Industry Landscape
It is no surprise in the tea industry that the ready-to-drink tea (RTD) tea market is surging amid the ongoing COVID 19 pandemic globally. As manufacturers ramped up the making of no-sugar tea varieties, Global RTD Tea Market Size size surpassed from USD 21.30 billion that was gained in the year 2018, and the status quo is highly likely to continue in the forecast period of 2019 to2024. The pace of the expansion of the market is 5.7%.
RTD Tea Decliners & Boomers
The study reveals that the demand for RTD tea will witness immense growth over the assessment period. The introduction of novel flavors in the product categories is anticipated to offer a marvelous push over the whole market. The formation of associations among manufacturers in this market is also influencing the demand for RTD tea products.
Intelligent marketing and branding efforts are taken by energy drink manufacturers are garnering the attention of people belonging to mixed age groups. Millennials are the foremost consumers of energy drinks. However, to improve the sales of energy drinks, many manufacturers are tying up with various RTD tea manufacturers to launch new products that are not only ready to drink but also have the necessary underlying taste of tea and coffee. These factors have been considered as influential to the global RTD Tea Market Size’s growth.
At the same time, the consumption of tea and coffee is escalating, owing to which an energy drink with a well-known taste can encourage the demand for the products. Energy benefits offered by these drinks are also luring in elderly age groups owing to their tea and coffee taste familiarity. These factors are likely to provide a fillip to the market considerably.
MRFR further notices in its report that RTD tea will prolong to correspond to the most crucial product segment owing to rising demand for iced tea and concentrates. Apart from this, fluctuating prices have negatively impacted the manufacturing costs of RTD tea. Changes in crucial cost components will always have an unfavorable effect on RTD tea manufacturers. However, manufacturers have been trying to counterbalance sourcing costs by trying to achieve economies of scale in production, which could increase sales in the forecast period.
Key Players
Tata Global Beverages (India), Hain Celestial Group (US), The Republic of Tea (US), Nestle S.A. (Switzerland), Unilever (UK), Bearfield (Netherlands), Starbucks Corporation (US), Coca-Cola Company (US), Snapple Beverage Corp. (US), Dilmah (Sri Lanka), Inko's Tea (US), and Blu-Dot Beverage Company (Canada) are some of the key vendors in the global RTD Tea Market Size.
Market Segmentation:
The global RTD Tea Market Size has been studied under segments of type, category, packaging type, and distribution channel.
By the segment of type, the industry has included black tea, green tea, white tea, and more.
By the segment of the category, the industry has been included organic and conventional.
By the segment of packaging type, the industry has included bottles, cans, and cartons.
By the segment of the distribution channel, the industry has included store-based and non-store-based. The store-based segment has further divided into supermarkets and hypermarkets, convenience stores, and more.
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Regional Analysis
The global RTD Tea Market Size has been studied concerning some of the key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The Asia Pacific in global has witnessed RTD tea consumption to a high limit, and it remains concentrated in the APAC region. With the region’s populous nature and its noteworthy millennial population, APAC accounted for two-fifth of the global RTD tea consumption in 2018, as per MRFR. The London-based global intelligence firm predicts that Greater China consumed virtually 43% of the APAC RTD tea consumption. The recognition of black tea in the region has extensively contributed to the steady rising RTD tea consumption.
Europe is projected to observe noteworthy CAGR of 5.4% over the same period, in support of increasing demand for healthy drinks. The North America RTD Tea Market Size is anticipated to exceed USD 21,704.2 million by 2024.
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