This is the most detailed (COVID-19 updated) and comprehensive report about the global tea market, covering all global regions and 151 single countries. The report presents information on each indicator for each of the 151 countries covered, offering unmatched value, accuracy, and expert insights.
The global tea market was equal to 113.46 billion USD (calculated in retail prices) in 2014. Until 2024, the tea market in the world is forecast to reach 235.75 billion USD (in retail prices), thus increasing at a CAGR of 6.8% per annum for the period 2019-2024. This is a decrease, compared to the growth of about 8.7% per year, registered in 2014-2018.
The average consumption per capita in value terms reached 20.71 USD per capita (in retail prices) in 2014. In the next five years, it grew at a CAGR of 4.75% per annum. In the medium term (by 2024), the indicator is forecast to slow down its growth and increase at a CAGR of 4.08% per annum.
The tea market has evolved dramatically in the past few years in line with consumers’ changing behavior. Today, tea drinkers are more interested in high-quality products with a great story and drinks that give them specific health benefits, which has driven demand for healthy green, functional botanical tea, and herbal blends. In addition, the perception of tea has also changed, as it is viewed by most younger consumers as a sensual and wellness drink.
Premiumization is another positive development on the market, as customers are showing strong preferences for functional botanical blends and single estate artisanal teas. More and more people are interested in innovative flavor combinations, as well as in authenticity and the story behind certain brands. When it comes to different types, a recent trend suggests that natural, earthy alternative flavors such as ginger, matcha, turmeric, and cumin are in higher demand. Cheese tea is another foodservice phenomenon, which has been especially popular in Asian countries such as Malaysia, Taiwan, and China.
Another interesting trend in the tea market is the emergence of tea pairing menus. Since customers are increasingly opting for unique and experience-led products, different restaurants have been trying to enhance the culinary experience by introducing a several-course tea pairing menu. In addition, the tea market has been expanding outside the category of hot beverages with the development of new ready-to-go drinks and iced tea variants. Kombucha, for example, has shown impressive growth over the past few years from a niche product to a well-established product in mainstream supermarkets.
This report presents a strategic analysis of the global tea market and a forecast for its development in the medium term, taking into account the impact of COVID-19 on it. It provides a comprehensive overview of the market volume and value, dynamics, segmentation, characteristics, main players, prices, international trade, trends and insights, growth and demand drivers, challenges, etc.
COVID-19 Impact on Green Tea Market in 2020 – Know the Forecast Demand till 2026
The rising concern about health and fitness has promoted the growth of the global green tea market predicts Fortune Business in their new report, titled,” Green Tea market size, Share and Global Trend by Type (Tea Bags, Powder, Loose Leaf, Capsules, Others), By Formulations (Flavored, Unflavored) and Geography Forecast till 2026”.The report provides important business insights related to the green tea market and what all factors will help promote or demote the growth of the market within the forecast period of 2018 to 2026.
According to the report, the tea bags segment is expected to dominate the market in the forecast duration in terms of type. Convenience and easy storage facility offered by teabags encourage customers to spend on them. In terms of formulation, the flavored green tea segment is anticipated to witness a steep rise in the market in the forecast period on account of the variety of preferences of different customers and thus result in its wide adoption. This will help generate more revenue for the overall market in the future.
Presence of Major Green Tea Production Companies to Make Asia Pacific Emerge Dominant
Fortune Business Insights foresees the global green tea bag market to witness the largest share from the Asia Pacific. This is because of the presence of major green tea producing companies and exporting countries such as Japan, China, India, Taiwan, and others in the region. The rising awareness about the benefits of green tea consumption and the rising number of product launches are anticipated to generate larger revenues to the regional market in the coming years as well.
On the other side, Europe is prognosticated to grow significantly in the future. The rising awareness and preference towards nutritive diet and healthy living are tipping scales in favor of the growth of the market in Europe.
Health Benefits Offered by Green Tea Stimulating Market Growth
The rise in awareness about health and physical fitness is promoting the trend of a healthy lifestyle and regular exercise. It also encourages people to keep a check on their daily calorie and nutrient intake, hence raising awareness about the benefits of green tea is identified as a key factor enabling growth in the global green tea market. Green tea is believed to reduce the adverse effect of cancer cells, LDL cholesterol, and thus, their demand is increasing by the day. Green tea is also believed to help cure body aches and headaches. Additionally, regular consumption of green tea also helps to reduce fats and is gaining popularity, especially among obese and health-conscious consumers. All mentioned factors are anticipated to contribute to the growth of the global green tea market in the forecast duration.
However, the cost of green tea is comparatively more than that of black tea, and this may restrict its growth in the future. Also, the lack of awareness about the benefits of green tea consumption, especially in developing nations, may hamper the global market in the future.
Launch of Innovative Flavors in Green Tea to Attract Increasing Number of Consumers
Launching innovative flavors of green tea are is one of the main strategies adopted by various market players to maintain a strong foothold in the market. Company collaborations and mergers and acquisitions are other strategies adopted by the market for better revenue generation. For instance, two companies, namely MindFull Inc., and Sequential Brands Group, Inc., collaborated and announced the launch of GAIAM Organic Green Teas in February 2019. This product introduced in various flavors such as lemon, hibiscus, mint, pomegranate, and others. Such innovations are anticipated to bode well for the global green tea market during the forecast period.
