Global Tea Market Is Projected To Grow At A

Moderate CAGR During The Period 2016-2022

Sep 30, 2019 (AmericaNewsHour) -- Description: 

Tea is a hot as well as cold beverage whose preparation include

brewing or boiling the dried leaves of the plant Camellia sinensis.
It is considered as the world's second most popular beverage
after water. 
Tea has an ever-growing market growth and it can be attributed to
the changing consumer preferences towards healthier beverages.
Rising awareness about the health benefits of tea acts as a
predominant force in driving its demand. Also, the increasing
trend of ready-to-drink tea has become significantly famous.
Introduction of new flavours and convenient packs is another key
factor that has helped maintain a constant demand for tea across
the world.

Market Dynamics: 
According to sources, in 2021, the global tea beverage market is estimated to be worth
about 44.3 billion U.S. dollars. 
Although, an increase in cost of raw materials due to unpredictable weather, rise in cost
of agricultural inputs, and increase in trend of out-of-home coffee consumption are
expected to limit the growth of the tea market. Ready-to-go packs and new flavours and
variety in tea and growth in demand from the health-concerned young population are
anticipated to provide lucrative opportunities for the market.

Geo analysis: Tea is majorly grown in four countries, China, India, Kenya, and Sri
Lanka. 
Asia-Pacific dominates the rest, registering the highest CAGR of around 6.0% in the
global tea market due to high demand in China and India.

North America witnessed the second highest growth rate owing to rise in demand of tea.
The Canada tea market was valued at $606 million in 2016, and is expected to reach
$838 million by 2023, registering a CAGR of 4.7% during the forecast period. 
Change in outlook towards social consumption of tea, increasing tea consumption
among all segments of the society, growing prominence of caf and quick service
restaurants in urban areas has resulted in increasing demand for tea consumption
across the globe. 
Among the regions, APAC is estimated to account for the majority in terms of revenue
share at 41.2% in 2016, followed by Europe.

According to sources, APAC market is set to witness the highest growth in terms of
value over the forecast period, followed by Europe and North America.

Market Segmentation: 
The Global Tea Market segment can be divided into: 
By Type - Green Tea, Black Tea, Oolong Tea, Fruit/Herbal Tea, Others 
By Packaging - Plastic Containers, Loose Tea Packets, Tea Bags, Aluminium Tins 
By Application - Residential, Commercial 
By Distribution Channel - Supermarkets/Hypermarkets, Speciality stores, convenience
stores, online stores.