Global Herbal Tea Market – Competitive Analysis
Highly competitive, the herbal tea market appears to be fragmented owing to the presence of several well-established players. These players try to reduce the brand recall of their products through increasingly focusing on effective marketing communication skills.
The brand recall occurs typically as a result of the low product differentiation and the availability of a wide range of similar products. High potential growth demonstrated by the market is expected to attract several new entrants during the anticipated period which will resultantly intensify the competition further.
Herbal tea is gaining popularity, especially among health-conscious consumers mainly due to its medicinal properties that offer various health benefits. Simultaneously, the availability of a range of flavors and packaging types boost the market growth further. The burgeoning FMCG sector alongside the increasing shift in consumer preferences fosters the market growth to an extent. As a result, the Herbal Tea Market is growing pervasively on the global platform.
Acknowledging the kind of accruals, the market perceives currently, Market Research Future (MRFR), in its recently published study report asserts that the size of the global herbal tea market will upsurge significantly, registering a phenomenal CAGR throughout the review period (2017-2023).
Distribution channels play a vital role in the development of this market. Moreover, the constant variations and novelties brought by the market players offer huge growth opportunities. Additionally, factors such as attractive packaging forms, raising awareness towards keeping good health and the health benefits provided by the Herbal tea are substantiating the market growth. Some players strategize their packaging solutions meticulously to enhance the customer experience while aligning with their branding, offering exclusive product innovation. Moreover, growing industrialization and urbanization along with the improving economic conditions worldwide commutatively act as a tailwind that pushes up the market growth.
Industry/Innovation/Related News:
November 18, 2018 – Wang Lao Ji (Wong Lo Kat, China) announced the opening of its first overseas museum in Manhattan, New York, presenting the world with its new blend of tradition and innovation. As the oldest Chinese herbal tea drink brand (established in 1828), Wang Lao Ji has gained massive popularity in China as a healthy beverage. This year (2018), it had reached more than 20 BN yuan (USD 2.88 BN) in sales in China.
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Key Players:
Some of the top players in the market include:-
- Dilmah Ceylon Tea Company Plc. (Sri Lanka)
- Associated British Foods Plc. (U.K)
- ITO EN (North America) Inc. (U.S.)
- The Unilever Group (U.K)
- Tata Global Beverages Ltd. (India)
- Barry’s Tea Ltd. (Ireland)
- Celestial Seasonings, Inc. (U.S.)
- R.C. Bigelow, Inc. (U.S.)
- Mighty Leaf Tea Company (U.S.)
- Harney & Sons Tea Corp. (U.S.)
Key Findings:
- Herbal tea has a massive opportunity in the global beverages market
- Asia Pacific is the fastest growing region in the herbal tea market. India and China has shown huge potentials for herbal tea market share during the review period, 2017-2023
- Teasane has launched a new health and wellness brand consisting of a full line of products including Teas, Herbal Extracts, Facial Tea Beauty Cream, Supplements and 28-Day Wellness Kits
Intended Audience:
- Herbal tea manufacturers
- Raw material suppliers
- Retailers and wholesalers
- E-commerce industry
- Traders, importers, and exporters
Global Herbal Tea Market – Segments
MRFR has segmented the analysis into five key dynamics for the convenience of understanding;
By Distribution Channel
- Store-based
- Non-store based
By Ingredient
- Cinnamon
- Dandelion
- Chamomile
- Ginger among others
By Packaging
- Tea Bags
- Loose Leaf
- Powder
By Function
- Cognitive Health
- Gut & Digestive Health
By Regions
- Europe
- North America
- APAC
- Rest-of-the-World
The subsegment – cinnamon accounts for the dominating segment in the market by types followed by the subsegment dandelion owing to their extensive use in the formulation of herbal tea.
The subsegment – cognitive health is dominating the functions segment owing to the increasing consumption of herbal tea for stress management. The subsegment gut & digestive health is also showing popularity among consumers.
The subsegment – tea bags dominates the market followed by the loose leaf owing to the ease of use and handling of this packaging type.
The subsegment – store-based distribution channel leads the market due to the one-stop shopping experience it offers.
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TABLE OF CONTENT-
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.1.1 Initial Data Exploration
1.1.2 Statistical Modelling and Forecast
1.1.3 Industry Insights and Validation
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Herbal Tea Industry Market Synopsis, 2017-2023
2.1.1 Business Trends
2.1.2 Product Ingredient Trends
2.1.3 Product Function Trends
2.1.4 Product Packaging Trends
Chapter 3 Herbal Tea Market Insights
3.1 Industry Segmentation
3.2 Industry Size and Forecast
3.3 Industry Ecosystem Analysis
3.4 Industry Impact forces
3.5 Growth Potential Analysis
3.6 Company Market Share Analysis, 2016
3.7 Porter’s Analysis
3.8 PESTEL Analysis
TO BE CONTINUE………….
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