According to a new market report published by Transparency Market Research “Tea Market – Global Industry Analysis, Trend, Size, Share and Forecast, 2014 – 2020” global tea market was USD 38.84 billion in 2013 and is expected to reach USD 47.20 billion by 2020, growing at a CAGR of 2.8% from 2014 to 2020.
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The global demand for tea is being primarily driven by the increasing demand for hot beverages among the growing population. Along with this, growing health consciousness among the consumers has also been a major factor in the growth of the tea industry in recent years. The super antioxidants property of tea helps to prevent arthritis, improve bone density, control blood pressure and reduce risk of heart disease such as protection against cardiovascular and degenerative diseases among others. Green tea consumption helps to protect against developing of esophageal and stomach cancer. All these factors have further contributed to the growth of the tea market.
By product type, the tea market has been segmented into leaf tea and CTC tea (Crush, Tear and Curl). Leaf tea is further categorized into black tea, green tea and oolong tea. Black tea is the most preferred type of tea that is consumed and accounted for over 50% of the total tea demand in 2013. Black tea market is followed by green tea market. Green tea due to its high antioxidants property and high consumption in Asia Pacific is expected to be the fastest growing product segment of tea.
Geographically, India and China in Asia Pacific are expected to experience strong growth in the forecast period, while U.K in Europe and U.S. in North America are expected to witness slow growth in comparison with other countries in terms of consumption of tea. Asia Pacific is the largest producer and consumer of tea owing to high production capacities in India and China and growing population of these countries. India holds the largest market share of tea in Asia Pacific in 2014, followed by U.K in Europe. Further, the U.S. market of tea in North America is comparatively smaller at present but is anticipated to continue its dominance in the global tea market till 2020.
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Major players like Twinning of London, Unilever, Wissotzky Tea, Akbar Brothers Ltd., and Tata Global Beverages Ltd. are expected to capture the attention of consumers due to their cost effectiveness, flavor and branded products.
This report segments the global tea market as follows:
Global Tea Market has been segmented as follows:
Tea market, by product type market size and forecast, 2014 – 2020
Products type covered under this research study include:
Tea Market: Regional analysis market size and forecast, 2014 – 2020
Regions covered under this research study include
Rest of the World
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