North America RTD Tea Market
Ready to drink (RTD) tea is an alternative for carbonated drink and is gaining popularity globally due to busy and fast lifestyle. They are sold in a packaged form which are ready to consume. Its market is growing at a faster pace due to its RTD method. North America market is projected to record CAGR of 5.2% due to rising health awareness and busy lifestyle.
Due to its technology of RTD, the tea market is a concern for all the manufacturers. The increasing demand from all age groups is the major driver for the segment growth. RTD plays a major role in health care, as the health awareness is increasing, the market is showing potential growth. The only constraint that needs to be addressed is the rising cost of raw material. This is a major growing concern for the maunfacturers. The product offers specific conditon offerings alongwith targetting the new consumers.
Its types are black, green, oolong ,fruit & herbal teas .Black tea market is high on demand and estimated market for black tea was $19.8 billion out of total tea sales of $44.8 billion globally in 2018. Another growing market is of fruit & herbal tea which seems to deteriorate the market of black tea due to its rich nutrients content and health conscious consumers are preferring it. Fruit & herbal tea market in 2014 was $ 6.5 billion and continues to show a tremendous potential. Double digit market is projected for fruit & herbal tea in the forecasted period.
Cans and Pouches, the new forms of packaging atracts the consumers due to its convenience in usage. Continuous innovations in the product line and targeting new consumer will help a lot to the manufacturers to gain profits out of this segment.
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