The report “By Product Type, By Distribution Channel - Trends, Analysis and Forecast till 2030”

COVINA, CALIFONIA, UNITED STATE, March 15, 2023 /EINPresswire.com/ -- Tea market is a large and growing industry, driven by factors such as increasing health consciousness, changing consumer preferences, and rising demand from emerging economies. Tea is a popular beverage, consumed in various forms such as black tea, green tea, herbal tea, and others. The market is primarily driven by the increasing demand for tea-based products due to their perceived health benefits. The market is expected to continue to grow, driven by increasing consumer demand for healthier beverage alternatives and rising awareness of the health benefits of tea.

Report Metrics:

Report Attribute - Details
Market Size - US$ 58.5 billion
CAGR - 6.6%
Base Year - 2020
Forecast Period – 2020 - 2029

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Key Highlights:

• In 2021, Society Tea intended to nearly double the share of value-added and specialty teas in its total sales due to introducing new products in the category and expanding its footprint into additional geographies.
• D'Amazonia will release its inaugural Better Sleep Tea in February 2022. When it comes to perceived discernment and creativity, many teas have spent the last few years playing second fiddle to coffee. Unlike coffee, which has a plethora of range expansions based on anything from component provenance and mixes indulgence to caffeine levels, drinking formats, and usage circumstances, tea has primarily followed a more tranquil route, with few real innovation highlights outside of matcha and green tea.

Analyst View:

Tea Market is growing due to rising demand for composites, which help to improve the strength and stiffness of structural components such as nacelles and blades. Furthermore, these composites provide longer and lighter edges, resulting in higher blade performance, projected to move the target market forward. Moreover, the target market is developing due to increasing demand for wind turbine composites from industrialists and operators. Again, the rising need for renewable energy as traditional energy sources become scarce is raising the demand for worldwide wind turbine composites.

Key Market Insights from the report:

Tea market accounted for US$ 58.5 billion in 2020 and is projected to register a moderate CAGR of 6.6% over the forecast period. The market report has been segmented based on product type, distribution channel, and region.
• By product, the global tea market is bifurcated into black tea, green tea, fermented tea, herbal tea, and others.
• Distribution channels bifurcate the global tea market into hypermarkets/supermarkets, specialist retailers, convenience stores, food service channels, and others.
• By region, the Asia Pacific tea market is expected to account for a significant share in terms of revenue in the global tea market over the forecast period, followed by other regions. Tea has excellent anti-aging properties, increasing demand for tea in countries such as India and China. This can be attributed to rising awareness regarding the health benefits of tea among individuals.

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Company Profiles:

Starbucks Corporation, Twining Crosfield and Company Ltd, Tata Global Beverages Limited, Unilever PLC, Orientis Gourmet SAS, Unilever Overseas Holdings Limited, Associated British Foods Plc, Wissotzky Tea (Israel) Ltd., Starbucks Corporation, and Nestlé S.A.

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• Increasing competition: Businesses are looking to market research to help them achieve a competitive advantage as competition in several industries heats up. It is anticipated that this will continue to fuel demand for research services in the years to come.
• Technological advancements: Technology development has made it possible for market research to become more complex and efficient. This is increasing the need for research services by enabling researchers to obtain and analyse data more rapidly and correctly.
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• Budget constraints: Market research may be pricey, especially for startups or companies operating in undeveloped nations. This may act as a barrier to entry for some organisations and restrain the market research industry's expansion.
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• Lack of skilled professionals: A variety of abilities, including data analysis and report writing, are needed for market research. Nonetheless, there is a lack of qualified workers in the sector, particularly in some areas. Because of this, the market research industry may develop more slowly and firms that need research services may pay more for such services.

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