Global Tea Market 2017-2021 - Research and Markets

DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Tea Market 2017-2021" report to their offering.

The report forecasts that the global tea market to grow at a CAGR of 4.45% during the period 2017-2021.

Global Tea Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion operating in this market.

Commenting on the report, an analyst from the research team said: One trend in the market is specialty iced tea. Specialty teas are teas that are special in some way. A tea can become a specialty tea if it is launched in a new flavor, blended with a new ingredient, or recently introduced to a part of the world.

According to the report, one driver in the market is increased demand from millennials in developing economies. The developing economies of the world are flourishing because of improved economic indicators and foreign investments leading to abundant employment opportunities. The economic growth in these economies has made consumers better equipped monetarily, making tea more affordable. The improved economy and increased job opportunities have also made premium brands and varieties of tea more affordable for young consumers aged between 18 to 34 years, who are also called millennials.

Further, the report states that one challenge in the market is major threat from substitutes. Coffee serves as the biggest threat to tea as it is a beverage, which is quite similar to tea. The preference for coffee acts as a huge challenge to the growth of the tea market in coffee-drinking nations like those in North America. As a result, the tea market in these nations exhibit slow growth, and most of this growth is attributed to innovations in formulating tea.

Key vendors: