The global herbal tea market to grow at a CAGR of 5.05% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global herbal tea market for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of herbal tea. The report also includes a discussion of the key vendors operating in this market.
According to the report, people are now moving to urban areas for better job prospects, and as a result, the urban population is increasing. According to the United Nations, in 2014, approximately 54% of the world population was living in urban areas. Urbanization has resulted in many changes in lifestyle and led to the emergence of many new trends. One such trend is the tendency of the youth to gather in cafés and spend their leisure time with peers. This café culture has been a major driver of the global herbal tea market and has led to many new developments in the market.
Demand from millennial population will be a key trend for market growth. Rising affluence and changing consumer tastes have fueled the demand for high-quality and specialized tea products. The improving economic conditions in developing regions such as Asia and MEA have increased job opportunities, making different types of tea more affordable for young adult consumers in the age group of 18 to 34. Consumers in this age group, popularly known as millennials, are more likely to spend money on premium beverage brands than the other groups in the population.
Further, the report states that contamination of raw material will be a challenge for the market. Majority of the vendors purchase or source tea leaves through third party suppliers. The improper handling of these leaves by the suppliers can lead to food contamination. Such contamination by raw materials can affect the safety and the quality of the end-products and is the most common cause of food poisoning. Thus, it can result in products being discarded or recalled, affecting company's operation and sales.
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
- Adagio Teas
- Associated British Foods
- Dilmah Tea
- ITO EN
- Tata Global Beverages
Other prominent vendors
- Barry's Tea
- Bigelow Tea
- Bettys and Taylors of Harrogate
- Celestial Seasonings
- Harney and Sons
- Mighty Leaf Tea
- The Republic of Tea
- Tazo Tea Company
For more information about this report visit http://www.researchandmarkets.com/research/dxd34m/global_herbal_tea
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/research-and-markets---global-herbal-tea-market-2016-2020-with-adagio-teas-associated-british-foods-dilmah-tea-ito-en-tata-global-beverages--unilever-dominating-300350758.html
SOURCE Research and Markets