Out of Home Tea Market to Grow with a CAGR of 9.1% Globally through 2028
According
to TechSci Research report, “Global Out of Home Tea Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Out of Home Tea Market stood at USD 18.6 Billion in 2022 and is
anticipated to grow with a CAGR of 9.1% in the forecast period, 2024-2028. The global out-of-home tea market is experiencing
dynamic growth driven by health-conscious trends, innovative product offerings,
and diverse consumer preferences. Functional and wellness teas, premiumization
with artisanal blends, sustainability, innovative tea formats, technological
integration, and global flavor fusions are prominent trends shaping the market.
However, challenges such as market saturation, economic uncertainties, supply
chain disruptions, and regulatory complexities pose hurdles. Navigating these
challenges while capitalizing on emerging trends is essential for businesses
seeking success in this evolving landscape, where the fusion of tradition and
innovation creates a vibrant and competitive out-of-home tea market.
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The
global out-of-home tea market is experiencing robust growth, propelled by
several key drivers that collectively contribute to its dynamic expansion.
These drivers encapsulate a range of influences, reflecting shifting consumer
preferences, heightened health consciousness, innovative product offerings,
changing lifestyles, and the globalization of tea cultures.
One
major driver for the out-of-home tea market is the global trend towards health
and wellness. As consumers become increasingly health-conscious, there is a
growing inclination towards beverages perceived as beneficial to well-being.
Tea, with its rich antioxidant content and various health-promoting compounds,
aligns well with this trend. The market has responded by positioning tea as a
functional and holistic beverage choice, emphasizing its positive impact on
health.
Innovation
in product offerings stands out as another significant driver. The out-of-home
tea market is characterized by a continual influx of creative and diverse tea
options designed to capture consumer interest. Manufacturers and vendors are
actively experimenting with flavor profiles, brewing techniques, and
presentation styles to differentiate their products in a competitive landscape.
Ready-to-drink (RTD) tea products, for example, have gained traction, providing
convenient options for consumers on the go.
Diverse
consumer preferences play a pivotal role in driving the market forward. The
versatility of tea, with its myriad varieties and blends, allows for a broad
spectrum of offerings that resonate with various taste preferences and cultural
backgrounds. From classic black and green teas to herbal infusions and
specialty blends, the market caters to a diverse and discerning consumer base.
The emergence of specialty tea shops and cafes further supports this trend,
providing platforms for consumers to explore and appreciate the nuances of
different tea varieties.
Changing
lifestyles and the demand for on-the-go consumption are shaping the out-of-home
tea market. As modern lifestyles become increasingly fast-paced, consumers seek
convenient and portable beverage options. This has led to a surge in demand for
innovative tea formats, such as RTD teas, catering to the need for refreshment
without compromising on quality. Tea's integration into diverse consumption
spaces, including cafes and restaurants, aligns with evolving consumer habits,
making it a staple choice for on-the-go consumers.
Globalization
and the exchange of tea cultures are driving the market's growth. Tea, deeply
rooted in the cultural practices of various regions, has become a global
phenomenon. Consumers around the world are embracing and celebrating the unique
flavors and rituals associated with different tea cultures. This cross-cultural
integration not only broadens the choices available to consumers but also
contributes to the market's resilience and adaptability in a globalized
marketplace.
Major companies
operating in Global Out of Home Tea Market are:
- Tata Global Beverages Ltd.
- Nestle S.A
- Celestial Seasonings Inc.
- Unilever Plc.
- Ito En Ltd
- Barry’s Tea
- Associated British Foods
- Dilmah Ceylon Tea Company
- The Republic of Tea
- Bettys and Taylors Group Limited
- Wolverine
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“The
global out-of-home tea market is flourishing due to consumer trends favoring
health and wellness, innovative product offerings, and diverse preferences.
With a focus on functional benefits, the market is witnessing a surge in
creative tea blends and ready-to-drink options. Diverse consumer tastes,
changing lifestyles, and the global embrace of tea cultures contribute to the
market's vibrancy. However, challenges like market saturation and regulatory
complexities pose hurdles. Successfully navigating these challenges while
capitalizing on emerging trends is essential for sustained growth in this
dynamic and competitive out-of-home tea market.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Out of Home Tea Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By
Product Type (Black Tea, Green Tea, Herbal Tea, Others), By End User
(Restaurants, Hotels, Bars & Pubs, Others), By Sales Channel
(Supermarket/Hypermarket, Online, Specialty Stores, Others), By Region, By
Competition, 2018-2028”, has evaluated the future growth potential of Global
Out of Home Tea Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Out of
Home Tea Market.
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