Increasing Consumer Preference for Hot Beverages Accelerating Global Tea Market
Hailed all across the world as an appealing and low-cost drink that is best served piping hot, tea is finding its consumer base increasing by the year. The global tea market is expected to grow rapidly over the coming years. The primary cause of this is the growing number of people across all age groups who are beginning to prefer drinking hot tea over other beverages. The global tea market also provides employment to a large number of citizens of any tea-producing region.
Many types of tea are also touted for their therapeutic abilities against blood pressure issues, low bone density, arthritis, heart diseases, and several types of cancer. The high amount of antioxidants present in many teas, particularly green tea, is responsible for the purported health benefits.
Growing Consumer Base Creates Larger Global Tea Market
The global tea market is finding an increasing demand as people are beginning to prefer hot beverages as a part of their daily liquid consumption. More and more people are becoming health-conscious and are thus being attracted to herbal teas due to their health benefits. Teas possess antioxidants in abundance, which helps treat and prevent multiple ailments, including cardiovascular and degenerative diseases along with stomach and esophageal cancer. The myriad health benefits provided by tea have helped drive the global tea market among the more informed and sophisticated consumer demographics.
Black Tea is the Most Consumed Tea in Global Tea Market
The two basic segments of the global tea market according to type are leaf tea and Crush, Tear, and Curl (CTC) tea. Sub-segments of leaf tea include oolong tea, black tea, and green tea. Of these, black tea dominated the global tea market in 2013, accounting for more than 50% of the global market in terms of demand. This sub-segment is immediately followed by green tea, the market for which is driven due to its high antioxidant count and a traditionally high rate of consumption in the Asia Pacific region, where human consumption of tea historically began. Green tea is the fastest growing segment in the global tea market.
India and China Top Tea Consumers in Global Tea Market
The Asia Pacific region has dominated the global tea market for quite some time. It is the largest producer and consumer of tea. The prime reason for this is the substantially high production and storage capacities in India and China, the two largest tea-drinking nations in the world. By rank, India is the largest tea consumer of tea, followed by the U.K. and China. Low rates of consumption in North America, where coffee is usually the beverage of choice, have resulted in a very slow growth of the tea market in this region. These trends are expected to continue till 2020, although the increasing preference for green tea in the U.S. could gradually tilt the scales in favor of the tea market.
The top players in the global tea market include Tata Global Beverages Ltd., Akbar Brothers Ltd., Wissotzky Tea, Unilever, and Twinning of London. Each of the top competitors has succeeded in making full use of the invaluable distribution network within the global tea market in order for their products to reach retailers, merchandisers, supermarkets, and hypermarkets. With consumers showing a better standard of living and greater awareness of health upkeep, the global tea market can safely look forward to an optimistic future.
The global tea market was worth US$38.84 billion in 2013. It is expected to grow at a CAGR of 2.8% from 2014 to 2020. Should the CAGR hold, the global tea market will reach US$47.20 billion by 2020. The global tea market is showing a strong growth rate, although consolidated mostly in parts of Europe and most of Asia Pacific. Players can look for a higher demand as more and more consumers are looking to the global tea market for their daily beverage requirements.
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