A new research report published by Report Ocean, titled “Global Tea Concentrate Market Size study, By Nature, By Product Type, By End use, By Packaging, By Flavor, By Distribution Channel, and Regional Forecasts 2020-2027,” states that the worldwide market for tea concentrate is expected to report a significant rise with a CAGR of 4.47% between 2020 and 2027.
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Increasing Trend of Natural Products Fuels Demand for Tea Concentrate
The number of tea consumers across the world is directly proportional to the growth in the global tea concentrate market. According to Statista, tea consumption amounted to around 266 bn liters in 2017 and rose to 273 bn liters in 2018, worldwide.
The increasing trend of natural products among consumers is the main factor behind the growth of this market. Nowadays, people are more inclined towards healthy and clean consumption. The rising awareness about the side-effect of synthetic flavors has pushed them towards healthier options, among which tea concentrate is at the top. The clean label trend across the world is also supporting the global market in reporting healthy growth.
In 2019, the worldwide tea concentrate market stood at US$ 17.4 Bn.
Upgrading Lifestyle to Aid Global Tea Concentrate Market
Over the coming years, the constant upgradation in lifestyle of consumers will influence the market for tea concentrate significantly. The surge in per capita income has increased the spending power of consumers, which is reflecting on their lifestyle choices. Now that they can afford, they are choosing herbal and natural dietary supplements over conventional products. The approval from health practitioners in regards to the consumption of tea concentrate is also a plus for this market.
On the flip side, the presence of cost-effective substitutes in abundance and limited availability and unstable prices of raw materials may create obstructions for the rising market in the near future.
Impact of COVID 19 on Global Tea Concentrate Market
The outbreak of coronavirus has a drastic impact on the functionality of the modern society. Cafes and small eateries brought immense popularity to tea concentrates. However, with the restrictions on operations of restaurants and food joints, the demand of tea concentrates has taken a hit. Nonetheless, the market will recover gradually, once the restrictions are lifted as the pandemic begins to slowdown.
Europe and North America to Retain Lead
The global tea concentrate market registers its presence mainly across North America, Latin America, Europe, and Asia Pacific. Among these, Europe and North America have surfaced as the key regional markets for tea concentrate. The rising preference for herbal and natural products among consumers is the main factor behind the significant growth of these markets. Although the consumption of tea is considerably high in Asia Pacific, there is not much demand for tea concentrates, most-likely due to the preference for traditional tea among consumers.
The worldwide tea concentrate market demonstrates a competitive landscape. With a few companies leading the market, it shows an oligopolistic structure at present. However, with new players entering the market every day, the competition is likely to intensify in the coming years.
- Tea concentrate markets in Europe and North America are likely to remain on the top over the next few years.
- Conventional tea concentrate will report higher demand than organic concentrate.
- Black tea to remain leading the product type segment.
- Regular flavor will continue to hold on its demand.
The Global Tea Concentrate Market is segmented into:
By Product Type
- Black Tea
- Green Tea
- Fruit Tea
- Instant tea
- Food Service (HoReCa)
- Bulk Packaging
- Retail Packaging
- Masala & Ginger
- Fruits & Lemon
- Vanilla & others
By Distribution Channel
- Business to Business
- Business to Consumer
- North America
- Asia Pacific
- Latin America
- Rest of World
Companies Mentioned in the Report
- PepsiCo Inc.
- Tata Global Beverages Ltd.
- Maya Tea Company
- H&H Products Company
- Cooper Tea Company LLC
- MB-Holding GmbH & co. KG
- Monin Inc., Synergy Flavor Inc.
- Amelia Bay
- Herbalife International of America Inc.
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