Tea Market Overview
Tea refers to an aromatic beverage made from the Camellia Sinensis plant. It is considered one of the most consumed drinks across the globe. Green Tea and Dark Tea are the most popular Tea, while home-grown Tea is gaining importance. The global tea market has recorded massive growth in recent years, owing mainly to the rise in the expendable wages of shoppers. Furthermore, solid customer acknowledgment is likely to catalyze the growth of the tea market over the review timeframe.
As per the reports by MRFR, the global tea market size is projected to acquire a market size of over USD 28.33 Bn by 2032 while recording a healthy CAGR of over 4.60% during the forecast period of 2023-2032.
Segment Analysis
The tea market has been fragmented into several segments based on application, distribution channel, packaging, type, and region.
Based on type, the global tea market is split into Oolong, herbal or fruit, black, green, and others.
By packaging, the tea market is split into plastic containers, tea bags, aluminum tin, paperboard, loose Tea, etc.
The tea market is divided into convenience stores, supermarkets or hypermarkets, specialty stores, online, etc.
By application, the tea market is fragmented into commercial and residential.
Regional Analysis
The global tea market is studied across five major regions: Europe, Asia-Pacific, North America, South America, and the Middle East & Africa.
The MRFR report suggests that the Asia-Pacific region will likely dominate the global tea market over the review timeframe. European and North American regional markets follow the region. The three regions contribute to over 83.1% of the global tea market revenues.
The growth of the Asia-Pacific regional tea market is likely to be driven by the growing tea culture across the region. Furthermore, the growing interest in Tea from millennials is also likely to boost the regional market's growth. The regional market is likely to provide lucrative opportunities for market players over the assessment era. The factors such as rising interest from the youth populace, developing populace of center pay gathering, and growing pace of tea creation in non-industrial nations such as India and China will likely encourage the growth of the regional tea market over coming years.
Competitive Analysis
The global tea market has an intensely competitive landscape with a wide number of new entrants across the globe. The players in the tea market worldwide are adopting several new strategies such as partnerships, mergers, acquisitions, and product launches to grow their global market footprint. The list of leading players in the global tea market includes The Republic of Tea, Tata Global Beverages (Tata Tea Ltd.), Akbar Brothers Ltd, Unilever, Associated British Foods, DAVIDs TEA, Nestlé S.A, Starbucks Corporation, WISSOTZKY TEA, and several others.
Recent Developments
- January 2022- One of Taiwan's most well-known bubble milk tea brands, Sharetea (歇腳亭), has announced that it will expand its reach across the Middle East to Kuwait following the outlets set up in Dubai in 2012. Owner of Sharetea, Lian Fa International Dining Business Co., announced the signing of an agreement with a partner in Kuwait to set foot in the oil-producing country, making Sharetea the only international hand-shaken beverage brand there. According to Lian Fa, Kuwait's economy will be helped by this launch after getting impacted by the COVID-19 pandemic and volatility in crude oil prices.
- January 2022 – Ben Gong's Tea is set to have a grand inauguration on January 24, 2022, at 9292 Warren Parkway, Ste. 200, Frisco. The tea shop inside 99 Ranch Market arranged a minor opening on January 12. As per the company website, it offers a range of teas, including drinks made with jasmine tea, Oolong, green, and black. Drinks can be custom-made to include fruit, sugar pearls, and more.
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