Surpassing global tea concentrate sales worth a billion dollar in 2018, a moderate Y-o-Y growth is anticipated for the year 2019. More than 85% of overall sales continue to be accounted by the conventional category of tea concentrates, according to a new research study of Research Report Insights (RRI). However, in the light of natural and organic trending within the food and beverages industry, the organic tea concentrate will experience rapid gains over the forthcoming years, says the report.
Use in Health Beverages Influencing the Tea Concentrate Market Positively
The modern consumer is more conscious about health and is accordingly taking decisions while purchasing health-promoting food and beverage products. The manufacturers are thus investing efforts in catering to the evolving consumer demands and the subsequently transforming buying behavior and purchasing cycle – the key focus area thus will be product innovation. 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 of tea concentrate that enables the product to be marketed and sold as a health beverage, and gain a wider consumer base.
Black tea, accounting for more than 3/4th of total market revenues, will continue to be the top selling type of tea concentrate, followed by green tea. As indicated by the report, green tea concentrate will enjoy healthy gains in the near future owing to visible surge in the market popularity. While tea has been perceived as a healthful drink, a majority of tea concentrates such as green tea concentrates that contain herbal ingredients also remain among the popular choices among urban consumer population. The antioxidants driven health benefits of daily green tea consumption are projected to drive revenues to the green tea concentrates segment on the global market.
Multiple fast food giants already offer tea beverages based on respective tea concentrates, as a part of their menu. These include global fast food and beverage giants such as McDonald’s, Starbucks, and Taco Bell. This growing fast food culture directly affects the tea concentrate demand in a positive way. Global demand for healthy food has been on the rise constantly, which prominently covers health beverages. Use of tea concentrate in health drinks is preferred by consumers, which is driving the market for tea concentrates.
Tea Concentrate Makers Focusing on Organic, Flavor, and Product Innovation Trends
Prominent players actively operating in the global tea concentrate market 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.
A majority of tea concentrate sales is accounted by households. However, in the near future, the demand is likely to see a steady surge within the foodservice sector. While successful gains were registered by cold brew coffee concentrates in recent years, some of the important innovators in team concentrate market are capitalizing on cold brew trend, shifting beyond coffee, to tea.
This study has examined the global market for tea concentrate during a ten-year forecast period, 2018-2028. Additional insights on the same can be availed.