The growing popularity of organic tea is expected to impact the growth of the tea market positively. Asia Pacific emerged as the largest global tea market, with a 39.71% market revenue share in 2023.
Newark, Sept. 12, 2024 (GLOBE NEWSWIRE) -- The global tea market is experiencing significant growth, driven by rising consumer demand for health-conscious beverages and innovations in packaging, Flavors, and product offerings. The market, which includes various types such as black, green, oolong, and herbal teas, is projected to grow significantly from USD 55.74 billion in 2023, growing at a CAGR of 7.2% from 2024 to 2033. The market is expected to reach USD 111.70 billion by 2033.
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Recent developments in the market include the launch of specialty teas, such as Twinings’ Super blends range, and the introduction of more sustainable packaging solutions by brands like Tetley. Key players like Associated British Foods, Tata Global Beverages, and Unilever are focused on expanding their reach through product innovation and strategic partnerships. The increased demand for green and herbal teas is especially prominent, driven by a surge in health awareness and marketing efforts.
Report Scope and Segmentation -
| Report Coverage | Details |
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 55.74 Billion |
| Market size value in 2033 | USD 111.70 Billion |
| CAGR (2024 to 2033) | 7.2% |
| Forecast | 2024-2033 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product, Distribution Channel |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
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Market Dynamics:
Drivers: Health Benefits of Tea Consumption
The numerous health benefits of tea are a key driver of its market growth. Tea helps reduce the risk of cardiovascular disease, diabetes, cancer, and other chronic conditions. It is rich in antioxidants and low in calories, making it a nutritious choice. Additionally, tea is a great source of vitamins A, D, E, and C, along with alkaloids. These health advantages are contributing to the rapid expansion of the tea market.
Restraint: Availability of Substitutes
The growth of the tea market may be restrained by the increasing availability of substitutes, such as coffee. Changing consumer preferences, especially in regions like the UK, show a shift towards coffee consumption. Younger consumers, in particular, prefer instant coffee for its convenience in fast-paced lifestyles.