North America Tea Market to Remain Dominant Throughout 2024

(Newswire.net — June 28, 2017) New York City, New York — Growing preference for healthy beverages have revved up demand for tea globally. Benefits on sipping this healthy caffeine include lowered risk of Parkinson’s disease and reduced risk of heart attack. Range of tea flavors are offered in the market with various health-related benefits. A recently compiled report by Persistence Market Research reveals that the global tea market will reflect a growth of 5.0% CAGR during the forecast period, 2016-2024.

Factors Fuelling Growth of the Global Market

Medical benefits including lowered risk of heart attack and enhanced muscle endurance have tagged tea officially as a healthy beverage. Growing preference for mint, chocolate and lemon tea flavors has contributed to growth of the global tea market significantly. Moreover, consumption of tea reduces the risk of Parkinson’s disease, which has further revved up demand for tea globally. Moreover, increasing penetration of lounge and tea café culture in various developing and developed countries will impact growth of the global tea market positively. Such factors are likely to contribute towards growth of the global tea market significantly.

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In contrast to this, sipping of this healthy caffeine could result in unpleasant side effects including sleeping disorders, irregular rate of heartbeat, diarrhea and nervousness. A recent study compiled by the University of Maryland Medical Care, showed that over consumption of tea leads to colorectal cancer, esophageal cancer, and lung cancer. Further, excessive consumption of tea can lead to insomnia, stomach ulcers, uncontrolled blood pressure and anxiety. Moreover, availability of various replacements for tea will further hinder growth of the global tea market.

Black Tea to Account for Highest Revenue Share

Black tea among other products accounted for a revenue share of 42.1% by the end of 2016, and will contribute to the highest revenue among other segments during the predicted years. This segment will represent the highest revenue share in the global tea market, followed by oolong and green tea product. Green tea among other products will register 5.4% CAGR, and will reflect a relatively high growth in the global tea market in terms of revenue. Between 2016 and 2024, this segment will create an incremental opportunity of US$ 2499.2 million. Hyper and super market among other distribution channels will witness major revenue in the global tea market.

North America to Remain Dominant

North America, Europe and Asia Pacific to register high growth rates among other regions. North America accounted for a comparatively high revenue share in 2016. Asia Pacific and Europe will represent the market accounting for high revenue share. The tea market in North America is likely to remain dominant during the predicted years, and will account for 37.7% revenue share. The tea market in this region is likely to gain 210 BPS. Asia Pacific represents another major market for the tea market between 2016 and 2024. Moreover, growing demand for non-GMO ingredients will fuel growth of the tea market in Asia Pacific. China and India among other countries in Asia Pacific are likely to witness positive growth in the global tea market by the end of 2024.

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Market Players

Leading market players operating in the global market of tea include Starbucks Corporation, Unilever, WISSOTZKY TEA, Tata Global Beverages (Tata Tea Ltd.), Associated British Foods, Nestlé S.A, Akbar Brothers Ltd, Akbar Brothers Ltd, DAVIDs TEA, and The Republic of Tea.