Global Flavored Tea Market Overview and Outlook:
- Flavored tea is a type of tea containing flavors such as fruits, herbs, spices and others and has grown in popularity in recent years
- Consumption of herbal and/or flavored tea continues to grow across the globe on account of its health benefits and because it is rich in minerals, antioxidants and vitamins
- Growing awareness about health among the consumers, especially the younger population and evolving lifestyles have boosted the growth in the flavored tea market
- The market continues to experience new product innovations by companies as they launch new and innovative flavors to lure the consumers. Introduction of new flavors and rise in demand are the key factors driving significant growth in the global flavored tea market in the next few years.
- In terms of distribution channels, the traditional retail channel dominates; however, the growth in online retailing has grown at a much faster pace in both developed and emerging markets
- In terms of segments, the leaf tea segment has the largest share in the overall market and this is likely to continue in the coming years as well
- Geographically, Asia Pacific accounted for the largest share in flavored tea in 2019; North America and Europe are forecast to grow at a rapid rate owing to changing consumer preferences in these markets
- Major players operating in the global flavored tea market include Associated British Foods plc (Twinnings), Apeejay Surrendra Group (Typhoo Tea), Tata Global Beverages, Goodricke Group, Golden Tips Tea, etc.
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Market Growth Drivers and Trends:
Key factors driving the global flavored tea market are:
- Growing health awareness
- Changing consumer behavior and rising income levels
- Increasing urbanization
- Rise in prevalence of cardiovascular diseases and obesity
Potential Challenges:
Key factors likely to restrain or slow down growth in the global flavored tea market :
- Competition from other more popular substitutes
- Low awareness and penetration in emerging geographies
- Higher prices may deter adoption in lower income markets
Global Flavored Tea Market Research Scope:
- The base year of the study is 2019, with forecast done up to 2024. The report provides a detailed assessment of the global flavored tea market, including insights on the market dynamics, key drivers, challenges, regulations impacting the market, technology assessment and value chain analysis.
- We have also estimated the current market size in value terms for flavored tea globally and by geography, tea type, flavor type and by distribution channel; 5-year outlook of the market, factors driving growth along with regional insights and trends
- The study also presents a thorough analysis of the competitive landscape, considering the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the global flavored tea market.
Author – Prasanth R Krishnan
Associate Director – Operations
Connect to the author of the report at reports@avalonglobalresearch.com or contact us at https://www.agrknowledge.com/contact-us