The Tea Market Value Is Expected To Reach $65.8 Billion By 2027 With The Rising Demand For Herbal Tea As Per The Business Research Company's Tea Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 26, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s tea global market report 2023, the *increasing demand for herbal tea* is projected to move the tea market ahead. Herbal tea is a caffeine-free tea made with dried herbs and spices. It is a beverage made by steeping the leaves of numerous plants. Herbal tea is a sort of tea with benefits such as reduced inflammation, reduced stress, immune system support, and more; it compliments a healthy eating regimen. For example, according to Euromonitor International, 2022 statistics given by Canada Statistics, a Canadian government agency, the anticipated fruit/herbal tea retail value sales in 2022 were $144.1 million, rising to $286.1 million in 2026. As a result, the rise in demand for herbal tea is propelling the tea market forward.The global tea market size is expected to grow from *$50.1 billion in 2022 to $53.5 billion in 2023* at a compound annual growth rate *(CAGR) of more than 6.8%.* The global tea market value is then expected to reach *$65.87 billion in 2027* at a *CAGR of more than 5.3%.*
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Major players in the tea market are Barry's Tea Limited, ITO En Ltd., Nestle S.A, TATA Global Beverages, The Republic of Tea Inc., Unilever Group, Taetea Group, Mcleod Russel India Ltd., Hain Celestial Group Inc., Apeejay Surrendra Group, Davids Tea, Numi Organic Tea, Teavana Corporation, Mighty Leaf Tea Company, Numi Organic Tea, Godrej Group, Harney & Sons Fine Teas, and M. M. Ispahani Limited.
The *development of specialized iced teas* is a crucial trend in the tea business that is gaining popularity. In order to boost their market position, major tea businesses are introducing speciality iced teas. For example, Honest Tea Inc., a US-based organic tea and beverage company, debuted a specialized iced tea called "Just Ice Tea" in September 2022, a ready-to-drink organic iced tea. The team's purpose for the launch of Just Ice Tea is to promote "Justice" through Fair Trade prices and working standards that relate to a set of environmental and working criteria. The company is committed to environmental protection through organic certification, which prohibits the use of synthetic pesticides, herbicides, insecticides, and fertilizers.
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*Asia-Pacific* was the *largest region* in the tea market in 2022. *Europe* is expected to be the *fastest-growing region* in the global tea market report during the forecast period.
The global tea market is segmented by type into green tea, black tea, oolong tea, fruit or herbal tea, other types; by packaging into plastic containers, loose tea, paper boards, aluminium tins, tea bags; by distribution channel into super markets or hyper markets, special stores, convenience stores, online stores, other distribution channels; by application into residential, commercial
*Tea* *Global **Market **Report** 2023* by The Business Research Company provides insights on the tea market size, tea market segments, tea market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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