By the end of 2022, the iced tea market is anticipated to be worth US$ 6,100 Million and it is anticipated to grow at a value CAGR of 6.4% from 2022 to 2032. By 2032, Future Market Insights projects that the industry will be worth US$11,386.2 million.
After water, tea is the most consumed drink globally. It's a universal drink that does not have a specific time for consumption. While it can be consumed at home, it can also be served in an event. Tea consumption started in ancient times in China. It's prepared by adding hot water in cured leaves of Camellia sinensis.
Tea can be consumed either in its iced or hot form, depending on how the consumers want it. In its hot form, milk is often added with sugar to enhance its taste while in iced form, sugar or honey enriches its taste with an infusion of a variety of flavors such as lemon, peach, and cheery. Iced tea is consumed as an alternative to carbonated drinks.
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In summer, chilled drinks are the most consumed beverages, so for this reason, there will be a surge in demand for the iced tea drink during the period, and in turn, the global iced tea market will witness significant growth. Also, the rise in the health-conscious population is a major factor expected to accelerate the growth of the iced tea market over the forecast period. Besides, the growing popularity of iced tea as a beverage is expected to propel the growth of the market. Other factors, such as an increase in demand for low-calorie products and consumers' shift towards the consumption of natural products, are factors slated to fuel the global iced tea market's growth during the forecast period.
Iced Tea Market Growth Driven by Consumers' Growing Demand for Healthy Products
There are many health benefits associated with the consumption of iced tea. Some of them include; it acts as an antioxidant, helps in the prevention of cancer, and also in weight reduction. Due to these, consumers are increasing their demand for iced tea, and this will amount to an acceleration in the growth of the global iced tea. In addition to the health benefits, iced tea also helps in the maintenance of the hydrated levels of the body.
Furthermore, the rise in disposable income coupled with consumers' changing lifestyles are factors driving the market, and this is expected to continue over the forecast period. Consumers' demand for convenience food is on the rise as individuals are now involved in a hectic lifestyle. This will foster the growth of the global iced drink since iced tea is a category of the convenience food item.
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Iced Tea Market Restraint
The use of artificial sweeteners in iced tea to enhance the taste of the tea may hamper the growth of the market as too much sugar has an adverse effect on consumers' health. Reports from health experts revealed that the sugar level in food products might aggravate the increase in cholesterol and sugar levels in the blood. Iced tea containing a high amount of sugar or sugar syrup may restrain the growth of the global iced tea.
Iced Tea Market: Region-wise Analysis
Europe and North America are expected to dominate the global iced tea market in terms of market volume and total revenue over the forecast period due to the rise in demand for convenience food among consumers within the regions. The Asia Pacific is slated to register moderate growth over the foreseeable period.
Iced Tea Market: Competitive Analysis
• Arizona, BOS Brands (Pty)
• 4C Foods Corp.
• Harris Freeman
• Mother Parkers Tea & Coffee Inc.
• Templar Food Products
• North America (U.S., Canada)
• Latin America (Mexico, Brazil)
• Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
• East Asia (China, Japan, South Korea)
• South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
• Oceania (Australia, New Zealand)
• Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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