The Global Packaged Tea Market is Expected to Reach + Billion by 2024
Globe Newswire / Research and Markets , 2020-11-17
The global packaged tea market is estimated to reach US $65.22 billion in 2024, growing at a CAGR of 6.91% for the period spanning from 2020 to 2024. The factors such as increasing per capita disposable income, the prevalence of tea culture, growing e-commerce, growing health awareness, the introduction of healthy ingredients in tea and introduction of new flavors and new varieties in tea are expected to drive the market. However, the growth of the industry will be challenged by fluctuating prices of raw materials caused by unpredictable climatic conditions and health-related concerns. A few notable trends include increasing consumption of iced tea, increasing demand for herbal tea and the rising popularity of organic tea.
The global packaged tea market is segmented into black, green, fruit/herbal, instant and others. The global packaged tea market is highly dominated by black tea owing to a surge in caffeine beverages consumption and growing health and fitness awareness.
The global packaged tea market is expected to grow in future due to growing health and fitness awareness and introduction of additional healthy ingredients in tea. In terms of geographical areas, Asia Pacific is the major contributor to the global packaged tea market supported by increasing urban population, growing disposable income and growing awareness regarding health benefits.
(In keeping with the objectives of this website, all COMMENTS must be made in the spirit of contributing to the history of this estate, planter or person i.e. names, dates & anecdotes. Critical evaluations or adverse comments of any sort are not acceptable and will be deleted without notice – read full Comments Policy here)