American market during the assessment period.
Additionally, increasing consumption of flavored tea in countries like China and India where large consumer base is available and where improving economic conditions are improving the quality of life of people are boosting the market growth in the region.
North America is another lucrative market for flavored tea. The growing market in the US backed by the high per capita income and the presence of large innovative players operating in the country's flavored tea market, drives the market growth in the region majorly.
Attributing to the growing flavored tea markets in the region, Europe accounts for one of the promising markets. Besides factors such as high disposable income & increasing health eccentric populace with the influence of media industry provide impetus to the market growth in the region.