RTD Tea Market Overview
RTD Tea Market size was roughly USD 40.542 billion in 2032, and it is anticipated to grow at a CAGR of 7.64% from 2022 to 2032.
The RTD tea market has witnessed a massive surge in the growth rate in the last few years. The market's growth is primarily attributed to its feature of being readily available and consumable. Furthermore, factors such as the availability of various flavors and packaging and growing awareness regarding the positive impact on the immune system are also likely to boost the market's growth over the assessment timeframe. On the other hand, the increased consumption of RTD coffee over tea will likely impede the market's growth.
Competitive Analysis
In the last few years, the global RTD tea key market players has witnessed a massive surge in strategic partnerships, acquisitions, product launches, etc. The global market for RTD tea has prominent leaders such as Tata Global Beverages (India), Blu-Dot Beverage Company (Canada), ITO EN LTD. (Japan), Inko's Tea (US), Hain Celestial Group (US), Harney Sons Fine Teas (US), Nestle S.A. (Switzerland), The Republic of Tea (US), Snapple Beverage Corp. (US), Bearfield (Netherlands), Dilmah (Sri Lanka), Unilever (UK), Starbucks Corporation (US), PepsiCo, Inc. (US), Coca-Cola Company (US), and several others.
Segment Analysis
The global market for RTD tea has been segregated into several segments based on packaging type, category, type, distribution channel, and region.
Based on type, the global market for RTD tea is divided into black tea, green tea, white tea, and many others.
Based on category, the global market for RTD tea is divided into organic and conventional.
The RTD tea market is split into bottles packaging, cans packaging, and cartons packaging based on the packaging type.
The RTD tea market has store-based and non-store-based distribution channels based on the distribution channel.
Regional Analysis
The RTD tea market is studied across five major regions: the Middle East and African region, Latin American region, European region, North American region, and Asia-Pacific region.
The MRFR analysis suggests that the RTD tea market in North American region is anticipated to secure the top position in the global market for RTD tea over the assessment era. The growing preference for healthy beverages is the major aspect causing an upsurge in the regional market's growth. The US is the top revenue pocket across the regional market, given the higher middle-class population across the country.
The RTD tea market for the Asia-Pacific region is likely to secure the second position globally. The regional market's growth is primarily credited to highly populated countries such as India and China. Furthermore, the growing number of geriatric populations across the region is another major parameter likely to boost the demand for RTD tea across the region over the coming years.
The European regional market for RTD tea is likely to hold the third position globally. The regional market's growth is mainly given the increasing disposable income across the region. In addition, the region has witnessed a rise in the number of consumers being aware of wellness and health-related products, which is causing a boost in demand for RTD tea across the region.
The Latin American and Middle East, and African regions are likely to exhibit moderate growth over the forecasted era. The slow growth of the regional market is due to inadequate infrastructure and a lack of awareness among people.
Recent Developments
April 2022- a leading alcohol brand trailblazing new standards in the ready-to-drink and better-for-you beverage categories, Loverboy announced the expansion of its strong product offerings of Sparkling Hard Teas, Canned Cocktails, and Spritzes with the launch of their newest, limited-edition innovation Strawberry Lemonade Sparkling Hard Tea.
April 2022- An award-winning craft distillery, alongside the nine-time World Champion Boston Red Sox, Sugarlands Distilling Co., has announced a multi-year strategic partnership. As a fraction of the transaction, Sugarlands becomes a "Proud Partner of the Boston Red Sox" and will also manufacture a ready-to-drink (RTD) co-branded iced tea lemonade moonshine canned cocktail, distinctive to the New England market.
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