Tea Bags Market to Reach $12.9 Billion, Globally, by 2031 at 7.6% CAGR: Allied Market Research

Growing popularity of tea, demand for instant health-benefiting drinks, dynamic changes in consumption patterns, a rise in the inclination of consumers towards immunity-boosting drinks, a surge in the number of cafes and restaurants with expansions of the metro cities, growing urbanization, and the various health benefits associated with tea are expected to drive the global tea bags market. Region wise, the market in Asia-Pacific is likely to dominate through 2031.

PORTLAND, Ore., Nov. 3, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Tea Bags Market by Type (Green Tea, Black Tea, Oolong Tea, Fruit and Herbal Tea, Others), by Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, Others), by Application (Residential, Commercial), by Shape (Pillow Shaped, Round Shaped, Square Shaped, Pyramid Shaped, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global tea bags industry generated $6.1 billion in 2021, and is estimated to reach $12.9 billion by 2031, witnessing a CAGR of 7.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario.

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Drivers and Opportunities

Growing popularity of tea, demand for instant health-benefiting drinks, dynamic changes in consumption patterns, rise in the inclination of consumers towards immunity-boosting drinks, and the various health benefits associated with tea are majorly driving the growth of the tea bags market. However, the availability of tea substitute products including coffee and drinks at cost-effective prices and the trend of coffee consumption hinder the global market growth. On the other hand, growing urbanization, a surge in the number of cafes and restaurants with the expansion of the metro cities, an increase in advertising campaigns and promotional activities regarding tea bags, and offering these products through online platforms present new opportunities for the market in the future.

Covid-19 Scenario

• The outbreak of the COVID-19 pandemic negatively impacted the growth of the global tea bags market. This is because the demand for tea bags declined due to the closure of cafés, restaurants and hotels, ban on export and import activities, and disrupted transportation facilities.
• Furthermore, retail sales of tea bags declined due to the decreased production of tea and tea bags.
• However, the market is gaining traction with the lifting of lockdowns and restrictions.

The green tea segment to dominate in terms of revenue during the forecast period

Based on type, the green tea segment was the largest in 2021, occupying nearly one-third of the overall tea bags market share and is likely to dominate the global market during the forecast period. The same segment is expected to grow at the fastest CAGR of 8.9% in 2031. This is because more consumers are becoming aware of the health benefits of drinking green tea. The report also includes other segments such as black tea, Oolong tea, Fruit and Herbal Tea, and Others.

The online stores segment to achieve the fastest growth during the forecast period

Based on distribution channel, the supermarkets and hypermarkets segment held the largest share of more than one-third of the global tea bags market in 2021, and is expected to maintain prominent growth during the forecast period. The growth of this segment is attributed to the increase in the adoption of supermarkets and hypermarkets in both mature and emerging markets. Moreover, a one-stop solution provided by these retail formats makes them a popular shopping option for consumers. However, the online stores segment is likely to exhibit the highest CAGR of 10.0% in 2031, as consumers prefer online platforms owing to ease of accessibility and convenience. These platforms offer many discounts on online tea purchases to attract more customers. In addition, the emergence of advanced technology fosters the growth of online businesses worldwide.

The residential segment to maintain its lion's share during the forecast period

Based on application, the residential segment held the largest share of nearly two-thirds of the global tea bags market in 2021, and is expected to maintain a noteworthy growth during the forecast period. The surge in the consumption of caffeine beverages at home boosts the growth of this segment. Moreover, a rise in consumer awareness of the health benefits of tea and extensive marketing & advertising by leading brands have shifted the consumer preference toward drinking tea, which drives the growth of the segment. The commercial segment, on the other hand, is likely to exhibit the highest CAGR of 8.6% in 2031. An increase in millennial population spending on cafes and hotels fuels the demand for tea and other beverages in the commercial sector.

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Asia-Pacific to maintain its leadership in terms of revenue by 2031

Based on region, the market in Asia-Pacific held the largest market share in 2021, accounting for more than two-thirds of the global tea bags market, and is likely to lead the trail throughout the forecast period. The same segment is anticipated to manifest the fastest CAGR of 8.0% during the forecast period, 2022-2031. This is due to the highly prevalent tea culture in countries such as China, India, and Japan. Black tea is anticipated to gain maximum demand compared to other segments in Asia-Pacific, owing to its high popularity and low price. The other regions discussed in the report are North America, Europe, and LAMEA.

Leading Market Players

• Associated British Foods Plc.
• Barry's Tea
• Nestle S.A.
• Northern Tea Merchants Ltd.
• Numi, Inc.
• Organic India
• Tata Consumer Products
• The Hain Celestial Group, Inc.
• The Kroger Company
• Unilever Plc.

The report analyzes these key players of the global tea bags market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://bit.ly/3U7jPVZ

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