According to the latest report by IMARC Group, titled “Ready to Drink Tea and Coffee Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global ready to drink tea and coffee market reached a value of US$ 94.3 Billion in 2021. Ready to drink (RTD) tea and coffee are packaged beverages that are popular alternatives to carbonated drinks. These products are reinforced with vitamins and minerals, rich in antioxidants, and manufactured using various additives, extracts, preservatives, artificial and natural sweeteners, flavors, acidulants, and nutraceuticals. RTD tea is considered to be a refreshing health drink, while RTD coffee is regarded as an instant energy drink. They are widely distributed in cans, glass bottles, polyethylene terephthalate (PET) bottles, and aseptic cartons. As opposed to brew-it-yourself tea and coffee products or conventionally used beverage mixes and powders, RTD tea and coffee offer familiarity with taste and increased consumer convenience.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Ready to Drink Tea and Coffee Market Trends:
The market is primarily driven by the escalating demand for instant energy drinks across the globe. This can be attributed to the hectic schedules and fast-paced lifestyle led by consumers. In addition to this, a considerable rise in lifestyle diseases, such as obesity and diabetes, is resulting in the increased consumer preference towards soft drinks with health benefits, which, in turn, is fueling the market. Also, growing concerns regarding the adverse effects of carbonated drinks are leading to a paradigm shift towards coffee and tea, thereby resulting in a higher product uptake. The market is further driven by continual product innovations, such as the introduction of diverse flavors and beneficial ingredients, including antioxidants and nutraceuticals. Some of the other factors contributing to the market growth include rapid urbanization, inflating disposable incomes of the consumers, easy product availability across online and offline organized retail channels and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 140.7 Billion by 2027, exhibiting a CAGR of
7.4% during 2022-2027.
- Based on the product, the market has been bifurcated into ready to drink tea (black, fruit and herbal based, oolong, and green tea) and ready to drink coffee (ginseng, vitamin B, taurine, guarana, yerba mate and acai berry).
- On the basis of additives, the market has been categorized into flavors, artificial sweeteners, acidulants, nutraceuticals, preservatives, and others.
- Based on packaging, the market has been segmented into glass bottle, canned, PET bottle, aseptic, and others.
- On the basis of price segment, the market has been divided into premium, regular, popular priced, fountain, and super premium.
- On the basis of the distribution channel, the market has been divided into off-trade (independent retailers, supermarkets and hypermarkets, convenience stores and others) and on-trade (food service and vending).
- On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Asahi Breweries, Dr Pepper Snapple Group, Starbucks, Pepsico, The Coca Cola Company, Ajinomoto General Foods Inc., Ting Hsin International Group, Uni-President Enterprises Corporation, Nestle, Dunkin' Brands, Ferolito Vultaggio & Sons, Keurig Dr Pepper, Hangzhou Wahaha Group, Lotte Chilsung, Monster Beverage, Acqua Minerale San Benedetto, Kirin Holdings Company, Unilever, Arizona Beverage Company, and Suntory.
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