New York, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tea Capsule Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151544/?utm_source=GNW
99 billion in 2021 at a compound annual growth rate (CAGR) of -1%. The slow decline is mainly due to the outbreak of COVID-19 outbreak that has led to closure of offices that majorly use tea capsules. The market is expected to reach $1.45 billion in 2025 at a CAGR of 10%.
The tea capsule market consists of sales of tea capsules and related services.Tea capsules are encapsulated tea leaves that contain ingredients similar to an ordinary cup of tea.
Tea capsules offer convenience and comfort when making tea at home, in public places, or even when traveling.
The tea capsules market covered in this report is segmented by product type into red tea capsules, oolong tea capsules, black tea capsules, yellow tea capsules, others. It is also segmented by distribution channel into hypermarkets & supermarkets, specialty stores, online stores, convenience stores, others and by application into residential, commercial.
Increasing consumption of tea is predicted to boost the demand for tea capsules market over the forecast period.According to the International Institute of Sustainable Development (IISD), tea has become the second most popular beverage, with 3 billion cups consumed every day across the globe.
According to a World Atlas report published in September 2020, China produces more than 2 million tonnes of tea, making it the world’s leading manufacturer of tea, and India ranks second on the list at a tea production rate of 1.2 million tonnes. Furthermore, according to the Global Dubai Tea Forum, per capita consumption of tea is projected to increase to 37.7 litres by the end of 2021. The growing per capita consumption is likely to propel the demand for tea capsules in the near future.
High prices of tea capsules are projected to hinder the growth of the market.In addition to this, changing consumer preferences towards healthy options in hot beverages such as almond & maple hot chocolate, warm spiced coconut-almond milk, hot lemon water, apple cider with cinnamon, and others are likely to hamper the demand for tea capsules in the forecast period.
Additionally, the rising price of tea is anticipated to have an adverse effect on the tea demand including powder tea and capsule tea. According to Trade Economics, the price of tea increased to USD 2.61 per kg in December 2019 up from USD 2.48 per kg in December 2018.
The players engaged in the manufacturing and selling of tea capsules are adopting various strategies such as mergers & acquisitions, new product launch, and plant capacity expansion in order to maintain their position in the competitive business environment. For instance, in March 2019, Nestle’s premium capsule tea system Special.T partnered with Kusmi Tea, a Paris-based tea brand to launch a new range of jointly created tea capsules in Europe and other markets. This scenario of launching new products by the companies is anticipated to attract new customers for the tea capsules market, resulting in increased tea capsules market revenue. In March 2019, Nestle’s special T brand partnered with Kusmi Tea to create a new range of specialty tea capsules. The collaboration of two companies aimed at expanding the company’s product portfolio to serve the increasing demand for tea in the forthcoming years.
In December 2020, Layn Natural Ingredients Corp., a China based ingredients supplier specializing in natural extracts and other solutions acquired Wagott Bio-tech for an undisclosed amount. The purpose of this equity acquisition is to integrate and leverage resources, combining intellectual property and advantages in management, products, processes and relationships to deliver increasing compelling value to customers. Wagott Bio-tech, a USA based manufacturer of green tea caffeine, green tea extracts and other herbal extracts.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151544/?utm_source=GNW
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