Tea is the second-most affordable beverage across the world. It is consumed by a wide demographic. Global tea market is expected to grow at a significant rate from 2015 to 2019. It was worth about USD 39 billion in 2014. By 2019, its valuation could exceed USD 48 billion.
Demand for tea is rising as a result of escalating awareness of the derived health benefits. Tea has high antioxidant content. Antioxidants are known to prevent cancer, lower risk of cardiovascular ailments, control blood pressure, etc. Tea also improves bone density and prevents arthritis.
Nowadays tea is available in various flavors and types. Market players focus on developing new blends and flavors to attract customers. The tea industry generates huge employment opportunities and offers economic advantages. This is fueling market growth.
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However, excessive tea consumption is linked with negative effects on human health. High intake of tea may cause osteoflurosis, caffeine addiction, prostate cancer, etc. Other beverages like coffee, hot chocolate, soda, juices, etc. act as substitutes and limit demand for tea.
Products in the tea market are divided into three types, namely black tea; green tea; and tea concentrates, extracts and essences. While black tea may be fermented or partly fermented, green tea is unfermented. Black tea has been the leading product in the recent past. Green tea is anticipated to grow at a lucrative rate owing to associated health benefits. Vendors are strategizing to gain from this trend by developing related products.
Based on geographies, the tea market is categorized into North America, Europe, Asia Pacific and RoW (Rest of the World). Major national markets are Germany, France, Canada, India, and China. South Korea, Japan, UK, Sri Lanka and the US also hold a considerable share of the market. India and China dominate the consumption and production of tea in the Asia Pacific region.
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These countries also export tea to other geographical segments. Asia Pacific is projected to be the leading market for tea till 2019. On the other hand, US in North America and UK in Europe will exhibit sluggish growth in the coming years. Prominent vendors in the worldwide tea market are Tata Global Beverages Ltd., Twinings, Wissotzky Tea, Unilever, etc.
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