Demand for Functional Beverages Complementing Bottled Tea Market Growth – Fact.MR Analysis
Through 2027, the bottled tea market is expected to increase at a nearly 4% compound annual growth rate (CAGR). In 2018, the global demand for still varieties of bottled tea will exceed 35 million litres. Revenues from sparkling tea, on the other hand, are expected to increase by 6% year over year in 2018.
The bottled tea market place has remained dynamic majorly due to altering consumer preference and beverage manufacturers’ efforts to meet the evolving demand.
Global consumption of bottled tea is expected to surpass 41 Mn Liters, growing at a Y-o-Y of 3.4% in 2018 over 2017. Overall growth of the bottled tea market can be attributed to,
- Increasing appetite for specialty teas and their easier availability
- Health conscious consumers preference for healthful tea beverages
- Millennials’ developing palate for different RTD bottled tea flavors
- Accessibility of bottled tea across various sales channels
“The bottled tea marketplace is heavily impacted by evolving consumer sentiments wherein vendor revenues dwindled half a decade ago on the back of a contagious low- or no-sugar beverage trend. As manufacturers ramped up the production of no-sugar tea varieties, the bottled tea market has surpassed US$ 47 Bn in 2017 and the status quo is highly likely to continue in 2018,” says a senior analyst at Fact.MR.
Clean Label Nature of Bottled Tea Fits Well in Demand for Safe RTD Beverages
In a bid to meet consumer demand for ingredient authenticity, tea brands have indulged in R&D efforts to develop tea formulations with authentic taste and aroma.
Implementation of a ready-to-drink trend in processing and manufacturing has introduced a variety of teas that are bottled, chilled and commercialized– a perfect to-go beverage for consumers driving the clean label movement.
Aware of consumer sentiments for the clean label and low-sugar beverages, brands in the beverage industry have introduced multiple clean label tea-based formulations that are natural in origin and retains salutary benefits.
Industry titans including Unilever, Englewood Cliffs, N.J., Nestle and DuPont Nutrition & Health and premium entrepreneurs such as DanoneWave, Uncle Matt and Sunup Inc.
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