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FO_172296
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Pages: 220
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May 2017 | 17837 Views
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Author's :
Biswa Sinha
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Tables: 150
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Charts: 35
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Global Tea Market was valued at $46,392 million in 2016, and is projected to reach at $67,751 million by 2023, growing at a CAGR of 5.5% from 2017 to 2023. Tea is globally the most popular beverage obtained from Camellia sinensis plant leaves. It is known to be originated in China, and is majorly grown in four countries, China, India, Kenya, and Sri Lanka. It offers various health benefits owing to presence of polyphenols working as antioxidants, vitamins, trace minerals, and different amino acids resulting in stronger immunity, lower cholesterol, increased metabolism, prevention of cancer, and more. In addition, presence of small amount of caffeine makes tea a mild stimulant preventing fatigue. Major population consuming tea has developed it as a habit, subsequently contributing in the growth of the tea market.
Annual Per Capita Tea Consumption, By Country
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The above figure indicates that Turkey, Ireland, the UK, Russia, and Morocco are top five countries of the world with largest per capita tea consumption. Maximum of the top countries consuming tea belong to Europe and LAMEA regions, resulting in growth of the market.
The global tea market is majorly driven by the health benefits associated with consuming tea and increase in awareness related to carbonated drinks among people. Moreover, increase in caf culture, rise in disposable income, change in tastes of people, and introduction of additional healthy ingredients in tea by different market players are the other factors that fuel the market growth. However, increase in cost of raw materials due to unpredictable weather, rise in cost of agricultural inputs, and increase in trend of out-of-home coffee consumption are expected to limit growth of the tea market. The introduction of new flavors & variety in tea and growth in demand from health-concerned young population are anticipated to provide lucrative opportunities for the market.
Segment Review
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The report segments the global tea market based on type, packaging, distribution channel, application, and geography. By type, the market is divided into green tea, black tea, oolong tea, dark tea, and others. On the basis of packaging, it is classified into plastic containers, loose tea (packets & pouches), paper boards, aluminum tin, and tea bags. Based on distribution channel, it is categorized into supermarkets/hypermarkets, specialty stores, convenience stores, online stores, and others. Applications covered in the study include residential and commercial. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Investment Pocket, By Type
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Green tea market is the most lucrative segment of the global tea market, possessing high market potential for investment, owing to the rise in demand and increase in awareness regarding the health benefits offered by it. Asia-Pacific shows the highest growth rate for green tea, followed by North America.
Global Tea Market, By Geography
Asia-Pacific dominated the, registering the highest CAGR of around 6.0% in the global tea market due to high demand in China and India. It also. North America witnessed the second highest growth rate owing to rise in demand of tea. The Canada tea market was valued at $606 million in 2016, and is expected to reach $838 million by 2023, registering a CAGR of 4.7% during the forecast period.
Canada Tea Market, 2016-2023 ($million)
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Key leading players operating in tea industry are Tata Global Beverages, Unilever, Associated British Foods Plc., TAETEA, Nestl, Barry's Tea, Apeejay Surrendra Group, Bettys & Taylors Group Ltd., McLeod Russel, and ITO EN Inc.
The other players in the value chain include Mighty Leaf Tea Company, Numi Organic Tea, The Republic of Tea, Tazo Tea Company, Teavana, Celestial Seasonings, Inc., Fukujuen, Harney and Sons, Kazi Tea, M. M. Ispahani Limited, DavidsTea, Tim Hortons, and Godrej Group.
Key Benefits for Stakeholders
Health, fitness, and habit are three important factors determining the growth of the global tea market. Tea is the key natural beverage consumed several times a day, acting as a catalyst meant to refresh and re-energize people. Presently, consumers interest is shifting towards green tea & fruit/herbal tea owing to presence of diverse nutrients and numerous health benefits offered by it. The various nutrients present in tea include different types of vitamins, amino acids, flavonoids, and trace minerals leading to stronger immunity, improved metabolism, lower cholesterol, cancer prevention, and other health benefits. Thus, new launches of specialty tea products such as herbal/fruit tea, different types of green tea, and the ones consisting of the black & green leaves combination were witnessed. The above factors indicate high growth opportunities for the aforementioned tea products during the forecast period.
Supermarkets and hypermarkets are the most prevalent distribution channels responsible for highest tea sales in the global market. The packaged tea is estimated to witness higher growth rate as compared to unpackaged tea. Moreover, residential segment is anticipated to dominate the market in the current as well as upcoming years.
Asia-Pacific is the leading region in terms of consumption of different kinds of tea, owing to huge production & demand in China, India, Japan, and other countries. Furthermore, this region is projected to grow at the highest CAGR, owing to regular habits of people, rapid development of food & beverages sector, and increase in health conscious population. North America is expected to register second highest CAGR in the market due to increase in demand for ice tea and alarming obesity rates.
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