Tea Market by Product, Application, and Geographic - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR40978

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The tea market size has the potential to grow by USD 13.24 billion during 2020-2024, and the market’s growth momentum will accelerate at a CAGR of almost 5%. 

This report provides a detailed analysis of the market by product (black tea, green tea, and others), distribution channel (offline and online), geography (APAC, Europe, MEA, North America, and South America), and key vendors. 

Market Overview

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This tea market analysis report provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

The tea market size will likely grow by USD 13.24 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. This report provides a detailed analysis of the market by product (black tea, green tea, and others), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America, and South America).

The market is fragmented. with the presence of numerous global and regional vendors. Products offered are differentiated by their quality. Global vendors enjoy a strong brand reputation, thus account for a considerable amount of the market share. The market is expected to be highly competitive during the forecast period. Key vendors in the market include Associated British Foods, Hain Celestial, ITO EN, Tata Global Beverages, and Unilever. Other prominent vendors are Barry’s Tea, Bettys & Taylors Group, Bigelow Tea, Dilmah Ceylon Tea, Nestlé, Starbucks, and The Republic of Tea.

New product launches, functional benefits of tea, and a rapid rise in consumption of green tea will offer immense growth opportunities. However, the impact of overconsumption of tea, availability of substitutes, and growing preference for DIY at-home functional tea recipes may impede market growth. To make the most of the opportunities, vendors should focus on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Tea Market: Segmentation by Geography

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The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. APAC had the largest market share in the tea market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. 

61% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for tea in APAC. Market growth in this region will be faster than the growth of the market in other regions. This report provides an accurate prediction of the contribution of all segments to the growth of the tea market size.

Tea Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive tea market growth during the next five years
  • Precise estimation of the tea market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the tea industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of tea market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The tea market growth will increase by $13.24 billion during 2019-2024.
The tea market is expected to grow at a CAGR of 4.56% during 2019-2024.
Technavio has segmented the tea market by product (Black tea, Green tea, and Others) ,application (Mobile computing devices, Consumer electronics, Automotive, Industrial automation, and Others) , and geographic (APAC, Europe, North America, and South America).
Arteasans Beverages LLC, Associated British Foods Plc, ITO EN Ltd., Nestlé SA, Numi Inc., Starbucks Corp., Tata Global Beverages, The Hain Celestial Group Inc., The Republic of Tea, Unilever Group are a few of the key vendors in the tea market.
APAC will register the highest growth rate of 60.79% among the other regions. Therefore, the tea market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • Japan
  • India
  • Germany
The key factors driving the tea market growth are:
  • New product launches
  • Proliferation of wireless technologies
The tea market vendors should focus on grabbing business opportunities from the black tea segment as it accounted for the largest market share in the base year.

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