Global ready to drink (RTD) tea and coffee market has witnessed rapid expansion in past few years on account of growing consumerism and changing lifestyle particularly in mature economies. Increasing consumer disposable income especially in BRICS and South Asian economies is anticipated to fuel RTD tea and coffee market. RTD tea and coffee are used as alternatives for carbonated beverages owing to health benefits such as low calorie amount, antioxidant property and instant energy source. Urbanization coupled with rising consumer awareness regarding fitness, diet and health is anticipated to augment RTD tea and coffee market growth over the forecast period. Increasing raw material costs coupled with global rise in ground coffee consumption is expected to hinder RTD tea and coffee market growth over the foreseeable future. Rising health consciousness and preference towards processed beverages especially among youth and middle-aged customers is expected to bolster market growth over the foreseeable future.
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On the basis of product type, global RTD tea has been segmented into black tea, green tea and herbal tea. Whereas, RTD coffee, on the basis of type has been segmented into Taurine, Gaurana, Yerba Mate, Genseng and Vitamin B. Asia Pacific was the largest RTD tea and coffee consumer and is expected to witness steady market growth over the forecast period owing to stable consumer demand in the region. China and Japan are anticipated to be the frontrunners owing to increasing tea and coffee demand coupled with rising consumer disposable income in the region. North America RTD tea and coffee market is expected to witness significant growth over the foreseeable future owing to rising consumer awareness associated with the health benefits of these drinks. U.S. is anticipated to be the frontrunner in the region owing to shifting consumer preferences form carbonated drinks to RTD tea and coffee beverages.
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Key players operating in the global RTD tea and coffee market include Starbucks Corporation, Pepsico Inc., The Coca Cola Company, Dunkin’ Brands Group, Monster Beverage Company, Dr Pepper Snapple Group, San Benedetto and Japan Tobacco Inc. Innovative product development along with expansion of the existing product line is anticipated to be key strategy followed by industry participants to increase their market share over the next seven years.
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