Global Tea Market Is Expected To Reach US$ 37.3 Bn By 2025: Health Awareness Among People To Fuel The Market Growth
The latest market report published by Credence Research, Inc. “Tea Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global tea market was valued at US$ 24.3 Bn in 2016, and is expected to each US$ 37.3 Bn by 2025, expanding at a CAGR of 5% from 2017 to 2025.
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The global tea market has witnessed a significant rise in strategic mergers and collaborations among tea vendors. Such growth strategies are focused at augmenting their service portfolio. Large scale tea companies in countries such as Asia Pacific, North America, and Europe are increasingly indulging in tea manufacturing due to availability of resources, desire to reduce costs and growing need to focus on core competencies. With further expansion and consolidation activities taking place in the industry, steady growth of the global tea market is anticipated to continue through the forecast.
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Hostile promotional strategies implemented by tea producers, awareness of health benefits from consumption of tea has spread intensely across the globe. This, attracts people to start drinking tea on a regular basis, which helps to increase the demand for tea products globally. The overall tea market has a potential of around US$ 24.3 Bn in 2016. High growth of this space is due to the changing lifestyle, and increasing awareness about health. Black tea segment has the largest market share and will experience the fastest growth during the forecast period. Green tea segment is also anticipated to flourish due to growing consumer awareness for healthy and safe products.
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Considering the competition, this market is characterized by presence of over 1,000 market players, of which small-scale players are the largest in number. However, to tackle such fierce competition, it is lately observed that mid-sized and small-sized corporations are adopting strategies such as consolidation activities and entering in long-term contracts with client companies.
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