The global tea market has witnessed steady growth over the past few decades. Tea is one of the most popular beverages consumed worldwide. The market has been driven by the multiple health benefits associated with tea consumption such as reduced risk of obesity, heart disease, anti-aging properties, and improved dental health among others. Green tea and black tea varieties account for the majority consumption globally. Developing regions such as Asia Pacific have constituted the bulk of demand traditionally, however tea consumption has also grown popularity in North America and Europe in recent times. Advancements in tea processing and packaging along with the rising popularity of specialty tea varieties among millennials are expected to provide continued opportunities for market expansion in the coming years.
Market Dynamics:
The global tea market has been witnessing steady growth primarily driven by the rising awareness about the various health benefits of tea. Tea is considered beneficial for weight management, improves oral health, lowers risk of heart disease, and some forms of cancer. In addition, factors such as the growing demand for specialty teas and premium loose-leaf teas with unique flavors from developing economies as well as developed nations is further propelling the market revenue growth. However, fluctuations in tea crop harvests depending on climatic changes pose a major challenge to steady supply. Also, high input and processing costs particularly for organic tea varieties could hinder broader market growth to an extent. Novel tea blends infused with fruits and herbs along with innovative wellness-focused product formulations present lucrative opportunities for manufacturers to tap into new customer segments.
Key Features of the Study:
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