Tea Market to Develop at 2.8% CAGR between 2014 and 2020 to Reach US$47.20 Billion by 2020 : Transparency Market Research

Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- According to the report, rising awareness among the consumers regarding various benefits of consuming tea is the major growth driver of the global tea market. Apart from this, the economic advantages and ample opportunities for employment presented by the tea industry is also supporting the global market to a great extent.On the other hand, owing to several cases of side-effects as a result of overconsumption of tea reported by consumers is impacting the global tea market in a negative way. The availability of alternatives in the market is also adding to the challenges this market is facing. However, the increasing concern over beauty and skincare is encouraging consumers to switch to green tea, which is expected to open an opportunity-rich market for players in the global tea market, states the market report.

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The research report analyzes the global tea market on the basis of products and regional markets. Based on products, the market is classified into CTC (crush, tear, and curl) tea and leaf tea. Black tea, oolong tea, and green tea are the three segments of the leaf tea market. In 2013, the black tea market accounted for a majority share in the overall tea market. The green tea market, on the other hand, is expected report the fastest growth over the forecast period.Regionally, the global tea market is distributed among North America, Europe, Asia Pacific, and the Rest of the World. In the Asia Pacific tea market, India and China are projected to witness robust growth over the forecast period, whereas the U.K in the European tea market and the U.S. in the North American tea market are likely to experience sluggish growth during the same timeframe. In 2014, Asia Pacific emerged as the market leader among all the regional markets, wherein India occupied the largest share. The tea market in Asia Pacific is projected to maintain its dominance over the forecast period, reports the market study.Some of the major participants in the global tea market profiled in this report are Twinning of London, Wissotzky Tea, Unilever, Tata Global Beverages Ltd., and Akbar Brothers Ltd.

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The global tea market is segmented into:

By Product

Leaf Tea

  • Black tea
  • Green tea
  • Oolong tea

CTC tea

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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Source:Transparency Market Research