Tea Market Overview:
In 2023, the worldwide tea market was worth US$ 19.76 billion. With a CAGR of 4.02 percent from 2024 to 2032, the market is expected to reach US$ 28.33 billion by 2032.
Canada Tea Market showcases steady growth, driven by factors such as multiculturalism, health consciousness, and the growing popularity of specialty and artisanal teas. With a diverse population representing various cultural backgrounds, Canada offers a wide range of tea varieties, flavors, and blends to cater to different tastes and preferences. The country's tea market benefits from the rise of tea cafes, specialty tea shops, and online retailers, providing consumers with access to a curated selection of high-quality teas from around the world. Additionally, the demand for organic, fair-trade, and sustainably sourced teas reflects Canadian consumers' increasing awareness of social and environmental issues, driving market innovation and expansion.
Tea is a widely consumed beverage around the world, and people have been drinking it for centuries because of its health advantages. Tea is high in antioxidants and includes healthful bioactive chemicals that lessen the risk of heart disease, promote weight loss, and protect against cancer. While a cup of tea has various health benefits, excessive tea consumption has certain negative side effects. Excessive intake of green tea, according to the University of Maryland Medical Centre, increases the risk of lung cancer, colorectal cancer, and oesophageal cancer.
Organic tea's growing popularity is predicted to improve the Tea Market growth. Teas such as black, green, and herbal teas are the most popular among customers all over the world.
Key Players:
Associated British Foods Plc., Barry's Tea Limited, Hain Celestial Group, Inc., ITO EN, Ltd., McLeod Russel, Nestlé S.A., Taetea Group, Tata Global drinks, The Republic of Tea, Inc., and Unilever Group are some of the main Tea Market Companies participants.
Regional classifications:
The Global Tea Market is divided into four regions: North America, Europe, Asia Pacific, and the Middle East and Africa.
The most important regional markets are Asia-Pacific and Europe.
Asia-Pacific has the greatest market for tea consumption. With substantial economic growth in several developing countries such as China and India. Green tea exports from China have been steadily increasing as global consumption has increased.
After China, India is the world's second-largest tea producer. The industry in India is dominated by North India, which accounts for more than three-quarters of the total. Assam and West Bengal are the two states that produce the most tea in the country. India is one of the world's top five tea exporters, accounting for around 10% of global exports. Tea exports from India were valued at US$ 692.1 million in 2020. Indian teas such as Assam, Darjeeling, and Nilgiri are regarded as among the best in the world.
Due to increased demand for the product, which aids in weight management, the United States is expected to boost its North American herbal tea market throughout the forecast period.
Market Segmentations
The tea market is divided into types, packaging, distribution channels, and applications.
By type- green tea, black tea, oolong tea, fruit/herbal tea, and others are the diverse types of tea available. In 2018, black tea was the most profitable segment, and it is predicted to continue to be so throughout the forecast year.
By packaging- The market has been divided into paper boards, plastic containers, loose tea, aluminium tins, tea bags, and other categories based on packaging. Currently, the market is dominated by paper boards.
In terms of distribution- The market is divided into supermarkets/hypermarkets, specialty retailers, convenience stores, online, and others.
By application- The market has been divided into residential and commercial segments based on application. The household sector currently consumes most of the tea produced. In 2019, the most significant segment in the tea market was the supermarket/hypermarket, which accounted for the most share.
Industry News:
Tata introduced Tulsi green and Gold Care, a new tea product, in January 2021.
Honest Tea, an organic tea brand, expanded its line by introducing Honest Yerba Mate, a caffeinated ready-to-drink bottled beverage, in April 2021.
Dwayne Johnson and his partners unveiled the ZOA energy drink in January 2021, which contains 160 mg of green tea and unroasted green coffee extracts.
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