The global market for tea and tea-based beverages is projected to have a conf considerable CAGR of around 5.5% during the forecast period. Tea and Tea Based Beverages are aromatic beverages that are mainly prepared by infusing the leaves of camellia Sinensis. Tea is one of the oldest beverages that is made by soaking dried tea leaves in water. The health benefits such as antioxidants present in tea help to reduce issues of heart attack and strokes is the major factor driving the growth of the market. The expansion of the tea and tea-based beverages market through online business is anticipated to have significant growth in the coming years. This is attributed to the increasing use of smartphones and the internet in various undiscovered global markets. Moreover, Internet retailing that connected with the simple accessibility of various types of tea and tea-based beverages in different formats including ready-to-drink tea, tea bags, and loose tea powder is also estimated to drive the growth of the market.
Impact of COVID-19 on Global Tea and Tea Based Beverages Market
The outbreak of COVID-19 has acted as a significant restraint on the tea and tea beverages manufacturing market in 2020, as supply chains have been disrupted due to trade restrictions and consumption has declined due to lockdowns imposed by governments around the world. The supply of raw materials from domestic and international suppliers is critical to food and beverage manufacturers. Since many governments restricted the movement of goods across borders and within countries, manufacturers were forced to halt production due to a lack of raw materials. The COVID-19 outbreak will negatively impact the tea and tea beverages market business throughout 2020 and in 2021 as well. However, the tea and tea beverages market is expected to recover over the forecast period because it is an unanticipated event unrelated to ongoing or fundamental weaknesses in the market.
Segmental Outlook
The global tea and tea based beverages market is segmented based on type, format, and nature. Based on the type, the market is further classified into green tea, black tea, oolong tea, herbal tea. Based on the format, the market is further segregated into ready-to-drink, loose tea powder, tea bags. Further on the basis of nature, the market is classified into organic and conventional.
Global Tea and Tea Based Beverages Market Share by Type, 2020 (%)