Categories: Market Research

Tea Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Tea Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Tea Global Market Report 2024, The tea market size has grown strongly in recent years. It will grow from $52.74 billion in 2023 to $56.12 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to cultural significance and tradition, health and wellness trends, globalization and access to varieties, rising disposable incomes, marketing and branding strategies.

The tea market size is expected to see strong growth in the next few years. It will grow to $70.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to premiumization and specialty teas, functional and health-boosting teas, sustainability and ethical sourcing, innovation in tea formats, e-commerce and direct-to-consumer channels. Major trends in the forecast period include exploration of tea-based culinary applications, enhancement of tea packaging and presentation, rise of tea subscription services, integration of technology in tea retail, cultural and regional tea exploration.

The growing demand for herbal tea is expected to propel the growth of the tea market going forward. Herbal tea refers to a tea with dried herbs and spices that often has no caffeine. It is a beverage created by steeping several plants’ leaves. Herbal tea is a type of tea whose benefits include lowered inflammation, lowered stress levels, support for the immune system, and more, and it also supplements a healthy eating regimen. For instance, in October 2022, according to a data published by Canada Statistics, a Canada-based government agency, the forecast fruit or herbal tea retail value sales in 2022 was $144.1 million, which will rise to $286.1 million in 2026. Therefore, the growth in demand for herbal tea is driving the growth of the tea market.

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The tea market covered in this report is segmented –

1) By Type: Green Tea, Black Tea, Oolong Tea, Fruit Or Herbal Tea, Other Types

2) By Packaging: Plastic Containers, Loose Tea, Paper Boards, Aluminum Tins, Tea Bags

3) By Distribution Channel: Super Markets Or Hyper Markets, Special Stores, Convenience Stores, Online Stores, Other Distribution Channels

4) By Application: Residential, Commercial

Major companies operating in the tea market are focused on developing new advanced tea solutions, such as Tata Tea Premium, to strengthen their position in the market. For instance, in March 2023, Tata Consumer Products Limited, an India-based consumer products company, launched Tata Tea Premium Street Chais of India, a range of teas celebrating the unique flavors inspired by the streets of India. These teas are blended by expert crafters and are best enjoyed when prepared with milk.

The tea market report table of contents includes: