How is the Global Tea Market Faring in the Forthcoming Years?

As far as the legend goes, it was in 2737 B.C.E, the Chinese emperor – Shen Nong stumbled upon tea. As per the ancient tale, a tea leaf drifted into the emperor’s pot of boiling water and this is how the love for tea reached far and wide for centuries to come. According to archeologists, tea was originally found in the Yunnan province of China, however, evidence pinpoints that Northern India and Tibet may have been native to tea as well. It was in the Tang Dynasty of China (600 to 900 A.D.) that tea gained humongous popularity and was declared as the national drink of China. Apart from this, the Japanese follow a tea ceremony that signifies tranquility, purity, harmony, and respect. The Japanese put in a lot of effort during the preparation of the tea ceremony.

There are 3 types of teas:

• True teas
• Herbal teas
• Flavored

True teas are further classified into the following:

• White tea
• Green tea
• Oolong tea
• Black tea
• Pu-erh tea

Forecast Analysis of the Tea Market

The global tea market is anticipated to witness a tremendous growth rate in the coming years due to variegated health benefits associated with tea and it is one of the commonly preferred beverages worldwide amongst all classes of people. Tea contains three main compounds – antioxidants, polyphenols, and catechins. Polyphenols contain tannins and flavonoids that keep diseases off the bay. Flavonoids contain antioxidants that prevent premature aging and severe neurological disorders. Green tea is recommended for people, who are into fitness, because this type of tea contains a huge amount of antioxidants.

Some of the notable advantages of drinking tea are as follows:

• Chamomile – An herbal tea that helps in ridding bowel syndrome as this tea acts like an antispasmodic.
• Ginger tea – helps to calm nausea.
• Tea helps in fighting cancer (no fixed evidence found as such so far)
• Tulsi or holy basil tea – used to enhance immunity and fend off illness or injuries. This tea is known for its anti-fungal, antibacterial, and anti-inflammatory property that helps to strengthen the immune system.
• Teas prevent cavities by changing the pH in the mouth.
• They reduce the risk of heart attacks.
• They offer exceptional weight loss.

All the above-stated perks of drinking tea are estimated to drive the global tea market in the coming years. Apart from this, a report by Research Dive, states that the global tea market is predicted to gain $67,920.8 million during the 2021-2028 timeframe. Furthermore, the massive prevalence of tea culture in regions, such as India, China, Japan, and so on, is expected to surge the Asia-Pacific tea market in the coming years.

Recent Developments in the Market

The well-established participants of the global tea market are concentrating on exclusive strategies such as constructing product portfolios, mergers and acquisitions of prospering companies, investments in research & development fields, new product declarations, and funding for the upcoming activities and innovations. These tactics are propelling the growth of numerous tea businesses across the world.

For instance,

• In February 2021, Tata Consumer Products, a food and beverage company declared the re-launch of Tetley, a green tea brand that has a new variant consisting of vitamin C. This launch focuses to capitalize on the rising consumer fondness for drinks, food, and remedies that can augment immunity during the Covid-19 outbreak.
   
• In October 2020, Indian Chai Company, a tea brand, revealed an exquisite line of healthy and exotic tea products. These teas are available in numerous flavors like Berries Jungle, Tumeric Citrus, Immunity Tea, Weight Loss Tea, Bombay Cutting, and Chai20. The company provides exclusive, aromatic, healthy, and medicinal tea options for consumers.
   
• In August 2020, Society Tea, a Mumbai-based tea brand, launched ‘Cleanse’ that is composed of ingredients meant for immunity and metabolism growth. The product encompasses turmeric that is known to treat the common cold, skin issues, and much more. The target audiences for Cleanse are those who are always on the move; one can restart their lifestyle with this tea brand.

Covid-19 Impact on the Global Market

The global tea market is expected to witness a negative impact during the coronavirus outbreak due to the lockdown scenario and social distancing norms. This factor has restricted import and export, declined the manufacturing procedures, decreased labor, and disrupted the supply chain. However, technical advances, initiatives, and innovations are predicted to upsurge the market in the post-pandemic scenario.

Future Scope of the Market

A substitute product for tea is generally coffee and this aspect is likely to restrain the market growth in the coming years. However, the introduction of several new tea flavors, such as green tea, organic tea, fruit tea, white tea, chamomile tea, and much more, is projected to create promising opportunities in the market globally. Also, tea waste is filled with nutritious compounds like nitrogen, potassium, and phosphorus that make it an ideal choice for fertilizer. Such unique benefits of tea are estimated to aid the growth of the market and mark a bright future for the market.