Ready to Drink Tea and Coffee Market Size, Trends, Key Players, Latest Insights and Forecast 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Ready to Drink Tea and Coffee Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the global ready to drink tea and coffee market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the ready-to-drink tea and coffee market?
The global ready to drink tea and coffee market size reached US$ 98.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 151.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.86% during 2023-2028.
Factors Affecting the Growth of the Ready to Drink Tea and Coffee Industry:
- Shift in Consumer Preferences:
Changing consumer preferences towards more convenient beverage options is acting as a major growth-inducing factor. In today’s fast-paced lifestyle, consumers are increasingly seeking out drinks that are consumed on the go, without the need for preparation. RTD tea and coffee perfectly fit this requirement. Additionally, there's a growing health consciousness among consumers. People are now more aware of the health benefits associated with tea and coffee, such as antioxidants in tea and the cognitive benefits of coffee. This health trend is steering consumers away from sugary sodas and towards healthier alternatives like RTD tea and coffee, often enriched with vitamins and minerals or available in low-calorie versions.
- Technological Advancements in Packaging and Distribution
The market is also driven by technological advancements in packaging and distribution. Innovations in packaging, such as the use of PET bottles, aseptic cartons, and slim cans, have not only made the products more attractive and convenient but also extended their shelf life without the need for preservatives. These packaging solutions are also lighter and more environmentally friendly, appealing to the eco-conscious consumer. On the distribution front, advancements in supply chain management and logistics are facilitating a broader and more efficient distribution network, thus making these products readily available in various retail formats, from large supermarkets to online platforms.
- Economic Factors:
Economic factors, particularly in emerging markets, play a significant role in the market growth. With the rise in disposable income in countries across Asia Pacific, Latin America, and parts of Africa, more consumers can afford these premium beverage products. Urbanization and the expansion of retail infrastructure in these regions further support market growth. The burgeoning middle class in these economies is not only more health-conscious but also more inclined towards adopting Western lifestyle trends, which include the consumption of RTD tea and coffee products.
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Ready to Drink Tea and Coffee Market Report Segmentation:
Breakup By Product:
- RTD Tea
- Black Tea
- Fruit & Herbal Based Tea
- Oolong Tea
- Green Tea
- RTD Coffee
- Ginseng
- Vitamin B
- Taurine
- Guarana
- Yerba Mate
- Acai Berry
RTD tea is the largest product segment in the ready to drink tea and coffee market due to its widespread popularity, diverse range of flavors, health benefits, and cultural significance in many regions worldwide.
Breakup By Additive:
- Flavors
- Artificial Sweeteners
- Acidulants
- Nutraceuticals
- Preservatives
- Others
On the basis of additive, the ready to drink tea and coffee market has been divided into flavors, artificial sweeteners, acidulants, nutraceuticals, preservatives, and others.
Breakup By Packaging:
- Glass Bottle
- Canned
- PET Bottle
- Aseptic
- Others
PET bottles are the largest packaging segment in the ready to drink tea and coffee market due to their convenience, lightweight nature, durability, and recyclability, thus making them highly suitable for on-the-go consumption.
Breakup By Price:
- Premium
- Regular
- Popular Priced
- Fountain
- Super Premium
On the basis of end use, the ready to drink tea and coffee market has been divided into premium, regular, popular priced, fountain, and super premium.
Breakup By Distribution Channel:
- Off-Trade
- Independent Retailers
- Supermarkets and Hypermarkets
- Convenience Stores
- Others
- On-Trade
- Food Service
- Vending
The off-trade channel is the largest distribution segment in the ready to drink tea and coffee market because it offers wider accessibility, variety, and convenience through supermarkets, hypermarkets, and online retail platforms.
Breakup By Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific is the largest region in the ready to drink tea and coffee market due to its large population, deep-rooted tea culture, increasing urbanization, and rising disposable incomes leading to higher consumption of convenient beverage options.
Ready to Drink Tea and Coffee Market Trends:
Consumers are increasingly seeking healthier beverage options, which represents one of the key factors driving the growth of the market across the globe. This is further leading to a rise in demand for low-calorie, sugar-free, and organic RTD tea and coffee. There is a growing preference for premium products, including specialty teas and artisanal coffee, often with unique flavors or health benefits. The demand for convenient, on-the-go beverage options is driving the popularity of RTD tea and coffee in portable packaging like PET bottles and cans.
Experimentation with a variety of flavors and blends, including a fusion of traditional and exotic flavors, is attracting a broader consumer base. The rising disposable incomes and urbanization in regions like the Asia Pacific are fueling the market growth. Sustainability concerns are leading to an increased focus on eco-friendly and recyclable packaging options.
Leading Companies Operating in the Global Ready to Drink Tea and Coffee Industry:
- Asahi Breweries
- Dr Pepper Snapple Group
- Starbucks
- Pepsico
- The Coca Cola Company
- Ajinomoto General Foods Inc.
- Ting Hsin International Group
- Uni-President Enterprises Corporation
- Nestlé
- Dunkin’ Brands
- Ferolito Vultaggio & Sons
- Keurig Dr Pepper
- Hangzhou Wahaha Group
- Lotte Chilsung
- Monster Beverage
- Acqua Minerale San Benedetto
- Kirin Holdings Company
- Unilever
- Arizona Beverage Company
- Suntory
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