Tea Concentrate Market - Key Research Findings
Global tea concentrate market size in 2018 - Over US$ 1 Bn
Moderate growth prospects are projected for the global tea concentrate market, over 2018-2028.
Consistent surge in the uptake of health beverages to directly benefit the growth of tea concentrate sales.
Europe will remain leading market for tea concentrate manufacturers.
Significant consumer proclivity for healthy food and beverage products, rising popularity of flavored health drinks, and an established trend of organic/natural products will collectively account for Europe's lead in the tea concentrate industry.
Asia Pacific is establishing a lucrative sales base for tea concentrates manufacturers.
Evolving dietary culture, strongly backed by the growing availability of innovative health beverages and similar products across a multitude of sales channels, will create lucrative opportunities for penetration of products such as tea concentrates in the region.
Flavored tea concentrates are expected to register steady gains over the coming years.
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Tea concentrates are extracted from tea leaves, which are preferred by the food industry, compared to households. Tea concentrate is basically a double-strength brew that dilutes with boiling water or any diluents and serves as an RTD (ready-to-drink) beverage. Tea concentrate is available in multiple flavors, of which citrus, cinnamon, ginger, and berries constitute some of the highly popular ones.
Top 3 Factors Shaping the Tea Concentrate Market
Growing Café & Fast Food Culture Driving the Demand for Tea Concentrates
Fast food culture is growing across the globe and the demand from the fast food industry has a positive impact on tea concentrates. Each fast food restaurant provides beverages and multiple fast food giants already offer tea beverages as a part of their menu, this includes global fast food and beverage giants like McDonald’s, Starbucks, and Taco Bell among others. This growing fast food culture directly affects the tea concentrate demand in a positive way.
Continuous Innovations in the Tea Processing Industry to Push Demand for Tea Concentrates
Continued innovations in the tea industry is significantly favoring the demand growth of tea concentrates. There are a variety of innovations presented by tea manufacturing companies, in an effort to cater to the needs of consumers. Tea is a widely consumed beverage, and its processing produces many value-added products which include tea bags, instant tea, tea concentrates, packet tea, flavored tea, decaffeinated tea, fortified tea, tonic tea, tea cider, tea Kombucha, iced tea, and herbal tea.
Modern, health-conscious, and ready-to-experiment consumers are up for innovative experiments and tea concentrates have been a major part of their experiments in the beverage sector. Tea concentrates that are available on the market providing exclusive flavor fusions that are otherwise challenging to recreate at home. Convenient packaging and specialty ingredients play an important role here, in attracting an expanding health-conscious consumer population. Suppliers and distributors, on the other side, are developing interest in products such as tea concentrates owing to the ease of storage and transport.
High Price Point of Tea Concentrates Continues to Restrain APAC’s Tea Concentrate Sales
Tea concentrate prices are higher than conventional tea and tea-based products, as qualitatively, they have much higher tea content. While this puts tea concentrates in a premium price point category that is still not the part of mainstream market in developing consumers from developing countries don’t make a purchase decision based on convenience, but rather economic feasibility of the product.
The Asia Pacific is the single largest region with a strong affinity towards tea and tea-related beverages in general. However, more than 3/4th of the population prefers traditional tea making practices than purchasing tea concentrates, which can be associated with the cultural development, the price difference, and ease of availability of the native tea forms. APAC has also been among the key producers of the finest tea leaves, globally, which is likely to further challenge the penetration of derived products such as tea concentrates, among the largest potential consumer base. High price point is an additional factor that continues to act as a major barrier in the region.
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Tea Concentrate Market Structure Analysis
Approximately 50% of the global tea concentrate market revenues are contributed by globally operating multinational players, followed by a mix of regional and local companies involved in manufacturing of tea concentrates.
While several among the key companies are based in the most prominent regional markets, i.e. in the US and Europe, they continue to maintain an import-oriented approach.
Small-scale manufacturers, mostly based in APAC, are likely to remain export-oriented, as the region continues to reign supreme in tea leaf production.
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A majority of tea concentrate manufacturers are aligning their strategic efforts with the soaring popularity of flavored tea concentrates.
With rising sales of tea concentrates within the health drinks sector, flavor innovations have emerged as the key developmental strategy among leading market players.
In line with surging adoption of tea concentrates among foodservice operators, it is highly likely that key manufacturers of tea concentrates will particularly strategize on the potential opportunities residing in foodservice sector.
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