PORTLAND, Ore., Oct. 1, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Ready-to-drink (RTD) Tea Market by Type (Green Tea, Black Tea, and Others), Category (Organic and Conventional), and Distribution Channel (Supermarket/Hypermarket, Specialty Stores, Online Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027." According to the report, the global RTD tea industry was estimated at $29.66 billion in 2019, and is anticipated to hit $38.96 billion by 2027, registering a CAGR of 5.5% from 2021 to 2027.
Increase in awareness about the health benefits associated with RTD tea drives the growth of the global RTD tea market. On the other hand, high price of RTD green tea as compared to RTD black tea products and increase in consumption of RTD coffee are anticipated to restrain the growth to some extent. Nevertheless, rise in disposable income, availability of RTD tea with convenient & attractive packaging, increase in number of cafés, online & offline retail stores, and food outlets are expected to create multiple opportunities for the key players in the industry.
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- The outbreak of the pandemic has increased health consciousness among individuals across the world and while more and more people are adopting healthy lifestyle, the demand & consumption of RTD tea has naturally increased.
- However, shortage in raw materials and disruptions in the supply chain hampered the market growth to some extent. But, now that the pandemic restrictions have loosened up, the market is expected to recoup its position soon.
The black tea segment to dominate by 2027-
Based on type, the black tea segment accounted for more than two-fifths of the global RTD tea market revenue in 2019 and is expected to lead the trail by the end of 2027. This is due to the fact that black tea is fully oxidized tea and has a stronger flavor than other less oxidized tea. In addition, it is rich in alkaloids such as caffeine theobromine and theophylline as well as polyphenols, vitamins, proteins, carbohydrates, and certain trace elements. The green tea segment, on the other hand, would register the fastest CAGR of 5.9% throughout the forecast period.
The conventional segment to maintain the dominant share-
Based on category, the conventional segment contributed to around three-fourths of the global RTD tea market revenue in 2019 and is expected to lead the trail by the end of 2027. This is because the ingredients used in inorganic tea are cheaper as compared to the organic tea, and are widely used in RTD tea production. At the same time, the organic segment would portray the fastest CAGR of 6.7% during the estimated period.
North America garnered the major share in 2019-
Based on geography, North America held the major share in 2019, garnering nearly two-fifths of the global RTD tea market. Simultaneously, Asia-Pacific would showcase the fastest CAGR of 6.1% from 2021 to 2027. The other provinces studied in the report include LAMEA and Europe.
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Key players in the industry-
- Unilever NV
- Suntory Holdings
- The Coca Cola Company
- The Republic of Tea
- Nestle S.A
- Tata Global Beverages
- Harney & Sons Fine Teas
- Danone S.A.
- Starbucks Corporation
- Snapple Beverage Corp.(Keurig Dr Pepper)
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