Major players in the tea pods market are Unilever, Bigelow Tea, Nestle, Keurig Green Mountain, Cornish Tea, Tata Global Beverages, Red Diamond, EEKANNE, The Republic of Tea, and JACOBS DOUWE EGBERTS (JDE).
The Global Tea Pods Market is expected to grow from USD 4.63 billion in 2019 and to USD 4.72 billion in 2020 at a growth rate of 1.99%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach USD 6.29 billion in 2023 at CAGR of 10.02%.
The tea pods market consists of sales of tea pods and related services. Tea pods are small, sealed filter pouches with tea, like a teabag. The tea pods are a convenient way for consuming tea, and are available in various flavors such as Indian Spice Chai, Lemon Zinger, Mandarin Orange Spice, and Snapple Diet Peached Iced Tea. The popular tea pods available in the market are K-Cups, Gourmet tea pods, and paper tea pods.
The global tea pods market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. North America was the largest region in the tea pods market in 2019.
The availability of different types of flavored tea is emerging as a major trend that is shaping the growth of the tea pods market. Major players dealing in the tea pods market are now focusing on new flavors and introducing products according to consumers’ taste and preferences. For instance, in January 2019, Coca-Cola Brazil launched a new range of yerba mate pods under its Leao Brand. Leao is a pioneer brand in Brazil’s tea market. Thus, the launch of new flavored tea by the players dealing in tea pods market is anticipated to be a major trend in the tea pods market.
The tea pods market covered in this report is segmented by type into soft tea pods; hard tea pods. It can also be segmented by channel into supermarkets and hypermarkets; independent retailers; convenience stores; specialist retailers.
The increasing price of tea limits the growth of tea pods market. The increasing price of tea is expected to have an adverse effect on the price of tea pods because tea is a raw material for tea pods, therefore increase in price of raw material tends to increase price of finished goods. 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. Therefore, increasing price of tea coupled with rising price of tea pods is projected to restraint the growth of the market over the forecast period.
Increasing tea consumption across the globe is expected to drive the growth for tea pods market during the period. According to the Food and Agriculture Organization of the United Nations’ report published in May 2018, global tea consumption is predicted to rise over the next decade, driven by the robust demand from emerging countries including China and India. The production of black tea is anticipated to rise by 2.2% annually, over the next decade to reach 4.4 million tons by the end of 2027. This scenario is likely to generate higher demand for tea, which in turn, is expected to have a positive impact on the growth of the tea pods market in the near future.
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Ankur Gupta, Head Marketing & Communications