The size of the global tea market will increase USD 12.62 billion between 2018-2023, accelerating at a CAGR of nearly 5% by the end of the forecast period. This growth in market size will be majorly driven by the health benefits associated with consuming tea and an increase in tea consumption worldwide. More of the global population has started developing tea consumption as a habit, which is subsequently contributing to global tea market growth. Additionally, changing demographics are also providing an opportunity for market participants in the tea industry as the growing middle class and urbanized population of many emerging and developing markets is influencing the consumption of the various types of tea.
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Tea consumption and production have always been strongly correlated and as tea production increases, so too does tea consumption. According to the Food and Agricultural Organization of the United Nations (FAO), tea production witnessed an annual increase of 4.4% between 2007 and 2016, while tea consumption also rose by 4.4% during the same years. Over the past five years, consumption of tea increased from 30 billion liters in volume to approximately 36 billion liters, which has been a major growth factor in the market's recent surge. This growth trend for the consumption and production of tea is expected to continue over the next five years due to increased awareness about the benefits of tea coupled with rising per capita tea consumption.
The increasing consumption of tea will lead to the introduction of premium products. In countries such as the US, premium and super-premium products account for the maximum contribution for the RTD segment. European consumers are also preferring luxurious and niche flavors in the form of customized offerings. As consumers are willing to pay more for premium products, vendors are increasingly focusing on catering to the growing demand for high-quality tea. Other insights provided within Technavio’s tea market analysis reports include:
Within our tea industry research, we provide deep insights into the tea market landscape, its segments, and their market share. Our research experts segment the tea market by green tea, black tea, herbal tea, and more.
Green tea is one of the major segments within the global tea market. Green tea is extremely popular in the Asia-Pacific (APAC) which dominates the regional green tea market share, accounting for 66% of the market in 2017. During 2018-2022, 81% of global green tea market growth will come from APAC as the number of supermarkets, hypermarkets, discount stores, and convenience stores, distributing green tea is increasing in this region. Our non-alcoholic beverage research analysts forecast the global green tea market to increase more than USD 4.5 billion in market size by between 2017-2022, accelerating at a CAGR of nearly 6% by the end of the forecast period.
Our full area of expertise for the global tea market includes research areas such as:
We at Technavio, with our comprehensive understanding of the tea market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of tea market reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our tea market reports offer the following insights:
Technavio’s tea market analysis is a part of its non-alcoholic beverage market research catalog. Within this catalog, we also cover the carbonated and non-carbonated soft drinks market, dairy-based beverages market, and the dairy alternatives drink market.
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