Flavored Tea Market Overview:
In addition, the global flavored tea market is expected to rise at a CAGR of 8.1%, with a significant value over the estimated forecasting year of 2020-2030.
Originating in China, tea currently represents one of the most widely consumed beverages in the world. It is commonly prepared by pouring hot or boiling water over cured leaves of the tea plant. Cultivating tea requires specific soil and climatic conditions present in various developing nations like Kenya, China, India, and Sri Lanka. Tea is a rich source of antioxidants and offers numerous health benefits such as reducing the risk of heart attack and stroke, weight loss, maintaining bone health, boosting immunity, and enhancing digestion. There are numerous formats in which tea products are manufactured and sold, including loose tea, teabags, bottled and canned iced tea, ice tea powders, and milk tea powders.
A rise in the disposable incomes of consumers has enabled tea manufacturers to introduce premium and health-oriented products. They have started adding several healthy ingredients to their organic tea formulations to target common health conditions, including diabetes, beauty, obesity, heart health, etc. Therefore, a shift toward the consumption of organic tea acts as an emerging trend that is positively impacting the growth of the flavored tea market.
Another major factor driving the growth of tea is its strong consumer acceptance. Currently, it represents the world’s most consumed beverage after water. It has very high penetration levels in Asia and Europe, with people consuming tea daily. Tea represents an inexpensive beverage and is consumed across all socio-economic consumer groups. A major catalyst that has supported the popularity of tea across various developing markets, such as India and China, is that it is affordable to the mass population, a majority of whom belong to low-income groups.
Competitive Landscape
The market's progress limits are projected to be decisive and will necessitate neutralisation to reveal a good market change. The reestablishment of undertakings on a day-to-day basis is predicted to take a specific period, which will display the development of the oversupplies formed in delivery. The monetary support provided by the governments and trade federations is projected to recoup the state of affairs in the future. The challenges at hand in the worldwide flavored tea market outlook regarding the companies' essential assets are being met more successfully. The instability in demand and supply influences is projected to impact the market in the forecast period positively. The decreasing impact apparent in the flavored tea market is predicted to dwell on its potential future. The requirement for a sensitive examination of the market cues and demand forecasts is estimated to tip to robust market recent development. The importance of marketing activities is estimated to take the main stage in the market's goal to achieve normalcy in the coming period.
The flavored tea key market players are Numi, Inc. (U.S.), ITO EN (North America) Inc. (U.S.), The Unilever Group (U.K), Tata Global Beverages Ltd. (India), Barry's Tea Ltd. (Ireland), R.C. Bigelow, Inc. (U.S.), Celestial Seasonings, Inc. (U.S.), Twining and Company Limited. (U.K), Harney Sons Tea Corp. (U.S.), and Mighty Leaf Tea Company (U.S.)
Market Segmentation:
The global flavored tea market has been segmented into tea type, tea flavor, distribution channels, and geographical analysis. The market is further divided into five sections by tea type: herbal tea, green tea, black tea, white tea, and other organic tea. With the addition of tea flavours, the market is further divided into four sections: fruits, spices, herbs, and others. According to the distribution channels, the market is further divided into store-based availability and non-store availability. On a regional basis, the market is further classified into five sections: Asia-Pacific, Europe, North America, South America, and the Middle East and Africa.
Regional Analysis:
Currently, the growth in flavored tea market size is being driven by rapid growth in per capita incomes, particularly in the developing countries of Asia-Pacific. A growing, increasingly urban young population segment entering the middle class is prepared to consume more and pay for premium tea products. Therefore, these changes have the potential to develop into stronger and longer trends. At present, Asia-Pacific has the largest market for tea consumption, with robust economic growth in a number of developing countries, such as China and India. This has created a large middle-class group with a preference for premium tea blends and brands, often upgrading their purchases from unpackaged tea to packed and bagged specialty varieties.
Industrial News:
Customer awareness about the health benefits of herbal and green tea may further drive the growth of the flavored tea market. The rise in disposable income of consumers, changes in taste and preferences, and the introduction of additional healthy ingredients in tea by different market players are the other factors that fuel the market growth. The easy availability of tea is expected to encourage the growth of the Asia-Pacific green tea market.
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