Tea Concentrate Market to Cross US$ 2,378.6 Million, Surging at 4.6% CAGR by 2034: Fact.MR Report

Rockville, Jan. 08, 2024 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Tea Concentrate Market is valued at US$ 1,512.5 million in 2024 and is projected to expand steadily at a 4.6% CAGR through 2034. The market is anticipated to surpass US$ 2,378.6 million by 2034.

Recognizing the growing popularity of artisan cocktails, tea concentrate companies are actively marketing their offerings as essential ingredients in cocktail creation. This strategy approach capitalizes on the premiumization of beverage experiences as customers seek out unique flavor profiles and novel beverage alternatives. Brands intentionally place themselves at the crossroads of culinary innovation and beverage artistry, catering to a sophisticated customer base by partnering with mixologists and marketing the adaptability of tea concentrates in cocktail preparation.

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Key Segments of Tea Concentrate Industry Research Report

Tea concentrate manufacturers are carefully collaborating with health influencers, dietitians, and fitness professionals to boost brand credibility. This alliance ties the brand with figures promoting a healthy lifestyle, allowing the business to strategically enter specific customer niches using the influencer's reach and authority. Brands want to portray themselves as legitimate and credible alternatives in the competitive wellness beverage industry by carefully partnering with reputable wellness experts.

“The tea concentrate business provides both obstacles and strategic possibilities. Companies that are embracing the new landscape, utilizing technology, and have a dedication to sustainability will endure the shifting market conditions and effectively position themselves as pioneers in the beverage industry," says a Fact.MR analyst.

Key Takeaways from the Tea Concentrate Market Report

• The global tea concentrate market size is estimated to be US$ 1,512.5 million in 2024.
• The North America tea concentrate market holds a share of 21.6% of the global in 2024.
• The East Asia tea concentrate market holds a share of 23.9% of the global market in 2024.
• The conventional nature segment occupied 67.40% of the market share in 2024.
• The green tea product type segment captured 41.20% of the market share in 2024.
• The market size in the United States is projected to rise at a 4.8% CAGR through 2034.
• The market size in China is anticipated to develop at a 4.0% CAGR through 2034.

Digitalization Alters the Competitive Landscape of the Market

In the tea concentrate market, established players such as Unilever compete fiercely with new competitors in specialized niches. Established brands use aggressive marketing and innovation methods, boosting broad networks. Digitalization has altered the scene, rendering eCommerce platforms critical battlegrounds. Collaborations for strategic distinctiveness are prevalent, particularly with influencers and chefs.

Companies are investing in environmentally friendly activities as part of their commitment to sustainability. Regulatory compliance and technological adoption further shape the competitive dynamics, particularly data analytics. In this volatile industry, success depends on strategic agility, innovation, and a thorough grasp of customer preferences.

Recent Developments

• In November 2023, Coca-Cola and the Makaibari tea estate in Darjeeling, part of the Luxmi Group, collaborated to produce ready-to-drink iced green tea in India. At the Bengal Global Business Summit in 2023, the business unveiled two ready-to-drink iced green tea varieties.
• In January 2023, Kerala-based Synthite Group launched a 100% water-soluble green tea called "Sprig." According to the company, this is the first cold-crafted tea of its kind in the world.

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Dominance and Growth of Conventional Tea Segment

In 2024, the conventional segment is set to claim a substantial 67.40% of the market share, with a projected robust growth at a Compound Annual Growth Rate (CAGR) of 4.9% through the year 2034. This category, characterized by its conventional nature, embodies tea concentrations that faithfully adhere to the well-established and familiar taste profiles associated with classic tea varieties. Consumers often seek a sense of familiarity and the authentic flavor reminiscent of traditional tea.

The escalating popularity of conventional teas can be attributed to consumers' inclination towards the traditional and time-honored tastes and aromas found in teas like oolong, black, or green. The demand for the conventional nature is further propelled by the global tea industry, particularly in regions with a rich tea-producing history such as China, India, and Japan. Consumers, appreciating the cultural depth and historical significance embedded in these traditional products, are drawn to the authenticity and legacy associated with the tastes of conventional teas.

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