Hailed
all across the world as an appealing and low-cost drink that is best
served piping hot, tea is finding its consumer base increasing by the
year. The global tea market is expected to grow rapidly over the
coming years. The primary cause of this is the growing number of
people across all age groups who are beginning to prefer drinking hot
tea over other beverages. The global tea market also provides
employment to a large number of citizens of any tea-producing region.
Many
types of tea are also touted for their therapeutic abilities against
blood pressure issues, low bone density, arthritis, heart diseases,
and several types of cancer. The high amount of antioxidants present
in many teas, particularly green tea, is responsible for the
purported health benefits.
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Growing
Consumer Base Creates Larger Global Tea Market
The
global tea market is finding an increasing demand as people are
beginning to prefer hot beverages as a part of their daily liquid
consumption. More and more people are becoming health-conscious and
are thus being attracted to herbal teas due to their health benefits.
Teas possess antioxidants in abundance, which helps treat and prevent
multiple ailments, including cardiovascular and degenerative diseases
along with stomach and esophageal cancer. The myriad health benefits
provided by tea have helped drive the global tea market among the
more informed and sophisticated consumer demographics.
Black
Tea is the Most Consumed Tea in Global Tea Market
The
two basic segments of the global tea market according to type are
leaf tea and Crush, Tear, and Curl (CTC) tea. Sub-segments of leaf
tea include oolong tea, black tea, and green tea. Of these, black tea
dominated the global tea market in 2013, accounting for more than 50%
of the global market in terms of demand. This sub-segment is
immediately followed by green tea, the market for which is driven due
to its high antioxidant count and a traditionally high rate of
consumption in the Asia Pacific region, where human consumption of
tea historically began. Green tea is the fastest growing segment in
the global tea market.
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India
and China Top Tea Consumers in Global Tea Market
The
Asia Pacific region has dominated the global tea market for quite
some time. It is the largest producer and consumer of tea. The prime
reason for this is the substantially high production and storage
capacities in India and China, the two largest tea-drinking nations
in the world. By rank, India is the largest tea consumer of tea,
followed by the U.K. and China. Low rates of consumption in North
America, where coffee is usually the beverage of choice, have
resulted in a very slow growth of the tea market in this region.
These trends are expected to continue till 2020, although the
increasing preference for green tea in the U.S. could gradually tilt
the scales in favor of the tea market.
The
top players in the global tea market include Tata Global Beverages
Ltd., Akbar Brothers Ltd., Wissotzky Tea, Unilever, and Twinning of
London. Each of the top competitors has succeeded in making full use
of the invaluable distribution network within the global tea market
in order for their products to reach retailers, merchandisers,
supermarkets, and hypermarkets. With consumers showing a better
standard of living and greater awareness of health upkeep, the global
tea market can safely look forward to an optimistic future.
The
global tea market was worth US$38.84 billion in 2013. It is expected
to grow at a CAGR of 2.8% from 2014 to 2020. Should the CAGR hold,
the global tea market will reach US$47.20 billion by 2020. The global
tea market is showing a strong growth rate, although consolidated
mostly in parts of Europe and most of Asia Pacific. Players can look
for a higher demand as more and more consumers are looking to the
global tea market for their daily beverage requirements.
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