According to a new report published by Allied Market Research, titled, “Tea Market" The tea market size was valued at $49 billion in 2021, and is estimated to reach $93.2 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.

The market for tea is mostly driven by the health benefits associated with tea. Tea is one of the most popular beverages consumed in the world. Increase in demand for tea is driven by the several health benefits associated with it, such as it is rich in antioxidants such as polyphenols, which mainly include flavonoids and catechins. These prevent large-scale cellular destruction via stabilization of harmful free radicals present in the human body.

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Global Leading Players:

Associated British Foods Plc, BARRY'S TEA, HAIN CELESTIAL GROUP, ITO EN, Mcleod Russel India limited, Nestle S.A., TAETEA, Tata Global Beverages, The Republic of Tea, INC, UNILEVER GROUP

The nutritional composition of tea includes vitamins (C, K, B12, B6, and E), minerals (trace amount of potassium, manganese, magnesium, and calcium), and amino acids (L-theanine). Moreover, as per research conducted by different reputed organizations, tea has been proven to prevent different types of cancers, lower cholesterol, boost immunity, facilitate weight loss, and prevent neurological diseases. Altogether, the above-mentioned information indicates that the health benefits associated with tea drive the overall market.

The tea market trends shows high growth potential in Europe and North America region. The market in the North America region has been consolidating, due to high competition. Moreover, the shift in preference of consumers toward healthier alternatives to caffeinated beverages and toward tea and coffee is expected to provide growth of the tea market opportunities . Moreover, the Europe market for tea is driven by rise in the number of educated tea and coffee drinkers.

However, supply chain challenges can have a significant impact on the tea market growth. The majority of tea production takes place in specific regions, such as China, India, and Kenya. Any disruptions in these regions, such as natural disasters or political instability, can impact the availability and pricing of tea products, which can impact demand and sales. Tea is a perishable product that requires proper handling and storage to maintain its quality. Supply chain challenges, such as inadequate storage or transportation conditions, can impact the quality of tea products, leading to customer dissatisfaction and decreased demand. Overall, supply chain challenges can have a significant impact on the growth of the tea market.

The tea market forecast is segmented on the basis of type, packaging, application, distribution channel, and region. By type, the market is divided into green tea, black tea, oolong tea, dark tea, and others. By packaging, it is fragmented into plastic containers, loose tea, paperboard, aluminum tins, and tea bags. Applications covered in the study include residential and commercial. By distribution channel, it is categorized into supermarkets/hypermarkets, specialty stores, convenience stores, online stores, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on distribution channel, it is categorized into supermarkets/hypermarkets, specialty stores, convenience stores, online stores, and others. The supermarkets/hypermarkets segment accounted for a major share of the tea market in 2021 and is expected to grow at a significant CAGR during the forecast period. Surge in consumption of caffeine beverages at home boosts the market growth in the residential segment.

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By region, the tea market analysis is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for a major share of the tea market in 2021 and is expected to grow at a significant CAGR during the forecast period. Tea has a rich cultural significance in many countries in the Asia-Pacific region, including China, Japan, India, and Sri Lanka. It has been consumed for centuries as part of traditional medicine and daily rituals. The cultural significance of tea has led to a high level of tea consumption in the region.

KEY FINDINGS OF THE STUDY

By type, the green tea segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
By packaging, the paperboard segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
By application, the residential segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
By distribution channel, the offline segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
By region, the North America region was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.