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Ready to drink tea & coffee market expected to deliver dynamic progression
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Friday, 17 June, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Ready to drink tea and ready to drink coffee are packaged beverages, sold in a prepared form and ready for consumption. Ready to drink tea and ready to drink coffee are becoming popular globally due to the fast-paced lifestyle. Ready to drink tea and ready to drink coffee is a substitute for carbonated beverages.
Rising health issues such as obesity with more consumption of carbonated beverages which mostly comprises of high calorie draws a major concern among the people and started opting ready to drink tea and ready to drink coffee. Ready to drink tea and ready to drink coffee are available in different packaging includes canned, glass bottle, PET bottle and aseptic cartons.
On the basis of types ready to drink tea market can be segmented into: green tea, black tea and fruit and herbal based tea. On the basis of ingredients, ready to drink coffee market can be segmented into: guarana, taurine, vitamin B, ginseng and acai berry.
The Ready-to-drink tea market is expected to reach a value of $ 33.0 billion in 2022. As per Persistence Market Research (PMR), the overall market value is expected to reach $ 70.5 billion by 2032, rising at a CAGR of 7.9% for 2022-32.
Asia Pacific has largest market share, followed by Europe. North America is the fastest growing ready to drink tea and ready to drink coffee market due to increasing health awareness and growing consumer awareness about ill effects of carbonated beverages.
The tea package is available in different flavours by different competitors in the market. several companies provide tea bags (dip bags), which are mostly demanded in several developed regions.
Consumer knowledge and awareness about the health benefits of global tea is encouraging consumers to focus on living a healthy lifestyle, which is a key element driving the global ready-to-drink tea market forward. RTD also helps with weight loss, relieves headaches and body pain, lowers cholesterol levels, and lowers the risk of heart attacks.
Rising health awareness, introduction of functional ingredients, rising disposable income and increasing urbanization are some of the major driving force for ready to drink tea and ready to drink coffee market. Increasing awareness among consumers regarding health, diet and fitness results in an improved lifestyle.
In recent time, customers are more conscious of their calorie intake. With the increasing number of diseases such as diabetes and obesity globally, people are showing more consciousness towards their food and drinks. Urban population is more concerned about their lifestyle as compared to the rural population.
The lifestyle of urban population is more fast-paced. Fast-paced lifestyle along with an aspiration to stay fit attracts people to ready to drink tea and ready to drink coffee. Increasing disposable income in the developing countries such as India and China is expected to trigger the growth rate of ready to drink tea and ready to drink coffee market. Increasing disposable income allow the customer to spend more.
According to the National Bureau of Statistics China, annual per capita disposable income of urban households in China increased from $ 2,271.0 in 2008 to $ 3408.5 in 2012. The overall annual disposable income in India medium household income increased from $ 1,366.2 billion in 2010 to $ 1,587.6 billion in 2013.
Some of the major restraints of ready to drink tea and ready to coffee market are rising raw material prices and increasing consumption of freshly ground coffee. New target consumer such as young adults and health conscious consumers acts as an opportunity for ready to drink tea and ready to drink coffee market.
The major companies operating in the ready to drink tea and ready to drink coffee market include: Dr Pepper Snapple Group, Dunkin’ Brands Group, The Coca Cola Company, San Benedetto, PepsiCo Inc, Monster Beverage Company, Starbucks Corporation and Japan Tobacco Inc.
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