Global Tea Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Overview and Scope
Tea is a beverage made from the cured leaves of the camellia sinensis (tea) plant combined with hot water. Teas can strengthen the immune system, decrease inflammation, and possibly protect individuals from cancer and heart disease.

Sizing and Forecast
The tea market size has grown strongly in recent years. It will grow from $52.74 billion in 2023 to $56.12 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%.  The growth in the historic period can be attributed to cultural significance and tradition, health and wellness trends, globalization and access to varieties, rising disposable incomes, marketing and branding strategies.

The tea market size is expected to see strong growth in the next few years. It will grow to $70.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.  The growth in the forecast period can be attributed to premiumization and specialty teas, functional and health-boosting teas, sustainability and ethical sourcing, innovation in tea formats, e-commerce and direct-to-consumer channels. Major trends in the forecast period include exploration of tea-based culinary applications, enhancement of tea packaging and presentation, rise of tea subscription services, integration of technology in tea retail, cultural and regional tea exploration.

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Segmentation & Regional Insights
The tea market covered in this report is segmented –
1) By Type: Green Tea, Black Tea, Oolong Tea, Fruit Or Herbal Tea, Other Types
2) By Packaging: Plastic Containers, Loose Tea, Paper Boards, Aluminum Tins, Tea Bags
3) By Distribution Channel: Super Markets Or Hyper Markets, Special Stores, Convenience Stores, Online Stores, Other Distribution Channels
4) By Application: Residential, Commercial

Asia-Pacific was the largest region in the tea market in 2023. Europe is expected to be the fastest-growing region in the global tea market report during the forecast period. The regions covered in the tea market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing demand for herbal tea is expected to propel the growth of the tea market going forward. Herbal tea refers to a tea with dried herbs and spices that often has no caffeine. It is a beverage created by steeping several plants' leaves. Herbal tea is a type of tea whose benefits include lowered inflammation, lowered stress levels, support for the immune system, and more, and it also supplements a healthy eating regimen. For instance, in October 2022, according to a data published by Canada Statistics, a Canada-based government agency, the forecast fruit or herbal tea retail value sales in 2022 was $144.1 million, which will rise to $286.1 million in 2026.  Therefore, the growth in demand for herbal tea is driving the growth of the tea market.

Key Industry Players
Major companies operating in the tea market report are Nestlé S.A., Unilever PLC, Associated British Foods plc, ITO EN Ltd., Hain Celestial Group Inc., Godrej Consumer Products Limited, Tata Global Beverages Limited, Twinings of London Ltd., McLeod Russel India Limited, Tazo Tea Company, RC Bigelow Inc., DavidsTea Inc., Yorkshire Tea Ltd., Barry's Tea Limited, Traditional Medicinals LLC, Rishi Tea & Botanicals, Celestial Seasonings Inc., Harney & Sons Fine Teas, The Republic of Tea Inc., Dilmah Ceylon Tea Company PLC, Apeejay Surrendra Group Limited, Typhoo Group Limited, M.M. Ispahani Limited, The Jasmine Pearl Tea Company, Mighty Leaf Tea, The Tea Spot, Big Heart Tea Company, Taetea Group Co Ltd., Numi Organic Tea, Teavana Corporation

The tea market report table of contents includes:
1. Executive Summary
2. Tea Market Characteristics
3. Tea Market Trends And Strategies
4. Tea Market - Macro Economic Scenario
5. Global Tea Market Size and Growth
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32. Global Tea Market Competitive Benchmarking
33. Global Tea Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tea Market
35. Tea Market Future Outlook and Potential Analysis
36. Appendix