IMARC Group has recently released a new research study titled “Global Tea Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global tea market size reached US$ 24.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 37.4 Billion by 2032, exhibiting a growth rate (CAGR) of 4.7% during 2024-2032. The increasing consumer awareness of tea's health benefits, rapidly changing lifestyles, surging demand for convenience, growing preference toward sustainability and ethical sourcing practices, burgeoning globalization, and expansion of e-commerce sector, and easy product availability in retail stores are some of the factors accelerating the market growth.
Global Keyword Market Trends:
The increasing popularity of sustainability and ethical sourcing, as consumers become more conscious of the environmental and social impact of their purchases, is driving the market growth. Additionally, the rising exploration of blockchain technology to provide transparency in the supply chain, ensuring that consumers can verify the authenticity and sustainability of their tea, is catalyzing the market growth. Besides this, the introduction of smart tea brewers that can be controlled via smartphone apps, offering personalized brewing options based on individual preferences, is fostering the market growth.
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Factors Affecting the Growth of the Tea Industry:
Increasing Health Awareness and Demand for Functional Beverages: The increasing health consciousness among consumers across the globe is one of the major factors boosting the market growth. In line with this, the rising awareness of the benefits associated with natural and healthy beverages is favoring the market growth. Moreover, the growing availability of different types of tea that are rich in antioxidants, vitamins, and other compounds that contribute to improved digestion, better cardiovascular health, weight management, and enhanced immune function is fostering the market growth. In addition to this, the rising prevalence of lifestyle-related diseases, such as obesity, diabetes, and cardiovascular conditions, amplifying the demand for tea as it has the potential to aid in weight loss, improve metabolism, and reduce stress is stimulating the market growth.
Rising Cultural Significance and Increasing Consumption of Tea: The rising popularity of tea, as it holds a deep cultural significance in many parts of the world, is catalyzing the market growth. In addition to this, the increasing prevalence of tea ceremonies and traditions, underscoring the importance of tea in daily life, is providing a thrust to the market growth. Besides this, the burgeoning expansion of the middle class and rising disposable incomes, boosting the consumption of tea, is fueling the market growth. Additionally, the increasing urban population and cafe culture, leading to a surge in the popularity of premium and specialty teas, is contributing to the market.
Rapid Innovation and Product Diversification in the Tea Industry: The rising innovation and product diversification, as companies introduce a wide range of tea-based products and formats to cater to evolving consumer preferences, is positively impacting the market growth. In line with this, the introduction of ready-to-drink (RTD) tea beverages, which offer convenience to busy consumers, is anticipated to drive the market growth. Moreover, the availability of various flavors and formulations in RTD teas, including iced tea, sparkling tea, and functional tea that blends vitamins and minerals, is enhancing the market growth. Apart from this, the growing interest in unique and high-quality tea experiences, leading to the rise of artisanal and gourmet teas, such as single-origin teas, exotic flavors, and organic or ethically sourced ingredients, is strengthening the market growth.
Explore Full Report Description At: https://www.imarcgroup.com/tea-market
Key Companies:
- Associated British Foods Plc
- Barry’s Tea
- Taetea Group
- Tata Consumer Products Limited (Tata Group)
- Unilever
Keyword Market Report Segmentation:
By Product Type:
- Green Tea
- Black Tea
- Oolong Tea
- Others
Black tea represented the largest market share due to its widespread popularity and high consumption rates.
By Packaging:
- Plastic Containers
- Loose Tea
- Paper Boards
- Aluminium Tin
- Tea Bags
- Others
Paper boards accounted for the largest market share as they offer cost-effective, eco-friendly solutions and are widely used for tea bags and retail packaging.
By Distribution Channel:
- Supermarkets/Hypermarkets
- Specialty Stores
- Convenience Stores
- Online
- Others
Supermarkets/hypermarkets represented the largest segment due to their extensive reach, diverse product offerings, and convenience, attracting a broad customer base.
By Application:
- Residential
- Commercial
The residential sector represented the largest segment as tea is predominantly consumed at home, making household consumption the primary driver of market demand.
Regional Insights:
- China
- India
- Kenya
- Sri Lanka
- Turkey
- Vietnam
- Others
China's dominance in the keyword market is attributed to its historical and cultural significance in tea consumption and production, coupled with its large population.
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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