FLAVORED TEA MARKET TYPES | KEY VENDORS, DRIVERS, TRENDS AND FORECAST TO 2023
Flavored tea has been noticed to be consumed more than unflavored tea, mainly due to several health benefits it offers. Flavored tea possesses infusion from fruits, herbs, and spices having medicinal properties. Such factors are triggering the demand across the globe. With the increased incidences of cardiovascular diseases and cases of obesity, the sales of flavored tea are estimated to increase during the review period. Flavored tea also promotes fat reduction, which accelerates the demand across the globe. Apart from health benefits, additional factors encouraging the market growth include attractive packaging forms. Some of the market players strategize their packaging solutions meticulously in order to improve customer experience. Improving economic conditions across the globe is also predicted to influence the market. The Flavored Tea Market Types, as per a report by Market Research Future (MRFR) is touted to register a healthy CAGR during the forecast period (2017-2023).
On the contrary, increased cost of raw materials owing to unpredictable weather conditions, rising trend of out-of-home coffee consumption, and increasing cost of agricultural inputs are considered to restrict the market growth in the foreseeable future.
Global Flavored Tea: Segmental Analysis
By type, the flavored tea market is segmented into green tea, black tea, white tea, and others. Of these, the black tea segment is predicted to dominate the market, while green tea segment is predicted to witness the fastest growth.
By flavor, the flavored tea market is segmented into herbs, fruits, spices, and others. Of these, the herb segment is estimated to dominate the market, while the spices segment is estimated to witness the fastest growth.
By distribution channel, the market is segregated into store and non-store based. Of these, the store-based segment is likely to experience increased demand owing to the one-stop shopping experience.
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Geographically, the flavored tea market spans across Europe, North America, Asia Pacific, and Rest of the World (RoW).
Considering the global scenario, the Asia Pacific is anticipated to acquire the lion’s share and exhibit rapid expansion in the foreseeable future. Surging awareness regarding health benefits among the consumers in developing countries such as Indonesia, India, and China are considered primary growth stimulants for the flavored tea market. Rising per capita income is another major factor encouraging the regional market’s growth. In this region, India and China are offering lucrative growth opportunities for the manufacturers, which is further estimated to trigger its demand. Also, the presence of a number of agro-climatic zones in the region and favorable weather conditions required for tea production is likely to foster the market in the coming years.
North America bags the second position in the global market. The rising market in the U.S. experience a huge consumer base and the presence of large innovative players operating in the country. Such factors are expected to fuel the market’s growth in the coming years.
July 2019: Bigelow Tea has introduced three latest flavors in order to expand the line of Bigelow Benefits teas. The varieties include Benefits FOCUS, Benefits STRESS FREE, and Benefits LEAN AND FIT. These varieties have been specifically designed to support a healthy lifestyle and clean eating.
The top players operating in the global flavored tea market include Numi, Inc. (U.S.), Twining, and Company Limited. (U.K), Tata Global Beverages Ltd. (India), ITO EN (North America) Inc. (U.S.), Barry\'s Tea Ltd. (Ireland), The Unilever Group (U.K), Celestial Seasonings, Inc. (U.S.), R.C. Bigelow, Inc. (U.S.), Mighty Leaf Tea Company (U.S.), and Harney & Sons Tea Corp. (U.S.).
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