Aug 31, 2021 (Market Insight Reports) -- The global instant tea premix consumption market was estimated at $1.4 billion in 2019 and is expected to hit at $2.1 billion by 2027, registering a CAGR of 6.8% from 2021 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in concerns related to obesity, increase in health awareness, surge in the disposable income, and growing demand for ready-mixed drinks fuel the growth of the global instant tea premix consumption market. On the other hand, increase in trend of coffee consumption and fluctuating prices of raw materials caused by unpredictable climatic conditions impede the growth to some extent. Nevertheless, rise in demand for herbal tea and introduction of new flavors & varieties of instant tea premix are expected to create lucrative opportunities in the industry.
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The outbreak of the pandemic led to decrease in demand for ready-mixed drinks across the world, as most of the organizations happened to embrace the trend of work-from-home in order to maintain the mandatory social distancing norms. Also, the distorted supply chain led to an overall slanted production level.
Nevertheless, as the lockdown has slackened off in most of the countries, the market is expected to recuperate soon.
The global instant tea premix consumption market is analyzed across form, product type, distribution channel, and geography. Based on form, the powder segment contributed to more than three-fifths of the total market share in 2019 and is expected to rule the roost by the end of 2027. The paste segment, on the other hand, would register the fastest CAGR of 7.7% throughout the forecast period.
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Based on product type, the cardamom tea premix segment accounted for more than one-fifth of the total market revenue in 2019 and is anticipated to lead the trail by 2027. Simultaneously, the lemon grass tea premix segment would grow at the fastest CAGR of 7.4% from 2021 to 2027.
Based on region, North America held the major share in 2019, generating around two-fifths of the global market. Simultaneously, the region across Asia-Pacific would register the fastest CAGR of 7.8% throughout the forecast period. The other provinces discussed in the report include North America, Europe, and LAMEA.
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The leading market players analyzed in the global instant tea premix consumption market report include The Republic of Tea Inc., Suntory Beverage & Food Ltd., The Coca-Cola Company, Monster Beverage Company, Ito En Ltd., Dunkin Brands Group Inc., Starbucks Corp., PepsiCo Inc., Keurig Green Mountain Inc., and Ajinomoto General Foods Inc. These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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