Global Tea Market to Register 2.80% CAGR from 2014-2020 owing to Increasing Popularity of Green Tea Worldwide
A new market research report, titled “Tea Market – Global Industry Analysis, Trend, Size, Share and Forecast, 2014 – 2020,” has been recently published by Transparency Market Research. The research study provides a detailed analysis of the global tea market, focusing on the product segmentation, major growth drivers, barriers, opportunities and challenges, key geographical segments, and competitive scenario.As per the research study, in 2013, the global tea market was worth US$38.84 bn and is projected to reach a valuation of US$47.20 bn by the end of 2020. The market is expected to exhibit a 2.80% CAGR between 2014 and 2020.
Tea is considered as one of the most popular beverages across the globe. The consumption of tea is a daily practice to heighten calm alertness. The increasing demand for hot beverages is anticipated to boost the demand for tea in the forecast period. The growing awareness regarding the benefits of consuming tea, economic advantages, and the presence of flavonoid antioxidant content in tea are some of the key factors that are anticipated to cause a surge in the growth of the global tea market throughout the forecast period.
In addition, huge employment opportunities created by the global tea market and the growing adoption of green tea in beauty and skin treatments are estimated to fuel the growth of the market in the near future. On the flip side, the availability of alternatives for tea and the side effects of over-consumption are the major factors curbing the growth of the global tea market.
The global tea market has been classified on the basis of product type into leaf tea and CTC tea. The leaf tea segment has been further sub-classified into green tea, oolong tea, and black tea. In 2013, the black tea segment held the largest share in the overall tea market. However, the green tea segment is predicted to grow rapidly in the coming years, thanks to the growing awareness regarding the health benefits of consuming this tea.
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By geography, the global tea market has been categorized into Asia Pacific, Europe, North America, and Rest of the World. In 2013, Asia Pacific dominated the global tea market and is projected to remain in its leading position throughout the forecast period. The rapid growth of this region can be attributed to the tremendous demand from China and India. Moreover, the highest revenue is generated in the Asia Pacific tea market, owing to the huge quantity of tea exported from countries such as China, India, and Sri Lanka across the globe. On the other hand, the North America tea market holds a comparatively smaller share in the overall market at present; nevertheless, it is estimated to witness sluggish growth in the next few years.
Furthermore, the research study provides a clear picture of the competitive landscape of the global tea market and analyzes the major players in the market. Detailed profiles of the major players have been included in the study, including their contact information, business strategies, financial overview, SWOT analysis, and recent developments, if any. Some of the prominent players operating in the global tea market are Wissotzky Tea, Unilever, Akbar Brothers Ltd., Twinings of London, and Tata Global Beverages Ltd.