Global Tea Market to Reach US$ 33.9 Bn by 2032, Growing at a 5.9% CAGR from US$ 20.2 Bn in 2023

WILMINGTON, DE, UNITED STATES, December 20, 2024 /EINPresswire.com/ -- The global tea market, valued at US$ 20.2 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2032, reaching an estimated valuation of US$ 33.9 billion by the end of 2032. This growth is driven by increasing awareness of tea's health benefits and the rising popularity of herbal and specialty teas. Key market players are focusing on sustainable practices, innovative product launches, and expanding distribution networks to meet evolving consumer demands.

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Market Drivers

Increase in Awareness Regarding Health Benefits

Tea’s numerous health benefits have significantly boosted its popularity among health-conscious consumers. As a natural source of antioxidants and flavonoids, tea supports cardiovascular health, reduces inflammation, and strengthens the immune system.

A recent study by the National Institutes of Health (NIH) in September 2022 revealed that individuals who consume at least two cups of tea daily have a 9-13% lower risk of mortality compared to non-tea drinkers. The demand for functional and health-oriented teas, such as green and herbal teas, is expected to remain strong throughout the forecast period.

Rise in Popularity of Herbal Tea

Herbal tea has emerged as a favorite due to its stress-relieving and immune-boosting properties. The category includes teas made from herbs and spices such as basil, cinnamon, and lemongrass. According to Canada Statistics, the retail sales of fruit or herbal tea were valued at US$ 144 million in 2022 and are projected to reach US$ 286 million by 2026. This growth underscores the increasing consumer preference for natural and organic beverages.

Emerging Trends

Popularity of Loose-Leaf and Organic Tea

Loose-leaf teas, especially organic varieties, are gaining traction among consumers seeking premium quality and sustainability. Vendors are leveraging organic ingredients, grown without pesticides or synthetic fertilizers, to cater to this demand. Innovations in eco-friendly packaging further align with the values of environmentally conscious customers.

Purple Tea: A Rising Star

Purple tea, primarily cultivated in Kenya, is gaining attention for its high levels of anthocyanins and polyphenols. These compounds provide antioxidant properties and contribute to its growing popularity as a healthier alternative to conventional teas.

Iced Tea Innovations

The iced tea segment is witnessing rapid growth due to its refreshing and health-oriented appeal. In 2022, Jade Forest, a premium beverage brand, launched iced teas enriched with antioxidants and real fruit juice, offering flavors that cater to diverse consumer preferences.

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Market Segmentation

By Type

1. Black Tea: The most consumed type globally due to its robust flavor and caffeine content.
2. Green Tea: Known for its health benefits, including weight management and mental clarity.
3. Oolong Tea: A niche segment combining qualities of both black and green teas.
4. Herbal Tea: Includes caffeine-free options made from herbs and spices.
5. Others: Includes flavored and iced teas.

By Distribution Channel

• Hypermarkets/Supermarkets
• Retail Stores
• Convenience Stores
• Online Stores

By Process

• Traditional Brewing
• Ready-to-Drink (RTD)

Regional Analysis

1. Asia Pacific: Dominated the market in 2023, driven by high consumption rates in China and India.
2. North America: Rising demand for specialty and herbal teas.
3. Europe: Steady growth attributed to the popularity of organic and loose-leaf teas.
4. Middle East & Africa (MEA): Emerging as a key region due to increased digitization and investment in tea processing.

Regional Highlights

Asia Pacific

China, the birthplace of tea, remains a dominant player due to its historical and cultural significance. India’s tea market is also expanding, driven by domestic consumption and exports. In 2022, Tata Consumer Products inaugurated a state-of-the-art tea packaging plant in Odisha, showcasing significant investment in the sector.

North America

The region is witnessing a surge in demand for organic and herbal teas. Increased awareness of tea's health benefits is encouraging consumers to explore new flavors and types.

Europe

The European market is characterized by a preference for premium and specialty teas. Loose-leaf and herbal varieties are particularly popular in countries such as Germany, the U.K., and France.

Middle East & Africa

MEA’s tea market growth is driven by innovative marketing strategies and growing awareness about tea's health benefits. Investments in digitization and sustainable practices are boosting market dynamics.

Competitive Landscape

Key players in the tea market are focusing on product innovation, sustainable sourcing, and efficient distribution to strengthen their market position.

Major Companies:

• Unilever
• Starbucks Corporation
• Nestle S.A.
• Tata Consumer Products Limited
• DAVIDs TEA
• The Republic of Tea

Recent Developments

• January 2024: Tata Consumer Products announced the acquisition of Organic India, an organic brand offering herbal teas and supplements.
• June 2022: Clipper Tea Company expanded its product line with new organic and herbal tea flavors.
• 2022: Dabur India Limited launched Dabur Vedic Tea, featuring over 30 Ayurvedic herbs.

Future Outlook

The tea market is set to witness robust growth, propelled by rising health consciousness and innovation in product offerings. Key areas of focus for market players include:

1. Expansion in Emerging Markets: Increased consumption in regions such as MEA and South Asia presents lucrative opportunities.
2. Sustainability Initiatives: Adoption of eco-friendly practices will attract environmentally conscious consumers.
3. Functional Teas: Introduction of teas targeting specific health benefits will remain a critical growth strategy.

With advancements in processing techniques and a growing focus on health and wellness, the global tea market is poised for significant expansion by 2032.

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