Ready to Drink (RTD) Tea And Coffee Market Analysis By Product (RTD Tea, RTD Coffee), By Distribution Channel (Supermarkets/H...
November 29 2016 - 10:15PM
PR Newswire (US)
LONDON, Nov. 29, 2016 /PRNewswire/ -- The global ready to
drink (RTD) tea and coffee market is expected to reach USD 116.13 billion by 2024, according to a new
report by Grand View Research, Inc. RTD tea and coffee are a part
of the growing trend in the soft drinks industry. These drinks are
not only perceived as instant energy drinks but also form a part of
lifestyles in major countries around the world. The enhanced
nutritional benefits and compatibility with different flavors is
driving the demand for these products.
The major factor promoting the ready to drink tea and coffee market
is the rising health awareness and disposable incomes of the
population. The growing consumption of on-the-go health drinks has
largely impacted the demand for these products. The changing retail
scenario and rise of e-commerce as the new distribution channel is
expected to boost the market demand for these products over the
forecast period. The growing café culture and the changing habits
related to tastes and flavors have fueled the market demand for
these products.
Further key findings from the report suggest:
Foodservice segment is expected to be the fastest-growing
distribution channel at a CAGR of 6.5% from 2016 to 2024. Rising
trend of restaurant dining coupled with the popularity of cafes and
snack parlors is expected to drive market demand. High availability
of the product in remote areas is expected to propel market growth
over the forecast period.
RTD tea was the dominant product segment with a demand of over
USD 84 billion by 2024. The enhanced
health benefits coupled with increased demand for flavored ice teas
is expected to drive market growth.
Regular price segment products are expected to experience high
demand owing to various flavors and economical pricing of the
product. The global market value for regular price segment in 2015
was over USD 27 Billion.
MEA is expected to be the fastest growing regional segment with a
CAGR of 7.5% from 2016 to 2024. The rising café culture in the
Middle East owing to high young
age population is driving the demand. The high number of coffee
plantations in the Africa is
expected to drive market growth on account of easy raw material
availability.
The industry is characterized by new products development and
introduction of new flavors. The launch of novel products such as
mango flavored green tea is expected to drive the industry over the
forecast period.
Download the full report:
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