The global organic tea market is set to gain momentum from the rising popularity of retail organic food and beverages on account of their easy consumption and wide availability. This information is given by Fortune Business Insights™ in a new report, titled, “Organic Tea Market Size, Share & COVID-19 Impact Analysis, Type (Black Tea, Green Tea, and Others), Form (Tea Bags, Loose Leaves, Loose Powder, and Ready-to-drink), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail), and Regional Forecast, 2020 – 2027.” The report further states that the market size was USD 820.8 million in 2019. It is projected to reach USD 1,918.7 million by 2027, exhibiting a CAGR of 11.2% during the forecast period.
COVID-19 Pandemic: Urgent Need to Enhance Immune Systems to Aid Growth
The COVID-19 pandemic has taken a huge toll on the entire food system worldwide. The supply chain of organic tea was disrupted owing to nationwide lockdown and social distancing measures. However, the rising concerns of people regarding their health and immune systems are expected to propel the demand for numerous nutritional beverages across the globe. It is likely to impact the market positively.
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Highlight of the Report: While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Drivers & Restraints-
High Demand for Nutrient-rich Food & Beverages to Bolster Growth: People nowadays are inclining rapidly toward nutrient-rich food & beverages for maintaining their overall health and wellness. They are looking for products that contain more functional ingredients to reduce the occurrences of lifestyle-related health disorders, such as obesity, cardiovascular conditions, and diabetes. Also, the increasing demand for ready-to-drink functional beverages from millennials would accelerate the organic tea market growth in the near future. However, this tea is expensive because of its limited production. It may obstruct growth.
Black Tea Segment to Hold 77.76% Share in 2019 Based on type, the black tea segment generated 77.76% in terms of the organic tea market share in 2019. This growth is attributable to its possession of several health benefits. This tea has antioxidants
Regional Insights: Increasing Awareness of Health Benefits to Spur Growth in North America
Geographically, North America procured USD 262.6 million in terms of revenue in 2019. It is set to lead the market throughout the forthcoming years on account of the rising awareness programs to educate people about the health benefits of this healthy tea.
Asia Pacific, on the other hand, would grow steadily backed by the rising production of organic tea, especially in China. Coupled with this, the surging discretionary incomes of people would aid growth in this region. In Europe, the rising demand for premium specialty teas with authentic and unique flavors would propel growth.
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Competitive landscape: Key Players Focus on Introducing Innovative Products to Compete with Their Rivals The market has a moderately consolidated structure. It is majorly dominated by a handful of multinational organizations. They are presently focusing on new product launches, acquisitions, and partnership strategies to compete with their rivals in the market. Below are the two latest
December 2020 : BanLabs unveiled a new line of organic green tea named the Care Tea basket. It is free from artificial preservatives and flavors. It has 5 packs of some innovative flavors that have been launched in India for the first time.
October 2019: Choice Organic Tea shut down its Seattle headquarters because of its acquisition by Yogi Tea. The company aims to bring flavorful teas in the market by making a positive environmental and social impact.
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