Tea Market to Generate $67,920.8 Million and Exhibit a CAGR of 6.6% from 2021 to 2028

The global tea market is estimated to witness massive growth in forecast period, owing to growing consumption of tea across the globe due to its health benefits. The Asia-Pacific region is anticipated to witness dominant growth by 2028.

Research Dive in its latest published report estimates that global tea market will generate $67,920.8 million and exhibit a CAGR of 6.6% from 2021 to 2028.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐧𝐨𝐰 @ https://www.researchdive.com/download-sample/4659

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬
Tea is rich in antioxidants and contains healthy bioactive compounds that lowers the risk of heart diseases, protect against cancer, and promotes weight loss. These health benefits associated with tea consumption is the major factor predicted to foster the growth of the global tea market over the forecast period. In addition, tea is one of the most widely consumed beverages around the world, which is driving the market growth. Moreover, the launch of new tea flavors such as green tea, organic tea, fruit tea, white tea, chamomile tea, and others are anticipated to create huge growth opportunities in the global tea market. However, the growth in consumption of coffee across the globe is expected to hamper market growth in the coming years.

𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐏𝐚𝐧𝐝𝐞𝐦𝐢𝐜 𝐨𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭
The COVID-19 pandemic has adversely affected the global tea market. The decline in the growth rate of the market is mainly due to social distancing measures and lockdown restrictions imposed in many parts of the world, which led to import-export restrictions, disruption in supply chain, shortage of labor, and decline in manufacturing process. For example, Kenya which is the largest tea exporting country in Africa was hugely affected during COVID-19 pandemic owing to disruption in transportation. However, various governments and companies with their technological advancements, initiatives, and innovations, are helping society to recover from the unprecedented situation.

𝐊𝐞𝐲 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭:
The research report segments the global tea market into type, packaging, application, distribution channel, and region.

Based on type, the black tea sub-segment is projected to hold the dominant share in the global industry and generate $24,368.3 during the forecast period. This is majorly due to increased popularity of black tea coupled with a wide range of benefits such as antioxidant properties that decreases the cell damage and removes free radicals.

Based on packaging, the paperboards sub-segment is anticipated to witness fastest growth and reach up to $26,199.5 million by 2028. This is mainly because paperboards or cardboards are economical for companies and are widely used for packaging.

Based on application, the residential sub-segment is projected to hold most of the global industry's share and surpass $60,344.5 million by 2028. This can be majorly due to increasing consumption and popularity of tea at many residences.

Based on distribution channel, the online stores sub-segment is estimated to grow at the fastest rate and generate a revenue of $4,738.3 million in the analysis period, owing to rising popularity of e-commerce platform

Based on region, the Asia Pacific tea market valued for $39,173.3 million in 2020 and is estimated to be most dominant in the global industry during the forecast period. The dominance of the region can be attributed to increasing prevalence of tea culture in countries like India, China, Japan, and others.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 @ https://www.researchdive.com/request-for-customization/4659

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
The key players of the global tea industry include Associated British Foods Plc., Hain Celestial Group, Inc., Barry's Tea Limited, ITO EN, Ltd., Nestlé S.A., McLeod Russel, Taetea Group, The Republic of Tea, Inc., Tata Global beverages, and Unilever Group. These players are focusing on product launches, business expansion, and strategic collaborations to gain competitiveness in the global market. For instance, in November 2020, The Republic of Tea, a leading purveyor of premium teas and herbs, launched 'The Mandalorian Tea Collection,' featuring three limited-edition specialty tea blends in collaboration with Lucasfilm and Disney. The 3 teas include The Child Green Tea, Warrior Herb Tea, and Mysterious Black Tea.

𝐌𝐚𝐣𝐨𝐫 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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Luxury Wine & Spirit Market: https://www.researchdive.com/4146/luxury-wine-&-spirit-market

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