Increased awareness among people across the globe regarding the weight loss and the health benefits associated with tea are predicted to push the growth rate of the global tea market in the future according to Allied Market Research.
As per the report, the global tea market is anticipated to raise a revenue of $93.2 billion by 2031. The market was valued at $49 billion in 2021 and is estimated to grow at a rate of 6.7% during the 2022-2031 period.
The report provides a holistic study of the latest market trends, regional scenarios, and competitive landscape of the market.
Widespread awareness among people around the world regarding the importance of weight loss and the health benefits associated with tea are predicted to drive the market.
However, fluctuating prices of raw materials and growing coffee consumption around the world will create hurdles in the market’s rise. Nonetheless, the decline in demand for carbonated beverages and the launch of new tea flavours is expected to create growth opportunities in the market.
The paperboards segment
Based on packaging, the paperboards segment accounted for the largest market revenue in 2021, with around two-fifth of the total market. The growth in demand for environmentally friendly packaging options is anticipated to push the segment ahead. On the other hand, the plastic containers segment is predicted to have the highest CAGR of 7.2% during the forecast period. The ability of plastic containers to store fresh produce for a long time is predicted to help the segment grow during the forecast timeframe.
The commercial segment
Based on application, the commercial segment generated the highest revenue in 2021, with around one-fifth of the total revenue. The commercial segment is expected to witness growth owing to increasing demand for quick service restaurants. On the other hand, the residential segment is expected to have the fastest CAGR of 7.0% during the 2022-2031 period. The rising consumption of beverages at home will boost the segment’s growth in the next few years.
Asia-Pacific accounted for the highest share in 2021
Based on region, the Asia-Pacific tea market valued for the highest market share in 2021 with around three-fourths of the total market. Prevalent tea culture in countries including China, India, Japan, and Sri Lanka is predicted to help the market’s rise in this region. However, the market in the North America region is predicted to be the fastest growing with a CAGR of 8.4% during the analysis timeframe. Shifting preference of consumers towards tea is expected to provide tremendous growth opportunities for the market in this region.
