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DUBLIN, Jan. 4, 2024 /PRNewswire/ — The “Global Ready-To-Drink Tea Market – Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global RTD tea is expected to reach a value of $47.13 billion by 2028 from $34.31 billion in 2022, growing at a CAGR of 5.43%
The global ready-to-drink (RTD) tea market boasts a highly competitive landscape with several key players vying for industry share and consumer attention. The industry has a global presence, with multinational companies and regional players actively participating.
Major players such as Coca-Cola HBC, Nestle, PepsiCo, Monster Beverage Corporation, SUNTORY HOLDINGS, and Nongfu Spring dominate the ready-to-drink (RTD) tea market.
These industry giants leveraged their extensive distribution networks, established brand recognition, and marketing prowess to maintain their positions and compete vigorously. One of the defining aspects of the ready-to-drink (RTD) tea market is the diverse range of products available to consumers. Companies offer many RTD tea options, catering to a broad spectrum of tastes and preferences.
The Asia Pacific region was the primary contributor to the global ready-to-drink (RTD) tea market, responsible for more than 50% of the total revenue in 2022. This substantial share can be attributed to the robust demand for tea within countries like India, China, and Japan, where extensive plantations of these beverages are present.
Anticipated growth in the Asia Pacific market remains promising, with Indonesia and Thailand predicted to show significant progress. Additionally, the increasing presence of contemporary grocery retail chains in ASEAN nations, including Malaysia, Thailand, Indonesia, and the Philippines, significantly bolstered the sales of ready-to-drink tea and coffee products.
MARKET TRENDS & OPPORTUNITIES
Rising Demand for Premiumization
Premiumization refers to the growing consumer preference for high-quality, premium, and upscale offerings within the RTD tea category. Premium RTD tea brands focus on providing a diverse range of flavors and taste profiles, appealing to consumers with different preferences.
These offerings may include exotic fruit infusions, unique herbal blends, and sophisticated tea varieties. Many premium RTD tea brands prioritize ethical sourcing and sustainable practices, such as using organic tea leaves and eco-friendly packaging.
Increasing Health Concerns & Awareness
The ready-to-drink (RTD) tea market has witnessed a substantial increase in consumer health concerns and awareness in recent years. This significant trend can be attributed to several factors that have shaped the preferences of today’s health-conscious consumers.
First and foremost, there has been a growing awareness of the importance of maintaining a healthy lifestyle. People are becoming more conscious of their dietary choices and are seeking beverages that align with their health goals.
INDUSTRY RESTRAINTS
High Availability of Substitutes
The high availability of substitutes is a significant challenge in the ready-to-drink (RTD) tea market. Some RTD tea market substitutes include coffee, especially iced coffee and cold brew variants, a popular substitute for RTD tea. Coffee offers a different flavor profile and caffeine content, attracting consumers who prefer a stronger and bolder taste.
Additionally, coffee has a thriving culture and loyal consumer base, which can draw attention away from RTD tea. Further, consumers seeking healthier alternatives to sweetened beverages prefer natural fruit juices, such as orange, apple, and mixed fruit juices.
INSIGHTS BY TEA TYPE
The global ready-to-drink (RTD) tea market includes various tea types – green, black, oolong, and other teas. Black tea accounts for the largest share of over 40% of the global industry. Black tea contains caffeine, which boosts moderate energy and helps with mental alertness. Thereby making it a preferred choice for people looking for a natural stimulant without the intensity of coffee. Moreover, it is known for its mild nature and beneficial effects on the stomach, making it particularly suitable for consumption during colder months.
INSIGHTS BY PRODUCT
Conventional products dominated the global ready-to-drink (RTD) tea market primarily due to the widespread accessibility of these products globally. Conventional RTD teas are often more widely available and can be found in various flavors and packaging formats in supermarkets, convenience stores, and beverage vending machines. They are generally more affordable compared to organic options. However, organic products are expected to grow fastest in the global ready-to-drink (RTD) tea market during the projected period. This is attributed to the growing consumer consciousness regarding organic RTD tea and the increased efforts by major industry players to introduce and promote organic RTD tea products.
INSIGHTS BY FORMULATION
The availability of carbonated and non-carbonated RTD teas allows consumers to choose the formulation that aligns with their taste preferences and desired beverage characteristics. The carbonated teas are known as sparkling teas, which are anticipated to grow rapidly during the forecast period in the global ready-to-drink (RTD) tea market. However, the non-carbonated segment has emerged as the dominant force, capturing a substantial industry share. Due to the rising demand for healthier and more natural beverage options, RTD teas have still gained popularity among health-conscious consumers who seek beverages with lower sugar content and fewer artificial additives than traditional carbonated soft drinks.
INSIGHTS BY VARIETY
The global ready-to-drink (RTD) tea market comprises two types of varieties, including flavored and non-flavored. The flavored segment is anticipated to grow rapidly during the forecast period and has emerged as the dominant force, capturing a substantial market share. The segment encompasses tea-based products infused with flavors and sweeteners designed to be conveniently consumed without brewing or preparation.
INSIGHTS BY PACKAGING
The global ready-to-drink (RTD) tea market comprises various types of packaging, including PET, canned, and other (tetra packs, glass bottles, and pouches). The PET segment is driven by its convenient consumption and storage attributes and is anticipated to be at the forefront in 2022. Additionally, the expansion of this market division is being fueled by innovative bottle packaging solutions and the diverse range of bottle sizes available. However, the canned segment is forecasted to achieve the most significant CAGR during the projected period.
INSIGHTS BY DISTRIBUTION CHANNEL
The global ready-to-drink (RTD) tea market by distribution channel is divided into offline (traditional stores) and online (e-commerce) segments. The offline category includes supermarkets, hypermarkets, convenience stores, and other retail outlets. As of 2022, the offline segment held most of the industry share. However, the online sector is predicted to experience a more pronounced compound annual growth rate (CAGR) throughout the projected period. This shift towards online growth is mainly steered by significant companies opting to expand their market presence through e-commerce platforms, thus driving the online segment’s expansion.
Market Opportunities & Trends
- Rising Demand for Premiumization
- Increasing Health Concerns & Awareness
- Innovation in Flavors
Market Growth Enablers
- Millennials and Gen Z Propelling Market Growth
- Increasing Preference for Natural and Organic Tea Products
- Shift Toward Packaged F&B Products
Market Restraints
- High Competition Among Vendors
- Regulations Regarding Labeling & Packaging
- High Availability of Substitutes
Key Company Profiles
- Coca-Cola HBC
- Nestle
- PepsiCo
- Monster Beverage Corporation
- SUNTORY HOLDINGS
- Nongfu Spring
Other Prominent Vendors
- AriZona Beverages USA
- Argo Tea
- Asahi Beverages
- HEY SONG
- ITO EN
- Keurig Dr Pepper
- Milo’s Tea Company
- POKKA CORPORATION
- Starbucks Coffee Company
- Taisun Enterprise
- Tan Hiep Phat Beverage Group
- The Republic Of Tea
- Uni-President Enterprises Corporation
- VITALON FOODS COMPANY
Scope of the Study
- Market Segmentation by Tea Type
- Market Segmentation by Product
- Market Segmentation by Formulation
- Market Segmentation by Variety
- Market Segmentation by Packaging
- Market Segmentation by Distribution Channel
- Market Segmentation by Offline Distribution Channel
- Market Segmentation by Geography
Value Chain Analysis
- Raw Materials Sourcing
- Processing and Manufacturing
- Packaging and Distribution
- Marketing and Branding
- Retail and Sales
- Consumption
Segmentation by Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- APAC
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/yy60qe
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