Iced tea is a refreshing beverage made by infusing tea leaves in water followed by cooling and chilling. It is known for its health benefits such as antioxidant properties, weight management support etc. Rising awareness about benefits of herbal and green tea is driving growth of global iced tea market.
The global Iced Tea Market is estimated to be valued at US$ 7476.95 Mn in 2024 and is expected to exhibit a CAGR of 2.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Growing health consciousness is one of the major factors influencing growth of global iced tea market size. Consumers are increasingly opting for plant based beverages like iced tea as it provides hydration along with antioxidants. Moreover, changing lifestyle and rising disposable income has resulted in increasing consumption of ready to drink variants of iced tea. Manufacturers are launching variety of fruit flavored and herbal iced teas to attract more consumers. They are also focusing on innovative product packaging and marketing strategies to strengthen their market position. Rising consumer awareness about benefits of herbal and green tea is expected to continue supporting market growth over the forecast period.
SWOT Analysis
Strength: The iced tea market has strong growth potential driven by health benefits of tea and demand for refreshing beverages. Also consumers are shifting from carbonated drinks to non-carbonated options like iced tea.
Weakness: Presence of substitute beverages like juices, carbonated drinks, energy drinks can hamper the growth. Also seasonal nature of tea affects year-round supply of raw materials.
Opportunity: Rising health consciousness and focus on preventive healthcare creates opportunities. Growing number of product innovations catering to specific consumer needs also boost prospects.
Threats: Price volatility of tea leaves due to climatic conditions and currency fluctuations poses threats. Stringent regulations regarding contents added to drinks are challenges.
Key Takeaways
The global iced tea market is expected to witness high growth over the forecast period of 2024 to 2031 supported by rising tea consumption, demand for healthy beverages and urbanization. The global Iced Tea Market is estimated to be valued at US$ 7476.95 Mn in 2024 and is expected to exhibit a CAGR of 2.1% over the forecast period 2024 to 2031.
Regional analysis: North America dominates the market currently owing to high consumption of iced tea and presence of major players. Asia Pacific is expected to grow at fastest pace due to rising disposable incomes, population and changing food habits in countries like China and India.
Key players: Key players operating in the iced tea market are Adelaide Brighton Ltd, Boral Ltd., Sibelco Australia, Omya Australia Pty Ltd, Wagners, and Lime Group Australia. These players are focusing on capacity expansions and new product launches catering to health-conscious consumers.
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- Source: Coherent Market Insights, Public sources, Desk research
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