According to the recent report by IMARC Group, entitled “Tea Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global tea market reached a volume of 6.2 Million Tons in 2018, exhibiting a CAGR of 5.63% during 2011-2018. Originated in China, tea refers to an aromatic beverage which is usually prepared by adding hot or boiling water over the tea leaves. Tea is mainly grown in the developing countries, such as Asia, Africa, South America, and around the Black and Caspian Seas, with favourable soil and climatic conditions. It is considered as the widely consumed beverage across the globe as it helps in digestion, improves the immunity, assists in weight loss, benefits the bone health and minimises the risk of heart attacks.
On account of escalating disposable incomes and altering tastes as well as preferences of the consumers, the demand for premium and healthy beverages like tea is proliferating worldwide. Moreover, as consumers are becoming aware about the disadvantages of consuming carbonated drinks, they are extensively incorporating green tea in their daily beverages, in turn, contributing to the overall growth of the market. Apart from this, tea manufacturers are introducing value-added ingredients so as to target young consumers or people suffering from obesity, diabetes and other health ailments. Additionally, the manufacturers are coming up with new flavours of tea such as lemon, mint, orange and pomegranate in order to widen their consumer-base. Other major factor which is catalysing the market growth is the huge popularity of tea, particularly in the developing regions like India and China. Looking forward, the market volume is projected to 7.58 Million Tons by 2024, expanding at a CAGR of 3.19% during 2019-2024.
- On the basis of type, the market has been divided into green tea, black tea, oolong tea, fruit/herbal tea and others. Currently, black tea accounts for the majority of the market share due to its anti-spasmodic, anti-viral and anti-allergic properties.
- Based on packaging, paper board packaging dominates the market, holding the largest share. Some of the other packaging materials include plastic containers, loose tea, aluminium tin, tea bags and others.
- The market has also been divided on the basis of application into residential and commercial segments. Amongst these, residential sector represents the largest application area followed by commercial.
- Based on distribution channel, supermarkets/hypermarkets exhibit a clear dominance in the market. Supermarkets/hypermarkets are followed by specialty stores, convenience stores, online and others.
- Region-wise, the market has been segmented into China, India, Kenya, Sri Lanka, Turkey, Vietnam and Others. Amongst these, China is the biggest market, holding the majority of the market share as tea plays a vital role in the Chinese culture.
- The competitive landscape of the market has also been examined with some of the key players being Tata Global Beverages, Unilever, Associated British Foods Plc., Taetea and Barry's Tea.
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