Growing fast food culture across the globe is influencing the tea concentrate market in a positive way. Fast food chains already offer tea beverages on their menu, which is why, the demand for tea concentrate is ever-rising from this sector. Also, global demand for healthy food has been on the rise constantly, and this includes healthy beverages as well. Use of tea concentrate in health drinks is preferred by consumers, which drives the growth of the tea concentrate market.
As per PMR analysis, the global tea concentrate market is set to expand at a steady CAGR of 4%, and be valued over US$ 2 Bn by 2030-end.
Key Takeaways from Tea Concentrate Market Study
- Under the nature segment, demand for conventional tea concentrate will be around 9X that of the organic nature by 2030.
- By product type, black tea holds a larger share in the tea concentrate market.
- By flavor, the regular type will hold a market value four times that of the flavored type by the end of the forecast period.
- Together, Europe and North America hold a dominant share in the demand for tea concentrate.
“Lockdowns and restrictions due to the COVID-19 pandemic have adversely affected the foodservice sector, which is leading to a cascading effect on the global tea concentrate market space,” says a PMR analyst.
Use in Health Beverages Influencing Tea Concentrate Market Positively
People are more conscious about their health, and have become more concerned about what they are eating or drinking. Food ingredients in products and beverages have a major impact on consumer buying behavior. These consumer demands are fulfilled by manufacturers in the food & beverage industry by focusing on innovations. Tea, among others, has always been a consumer favorite. When it comes to healthy beverages, it is a well-known fact among multiple consumer groups that tea has tremendous health benefits. It is this very trait that enables tea concentrate to be marketed and sold as a health beverage, and gain a wider consumer base.
Tea concentrates are also convenient food products, as they are much more convenient than traditionally brewed tea. Tea concentrate is basically a double strength tea concoction that can be diluted on-the-go with water or any preferred choice of diluent. In a hectic lifestyle, a ready-to-serve drink with added health benefits is extremely desirable for consumers, especially when it requires no hot brewing.
Global Tea Concentrate Market: Competition
Key players profiled in the global tea concentrate market study include PepsiCo, Inc., Tata Global Beverages Ltd, A. Holliday & Company Inc., H&H Products Company, Cooper Tea Company LLC, Maya Tea Company, MB-Holding GmbH & Co. KG, Monin, Inc., Herbalife International of America, Inc., Synergy Flavors, Inc., Amelia Bay, ThirsTea Corp, Island Rose Gourmet Tea, The Chai Direct, and RFI Ingredients.
Explore More Valuable Insights on Tea Concentrate Market
Persistence Market Research, in its new report, offers an impartial analysis of the global tea concentrate market, presenting historical data (2015-2019) and estimation statistics for the period of 2020-2030. The study offers compelling insights on the tea concentrate market based on nature, product type, end use, packaging, flavor, and distribution channel, across five major regions of the world.
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