The global ready
to drink tea and coffee market size is expected to reach USD
116.13 billion by 2024, according to a new report by Grand View Research, Inc.,
progressing at a CAGR of close to 5.6% during the forecast period. The instant
energy provided by these products and their status of healthier substitute to
carbonated drinks are likely to provide a fillip to the market.
The major product segments in the market are RTD tea
and coffee. Demand for RTD coffee is expected to grow rapidly on account of
familiarity of taste and easy availability. RTD tea will continue to represent
the most prominent product segment owing to rising demand for iced tea and
concentrates.
Introduction of new flavors in the product categories
is anticipated to provide a tremendous push to the overall market. Formation of
associations between manufacturers in this market is also influencing the
demand for the products.
Clever marketing and branding efforts taken by energy
drink manufacturers is garnering the attention of people belonging to various
age groups. Millennials are the major consumers of energy drinks. However, to
boost the sales of energy drinks, several manufacturers are tying up with
various RTD tea and coffee manufacturers to launch new products that are not
only ready to drink, but also have the basic underlying taste of tea and
coffee.
Consumption of tea and coffee is increasing, due to which
an energy drink with a familiar taste can induce the demand for the products.
Energy benefits provided by these drink are also luring in elderly age groups
due to their tea and coffee taste familiarity.
Fluctuating prices of coffee beans have negatively
impacted manufacturing costs of RTD coffee. Changes in major cost component
will always have an adverse effect on RTD coffee manufacturers. However,
manufacturers have been trying to offset sourcing costs by trying to achieve
economies of scale in production.
Browse full research report on Ready to Drink (RTD) Tea and Coffee Market: https://www.grandviewresearch.com/industry-analysis/ready-to-drink-tea-and-ready-to-drink-coffee-market
Further
Key Findings from the Report Suggest:
- The global RTD tea and coffee market is anticipated to reach USD
116,131.8 million by 2024, registering a CAGR of 5.6% from 2016 to 2024
- In terms of revenue, the RTD tea segment is projected to expand at
a CAGR of 5.7% over the forecast period
- PET bottles dominated the global RTD tea and coffee market with a
share of over 31.0% in 2015
- The North America RTD tea and coffee market is anticipated to
exceed USD 21,704.2 million by 2024
- Europe is projected to witness noteworthy CAGR of 5.4% over the
same period, owing to increasing demand for healthy drinks
- Asian countries especially India and China are expected to observe
remarkable growth in the forthcoming years
- The market is partially consolidated and competitive in nature,
with presence of global multinational players
- Some of the key companies present in the market are Suntory
Holdings Ltd.; Nestlé S.A.; The Coca-Cola Company; Tsing Hsin
International Group; PepsiCo Inc.; Starbucks Corporation; Monster Beverage
Company; Uni-President Enterprises; and Danone.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/ready-to-eat-processed-and-frozen-foods
Grand
View Research has segmented the global ready to drink tea and coffee market on
the basis of product, packaging type, distribution channel, price segment, and
region:
Ready
to Drink Tea and Coffee Product Outlook (Revenue, USD Million, 2013 - 2024)
- RTD Tea
- RTD Coffee
Ready
to Drink Tea and Coffee Distribution Channel Outlook (Revenue, USD Million,
2013 - 2024)
- Supermarket/Hypermarket
- Convenience
Stores
- Food Service
- Others
Ready
to Drink Tea and Coffee Packaging Type Outlook (Revenue, USD Million, 2013 -
2024)
- Canned
- Glass Bottle
- PET Bottle
- Others
Ready
to Drink Tea and Coffee Price Segment Outlook (Revenue, USD Million, 2013 -
2024)
- Premium
- Regular
- Fountain
- Others
Ready
to Drink Tea and Coffee Regional Outlook (Revenue, USD Million, 2013 - 2024)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Italy
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East
& Africa
- U.A.E
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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