Global Tea Market 2017-2021
Tea, a beverage made from the leaves of an aromatic plant called Camellia sinensis, is usually prepared with water or milk. It is consumed as both hot and cold beverages. Although it originated in China, it is now famous all over the world due to its taste, health benefits, and varieties. It is the most highly-consumed drink after water. It contains substantial amounts of antioxidants, which help in lowering the risk of various health problems.
Technavio’s analysts forecast the global tea market to grow at a CAGR of 4.45% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global tea market for 2017-2021. To calculate the market size, the report considers volume/value of global and region wise tea production.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Tea Market 2017-2021
Technavio recognizes the following companies as the key players in the global tea market: Associated British Foods, ITO EN Inc., Nestlé, Unilever, and Tata Global Beverages (TGB).
Other Prominent Vendors in the market are: Celestial Seasonings, Dilmah, Apeejay tea, Barry’s tea, Betty's and Taylors Group, Harney and Sons, The Republic of tea, Teavana, Mighty Leaf tea, Numi tea, and Tazo tea.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is specialty iced tea. Specialty teas are teas that are special in some way. A tea can become a specialty tea if it is launched in a new flavor, blended with a new ingredient, or recently introduced to a part of the world.”
According to the report, one driver in the market is increased demand from millennials in developing economies. The developing economies of the world are flourishing because of improved economic indicators and foreign investments leading to abundant employment opportunities. The economic growth in these economies has made consumers better equipped monetarily, making tea more affordable. The improved economy and increased job opportunities have also made premium brands and varieties of tea more affordable for young consumers aged between 18 to 34 years, who are also called millennials.
Further, the report states that one challenge in the market is major threat from substitutes. Coffee serves as the biggest threat to tea as it is a beverage, which is quite similar to tea. The preference for coffee acts as a huge challenge to the growth of the tea market in coffee-drinking nations like those in North America. As a result, the tea market in these nations exhibit slow growth, and most of this growth is attributed to innovations in formulating tea.
Associated British Foods, ITO EN Inc., Nestlé, Unilever, Tata Global Beverages (TGB), Celestial Seasonings, Dilmah, Apeejay tea, Barry’s tea, Betty's and Taylors Group, Harney and Sons, The Republic of tea, Teavana, Mighty Leaf tea, Numi tea, and Tazo tea.