Market Overview:
Flavored Tea Market is witnessing an impressive growth over the last few years. This is attributed to the rising health conscious people both in developed and developing economies. Also, increasing disposable income of the consumers is anticipated to be the significant reason for the growth of the flavored tea market during the forecast period. Growing cases of obesity are projected to surge the demand for flavored tea further.
Additionally, key players in the global flavored tea market are emphasizing to enhance their investment in the product development to extend the product line. Also, the companies are inclined to increase their footprints across the world by acquiring local and regional players. Apart from that, the companies are introducing their products in the developing economies to penetrate the untapped market. However, limited availability of spices & herbs may hinder the market growth over the review period. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 4.2% of flavored tea market during the forecast period, 2017-2023.
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The sale of flavored tea is growing exponentially as consumers are opting for a healthy lifestyle. Flavored tea enriches the properties of actual tea plant camellia sinensis. Tea infused with the flavors of fruits, herbs, and spices have an added advantage of medicinal benefits, driving the growth of the market. Moreover, flavored tea is gaining popularity across the globe, as the demand for healthy food & beverages has been increasing in recent years. These factors will support the flavored tea market and is estimated to grow at the rate of about 4.2% from 2017 to 2023.
Major Key Players Analysis:
Some of the key players profiled in the Global Flavored Tea Market: Twining and Company Limited. (U.K), Numi, Inc. (U.S.), ITO EN (North America) Inc. (U.S.), The Unilever Group (U.K), Barry’s Tea Ltd. (Ireland), R.C. Bigelow, Inc. (U.S.), Celestial Seasonings, Inc. (U.S.), Tata Global Beverages Ltd. (India), Harney & Sons Tea Corp. (U.S.), and Mighty Leaf Tea Company (U.S.)
Regional Analysis:
Flavored Tea Market is segmented into North America, Asia Pacific, Europe and rest of the world (RoW). The Asia Pacific is dominating the global flavored tea market followed by North America. Emerging economies such as China, India, Japan, Australia, and the Latin American countries, offers ample opportunities for expansion to major players.
The European flavored tea market is projected to grow at a steady pace in the review period. The growing inclination towards functional beverages in Europe is driving the growth of the flavored tea in this region. Moreover, new innovative product launches are expected to contribute to the growth of flavored tea in the rest of the world.
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Segment:
On the basis of the flavor, it is segmented into fruits, spices, herbs and others. Among all, the herbs segment is anticipated to dominate the market followed by the fruits segment. However, the spices segment is projected to be the fastest growing segment during the estimated period.
On the basis of the type, it is segmented into black tea, white tea, green tea, and others. Among them, the black tea is dominating the market. However, the green tea is anticipated to be the fastest growing segment in the flavored tea over the forecast period.
On the basis of the distribution channel, it is segmented in store-based and non-store based. Among both, the store-based distribution channel is dominating the market based on the one-stop shopping experience.
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