The latest report by IMARC Group titled, “Tea Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022” finds that the global tea market has grown at a CAGR of more than 5% during 2009-2016, reaching a production volume of around 5.6 Million Tons in 2016. Tea is one of the most widely consumed beverages globally, with a heritage of almost 5000 years. Depending on the culture, it is consumed as green, black, or oolong tea in different parts of the world. In ancient times, tea was used as a medicinal drink as it offers a number of health benefits. It is said to decrease the risk of heart stroke and attack, prevent bone loss and tooth decay, boost immunity and help maintain over-all health. According to the report, the market is further expected to reach a production volume of 7.2 Million Tons by 2022.
Highlights of the Global Tea Market:
- The market is being driven by increase in the number of health-conscious consumers.
- Black tea represents the most widely produced and exported tea type.
- China dominates the market, accounting for the majority of the production as well as consumption.
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The various health benefits of tea coupled with the rising health consciousness among the consumers is one of the major growth inducing factors. Moreover, the increasing demand for ready-to-drink products and the improving distribution channels are expected to drive the market growth, particularly in the emerging markets. Another trend is the rising consumption of tea in places such as hotels, restaurants and cafés, which is driving the demand for tea in the food service sector as well. Furthermore, innovation in products such as new delivery formats, flavoured blends and refined promotion have further added to the growth of the global tea market.
The tea market has been segmented on the basis of various types of tea including black, green, oolong and white. Black tea is the most widely consumed tea among all others, and holds the largest share in the market. The demand for green tea, on the other hand, is growing rapidly as people are becoming more health conscious. On the basis of region, China holds the majority of the shares in the global tea production. It is followed by India, Kenya, Sri Lanka and Turkey. Some of the major market players are Unilever, TATA Global Beverages, McLeod Russel, James Finlay, John Keels, Van Rees BV.
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The report by IMARC Group has examined the Global Tea Market on the basis of:
- Black tea
- Green tea
- White tea
- Oolong tea
- Sri Lanka
- TATA Global Beverages
- McLeod Russel
- James Finlay
- John Keel
- Van Rees BV
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