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Albany, New York, Jan. 31, 2019 (GLOBE NEWSWIRE) -- The global tea market is anticipated to witness a healthy growth in the coming years, as reported by Transparency Market Research (TMR). The market’s competitive landscape comprises of a large number of vendors participating in the industry. This leads to stiff competition among the existing players in the global tea market. Primarily, vendors compete based on several factors such as the quality of the product, the service provided, cost, distribution, and the brand image of the company.
Numerous small-scale and medium-scale players are present in the global tea market, other than established giants. In order to gain traction in the global market, vendors are seen offering innovative flavors. This is expected to capture the attention of the consumer, and boost sales because of novelty. Another key trend being used by vendors is offering natural or organic ingredients in their products, capturing the consumer’s demand for healthier alternatives.
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Prominent names in the global tea market include Unilever Plc., Tata Global Beverages, Davids Tea, Kusmi Tea, and Starbucks.
According to TMR, the global tea market is projected to rise at a 5.7% CAGR over the forecast period 2017 to 2025. The market was estimated to be worth US$12.8 bn in 2017, and is likely to reach US$20.0 bn by 2025.
The segment of CTC tea, among the different types is expected to showcase highest demand over the coming years.
Geography-wise, Asia Pacific is anticipated to emerge as a lucrative regional tea market, with a 6.8% CAGR over the forecast period.
Health Benefits of Beverage to Drive Demand
One of the critical factors driving growth of the tea market over the forecast period was the high nutrient content of tea flavonoids, phytochemicals and antioxidants. Foodservice channels even produce natural and infused tea flavors which make tea lucrative for consumers aware of their health. Though black tea is the most produced and exported, green tea is rapidly growing in production and exports.
Green tea acts as a natural detoxifier and assists with skin healing, weight management and quality improvement. Growing popularity of other substitutes, such as coffee is expected to restrain the growth of the market in the years to come. The increasing popularity of other replacements, such as coffee, will likely reverse market expansion in the coming years.
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Demand for Natural Foods to Boost Opportunity
Consumers that demand food that is closer to their pure condition continue to be driven by “naturality”. Consumers in all demographic sectors are looking for food and drink that are "less processed and encourage companies to remove artificial ingredients. This trend will also encourage consumers, rather than nutraceuticals, to reach for foods in their most natural, original form, including true Teas, for health benefits. Tea is a simple, natural and complete food. This is expected to be key trend driving the global tea market in the coming years.
This review is based on TMR’s report titled, “Tea Market (Product - Leaf Tea and CTC Tea; Type - Premium/Specialty Tea and Mass Tea) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
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