Global Tea Market 2019-2023 | Introduction of Premium Tea Products to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Jan 7, 2019--The global tea market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by .
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190107005523/en/
Technavio predicts the global tea market to post a CAGR of close to 5% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the rising consumption of tea. The global consumption of tea is increasing. By volume, the consumption of tea increased by around 30 to 36 billion liters from 2013 to 2018. Globally, tea was the second most consumed liquid after packaged water in 2017. According to the FAO, the production of tea witnessed an annual increase of 4.4% between 2007 and 2016. The growth trend in the production and consumption of tea is expected to continue during the forecast period. For instance, the per capita consumption of tea was around 35% in 2017, and it is expected to increase by around 3% by 2021. Major consumers of tea in terms of per capita consumption include Turkey, Ireland, Paraguay, Argentina, Kuwait, and the UK. Countries such as China, Sri Lanka, India, Kenya, and Indonesia are the largest producers and consumers of tea. Exports of tea are also increasing to cater to the globally increasing demand for tea. Therefore, the growing consumption of tea is expected to be a key volume driver for the market during the forecast period.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the introduction of premium tea products as one of the key emerging trends in the global tea market:
Global tea market: Introduction of premium tea products
The engagement of consumers with beverages is changing globally. The beverage industry is largely driven by premium products, and the global tea market is not an exception. For instance, in the US, the introduction of premium tea products is expected to drive the market during the forecast period. A major contribution for the RTD tea segment in the US was from premium and super-premium RTD in 2017. Similarly, European tea drinkers are looking for niche and luxurious flavors in the form of customized offerings. Black tea fusions, fruit/herbal teas, and RTD are among the tea products that have growing varieties of premium products. Moreover, consumers are also willing to spend on premium teas, which in turn is contributing largely to the growth of the global tea market.
“The functional benefits of tea, the rapid rise in consumption of green tea, the growing popularity of purple tea, and the booming online sales of tea are some other major factors, apart from introduction of premium tea products, to boost the growth of the overall global tea market, during the forecast period,,” says a senior analyst at Technavio for research on food, beverage & tobacco.
Global tea market: Segmentation analysis
This market research report segments the global tea market by product (black tea and green tea) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 56%, followed by EMEA and Americas respectively. During the forecast period, the APAC region is expected to continue dominating the global tea market and register the highest incremental growth.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at .
View source version on businesswire.com:https://www.businesswire.com/news/home/20190107005523/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: LUXURY RETAIL FOOD/BEVERAGE
SOURCE: Technavio Research
Copyright Business Wire 2019.
PUB: 01/07/2019 06:22 AM/DISC: 01/07/2019 06:22 AM