The
global tea market is characterized by high level competition on
account of the inclusion of many large and small suppliers, states
Transparency Market Research (TMR), a market intelligence company.
The players within the global tea market are competing with each
other on the basis of service, quality, reputation, price,
innovation, and distribution. Leading players operating within the
global tea market are Davids Tea, Kusmi Tea, Tea Forte, Tata Global
Beverages, and Unilever Plc.
According
to Transparency Market Research (TMR), the global tea market will
expand at a 5.7% CAGR and rise from US$12.8 bn in 2017 to US$20.0 bn
by 2025. By type, the crush, tear, curl (CTC) tea is leading in the
market not only in terms of value but also be volume. By geography,
Asia Pacific is the leading regional market for tea, showcasing a
healthy 6.8% CAGR between 2017 and 2025.
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Premium
Tea Segment Expanding at Steady Pace
Among
the premium and traditional tea types, it is the traditional tea
which is consumed more. The cost efficiency of traditional tea over
premium tea is behind the high consumption rates. The consumption of
premium tea is also increasing at a healthy pace. Premium tea such as
yellow tea, oolong tea, white tea, and others are becoming popular
and this segment is expected to expand at a steady pace. The high
disposable income of the people across the globe is anticipated to
bode well for the demand for premium tea.
Health
Benefits of Tea Behind High Consumption
The
increasing variety and flavours available for tea is one of the key
factors behind the accelerated growth of the tea market. The market
also benefits from the widening consumer base of tea on account of
the common perception that tea helps in the healthy functioning of
the body and has various benefits. The antioxidants, flavonoids, and
phytochemicals present in tea is expected to be another important
factor bolstering the growth of the tea market. In addition to this,
the fact that tea helps prevent cardiovascular diseases, combat
arthritis, and also helps control blood pressure will boost the
consumption of tea.
Herbal
and Organic Tea Emerging Popular
One
of the key trends within the global
tea market is the growing popularity of green, herbal, and
organic tea. The infusion of tea with various flavours and fragrances
so as to create newer blends will continue to bolster the demand for
tea worldwide. On the other hand, the change in consumer preference,
volatility in wages of labour, and unavailability of labour are some
of the factors helping the market to grow. The surge in the
consumption of coffee in the U.S. and Brazil will act as a threat to
the growth of tea market.
Availability
of Variety of Flavours to Drive Growth Prospects
Other
challenging factors include climate change, resource constraints, and
changing demographic conditions. On a bright note however, the
consumption of tea is expected to rise on account of the various
health benefits associated with herbal and organic tea. The growing
availability of a wide range of tea varieties at reasonable costs
will also help the market to grow.
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