ResearchAndMarkets.com recently released its "Tea Market Size, Share & Trends Analysis, 2024-2030" report. The global tea market size is expected to reach USD 91.98 billion in 2030 and is projected to grow at a CAGR of 7.4% from 2024 to 2030.
Changing demographics along with the rise in disposable income of middle class populations, especially in urban areas, is anticipated to drive the product consumption and in turn drive the market. Millennials are anticipated to register the strongest growth, especially in countries such as China, Japan, Brazil, and India. Rising awareness regarding the benefits of drinking tea is also helping the market, and a number of manufacturers are repositioning their products as a wellness and lifestyle brand to reach more consumers.
Growth Areas to Watch:
Tea Types: In 2023, black tea held the largest market share of about 39%. The product is predominantly produced and consumed in countries like India, China, Sri Lanka, and Kenya, and it is expected to exhibit a significant rise in the next few years. Green tea is also anticipated to hold a significant market share over the forecast period.
Geographic Markets: Asia Pacific held the largest market revenue share of 35.2% in 2023, but the Middle East and Africa are projected to exhibit the fastest CAGR over the forecast period.
Sales Channels: The online segment through ecommerce is projected to witness the fastest CAGR over the forecast period. Consumers are increasingly turning to online platforms for convenience and accessibility, allowing them to browse a wide range of tea varieties and brands from the comfort of their homes.
The off-premise distribution channels continue to be strong, with hypermarkets (large retail store that combines a supermarket and a department store) and supermarkets holding a market share of more than 38% in 2023, while convenience stores had a 32% share.
Plan to Attend or Participate in World Tea Expo, March 24-26, 2025
To learn about other key developments, trends, issues, hot topics and products within the global tea community, plan to attend World Tea Expo, March 24-26, 2025 in Las Vegas, co-located with Bar & Restaurant Expo. Visit WorldTeaExpo.com.
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