Global Tea Market to Reach US$47.20 billion by 2020, Asia Pacific Projected to be Most Attractive Regional Market

2024-11-07 03:13:27 Lifestyle

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Transparency Market Research has published a new market report titled ?Tea Market by Product Type (Leaf tea and CTC tea) ? Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 ?2020.? According to the report, the global tea market was valued at US$38.84 billion in 2013 and is anticipated to reach US$47.20 billion by 2020, expanding at a CAGR of 2.8% from 2014 to 2020.

Browse the full Tea Market report at: http://www.transparencymarketresearch.com/global-tea-market.html

Globally, the most popular and easily available lowest cost beverage after water is tea. Across the world, a wide range of age group consumes it. A large number of people earn their livelihood through the production and processing of tea. Leading countries for tea production include China, India, Sri Lanka, and Kenya. Based on product type, the tea market is categorized into leaf tea and CTC tea (crush, curl, and tear). The leaf tea market is further sub segmented into black tea, Oolong tea and green tea. The several health benefits of tea consumption are the major factors driving the demand for tea globally. Drinking tea helps to prevent arthritis, control blood pressure, improve bone density, and reduce the risk of heart diseases, by providing protection against cardiovascular and degenerative diseases, among others. In addition, tea drinking helps to reduce body weight.

The market for tea is primarily driven by increasing demand for hot beverages among consumers and growing awareness about the health benefits of tea consumption. In addition, tea is easily available at low prices as compared to other hot beverages such as coffee. Moreover, the economic benefits of tea production such as huge revenue generation and employment opportunity are further contributing to the growth of tea market. The tea industry has played an important role in the last few decades, and continues to occupy an important place in the global economy. Tea plantations utilize a large number of resources such as land, labor, and capital, and provide relatively high returns. Moreover, tea plantations require larger area of agricultural land. For example, Sri Lanka exports more than 90 percent of its locally produced tea annually. The tea industry is agro‐based and labor intensive. It provides direct employment to over one million people. Thus, the tea industry creates huge employment opportunities for people.

Tea is consumed in two forms: packaged and loose. Loose tea occupies the major share of the market, but packaged tea manufacturers are targeting on increasing their market share by launching different flavors of tea. The market for CTC tea is comparatively larger as compared to the leaf tea market. Growing consumer demand for hot beverages such as tea and easy availability at low prices are the driving factors behind the growth of global CTC tea market. The tea market is primarily driven by increasing consumer interest in healthy products. People prefer to have tea not only as a refreshment beverage; it also helps to gain different health benefits. Apart from this, rising demand for green tea in beauty treatments and reduction of body weight are the driving factors behind the growth of tea market.

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In terms of revenue, North America generates moderate revenue in the tea market globally. The U.S. tea market is primarily driven by the success of refrigerated and ready-to-drink (RTD) tea over the forecast period. In addition, expansion of value-added sales network for high quality loose tea helps to increase the demand for tea. Many consumers are looking for an alternative to coffee as a refreshment and energy enhancing drink. The U.S. is a major market for tea in North America due to the increasing demand for a wide variety of tea flavors in the country.

The tea market in Europe is primarily influenced by the growing awareness for healthy and safe products among the consumers in Europe. Tea leaves have a high amount of flavonoids, which are a group of antioxidants that help to protect against the damage caused by free radicals. In addition, flavonoids act as preventive compounds with anti-cancer properties. Different types of tea such as black tea and green tea is gaining popularity in Europe. The U.K. is the largest consumer of tea in Western Europe with a market share of 63%, followed by Germany with a market share of 11%. Factors such as positive health benefits and low price of tea help to drive the consumption of tea in the Europe market.

The tea market in Asia Pacific is primarily driven by the growing demand for premium varieties such as green tea and tea bags in the region. Factors such as growing human population, and changing taste and preferences are playing an important role in increasing the demand for different varieties of tea in Asia Pacific. Furthermore, economic benefits such as opportunity for employment creation, and huge revenue generation through tea production are also expected to boost the tea market in Asia Pacific. India and China are counted among the major markets for tea in Asia Pacific due to the rapidly growing population of these countries.

Latin America and Middle East contribute heavily to the growth of tea market due to its growing demand among consumers. Approximately 95% of the tea consumption in Iran constitutes imported tea. Around 80-90% of tea produce is mostly imported from Sri Lanka and India. Other major countries from which tea is imported include China and Kenya.

Key players in the tea market include Twinning of London, Unilever, Wissotzky Tea, Akbar Brothers Ltd., and Tata Global Beverages Ltd among others.

The report segments the tea market as follows:
Global Tea Market, Product Segment Analysis
Global tea market, by product type
Leaf Tea
Black Tea
Green Tea
Oolong Tea
CTC Tea

Global tea market, by geography
North America
Europe
Asia-Pacific
Rest of the World (RoW)