The global Iced Tea Market Growth Accelerated by Convenience Factor
Iced tea is a ready-to-drink beverage made by dissolving tea leaves in water and allowing them to steep until the desired tea flavor is extracted. It offers a refreshing and healthy alternative to carbonated drinks and other sugary beverages. The global iced tea market is driven by rising health consciousness among consumers, who prefer low-calorie beverages over sugary drinks.
The global Iced Tea Market is estimated to be valued at US$ 6490.4 Mn in 2023 and is expected to exhibit a CAGR of 2.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Convenience factor is the major key trend driving the growth of the iced tea market. Ready-to-drink iced tea formulations are increasingly popular as they save time for preparation compared to sun brewed or stove-top brewed teas. Several companies offer varieties of flavored iced tea in convenient packaging such as bottles, cans and tetra packs that can be consumed directly without any preparation. The availability of flavored iced teas in the convenience format is encouraging their consumption among on-the-go consumers. This increasing demand for convenient ready-to-drink formulations is expected to boost the iced tea market over the forecast period.
Segment Analysis
The global iced tea market is dominated by the ready-to-drink segment. The ready-to-drink segment accounts for over 70% of the total iced tea market share owing to its convenience and easy availability in supermarkets as well as hypermarkets. Consumers prefer ready-to-drink iced tea as they can carry it easily and consume it on-the-go which further fuels the growth and dominance of this segment over others.
Key Takeaways
The Global Iced Tea Market Size is expected to witness high growth. The global Iced Tea Market is estimated to be valued at US$ 6490.4 Mn in 2023 and is expected to exhibit a CAGR of 2.1% over the forecast period 2023 to 2030.
North America currently dominates the iced tea market and is expected to maintain its dominance over the forecast period. The large presence of key players and high consumption of tea in countries like the US has been instrumental in North America's large share in the global iced tea market. Asia Pacific is expected to grow at the fastest rate in the global iced tea market over the forecast period. The large population, increasing middle-class population, and rising demands of consumers for healthy and convenience beverages are expected to drive the demand for iced tea in Asia Pacific region countries like China and India.
Key players related content comprises
Key players operating in the iced tea market are Adelaide Brighton Ltd, Boral Ltd., Sibelco Australia, Omya Australia Pty Ltd, Wagners, and Lime Group Australia.
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