Technavio analysts forecast the global tea marketto grow at a CAGR of more than 4% during the forecast period, according to their latest report.
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Technavio has published a new report on the global tea market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global tea marketfor 2017-2021. The market is segmented on the product (black tea, green tea, fruit/herbal tea, and instant tea), packaging (loose tea, tea bags, and bottled and canned tea), and distribution channel (supermarkets/hypermarkets, independent retailers, convenience stores, and specialist retailers). The market is further segmented based on geography, including the Americas, MEA, APAC, and Europe.
Many tea manufacturing companies have introduced several flavors in tea, ranging from fruity flavors with a tinge of fruity smell or flavor additive to chocolate, thus creating a large portfolio of choices for the customers. This diversification in flavors has helped in attracting the millennials, who visit cafés regularly and follow a café culture. In India, flavoring tea with different spices such as carom seeds and star anise has become a trend. These spices add their flavor and medicinal properties to the tea, adding value to the beverage.
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Technavio food and beverageresearch analysts highlight the following three factors that are contributing to the growth of the global tea market:
- Increased demand from millennials in developing economies
- Numerous health benefits
- Growing usage of green tea in beauty and skin treatments
Increased demand from millennials in developing economies
The developing economies of the world are flourishing because of improved economic indicators and foreign investments, leading to abundant employment opportunities. The improved economy and increased job opportunities have made premium brands and varieties of tea more affordable for young consumers aged between 18 to 34 years, who are also called millennials.
Atul Kumar, a lead non-alcoholic beverages research analyst at Technavio, says, "The millennial generation, being accustomed to technology and innovation, is eager to know everything about different tea variants, such as their source, processing techniques, serving methods, and other aspects. The millennials are also interested in experiencing tea from different perspectives such as heath and cultural, by experimenting with varied brewing techniques from different regions.
Numerous health benefits
Tea has a high capacity to absorb oxygen radicals in the body, which helps to destroy free radicals that are harmful to the body. Tea can reduce the risk of Parkinson's disease in both the genders as well as is effective in curing type 2 diabetes. The compounds in green tea are very effective for processing blood sugar.
"Weight loss is believed to be one of the main benefits of having tea. Generally, green tea is believed to aid in weight loss. Japanese medical researchers have found out that tea can decrease the loss of teeth by changing the pH balance inside the mouth. Tea also offers health benefits such as improvement in the immunity of one's body by stimulating the immune cells," adds Atul.
Growing usage of green tea in beauty and skin treatments
Green tea has catechins, which make it anti-bacterial. It is, thus, used in curing acne and regulating hormonal imbalances. The main benefit of green tea in this regard is that it protects one from skin cancer due to its anti-oxidant properties. It contains several antioxidants as well as enzymes, amino acids, and phytochemicals like polyphenols along with vitamin B, folate, manganese, potassium, magnesium, and caffeine.
Green tea is found helpful in flushing out toxins from our body, thus doing natural detoxification. It aids in healing blemishes and scars, reduces inflammation, and enhances the skin's elasticity.
Top vendors:
- Associated British Foods (ABF)
- ITO EN Inc.
- Nestlé
- Unilever
- Tata Global Beverages (TGB)
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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