Over the historical period, the ice tea market grew at a conspicuous rate of 5.4%, owing to preeminent demand for bottled tea, globally. Changing consumer preferences for quick and ready-to-make beverages has augmented the sales of ice tea across regions.
Over the coming years, extensive demand for ice tea is expected with the arrival of trendy and flashy flavors. Also, reduced sugar content and health-beneficial unsweetened ice tea is expected to go mainstream, and is predicted to drive the market over the coming years. Pertaining to rise in illnesses such as heart diseases, cancer, cholesterol, and diabetes, the industry is witnessing high growth in demand for herbal tea and green tea.
As per Fact.MR analysis, the global ice tea market is projected to expand at a healthy CAGR of over 7% through 2030.
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Key Takeaways from Ice Tea Market Study
The global ice tea market is anticipated to add 2X value by 2030.
Bottled ice tea is predicted to grow at a sturdy rate of more than 6% CAGR over the forecast period.
East Asia is the transcendent market with a value of US$ 33.3 Bn in 2019, and is set to balloon at a vigorous CAGR of 7.2% during the forecast period.
Organic Ice tea is set observe a brisk growth rate of 8.% CAGR, while conventional ice tea is projected to add 2X its value over the forecast period.
Regions such as Latin America and the Middle East & Africa are projected to witness a surge at CAGRs of 8.6% and 8.8%, respectively.
By sales channel, online retailers is leading among all, globally, in term of growth rate, expected to progress at a high CAGR of more than 9% over the forecast period, whilst departmental stores are expected to follow next at a handsome CAGR of 7.5%.
An important market, China, is projected to expand at a CAGR of 7.6%, while India is set to race ahead at 9.3%.
The U.S. ice tea market is expected to expand at a CAGR of more than 7% through 2030.
“Targeted mergers & acquisitions of trending companies in market is a key strategy being adopted by many market players,” says a Fact.MR analyst.
North America is the transcendent region, thanks to constantly increasing demand for ice tea, as the U.S. consumes around 85% of tea in the iced form. Asian countries such as China, Japan, and India are also expected to witness whopping growth due to considerable increase in population, rising per capita income of the populace, health-conscious consumers looking for sugar-free beverages with low caffeine content and rich in minerals. Europeans are generally considered as hot tea drinkers, but a horde of flavors in offering and changing consumer needs have helped the market grow steadily.
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Portfolio Expansion and M&A activities by Key Players
Key players such as Nestle Inc. and Coca Cola are pivoting their focus on mergers & acquisitions to gain significant market dominance. Coca Cola completed the acquisition of Costa Coffee, and acquired full ownership of CHI limited to distribute its iced teas in West Africa, which will help the company gain significant market share in the region. Similarly, Unilever has decided to sell its stake in a joint venture with Pepsi in Lipton Iced Tea in other geographic regions except the Indian and Indonesian markets, which was part of its strategic divestiture plan announced in 2020.
More Valuable Insights on Ice Tea Market
Fact.MR, in its new offering, presents an unbiased analysis of the global ice tea market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the ice tea market on the basis of product type (bottled, powdered, and tea bags), tea type (fruit-infused, liquor-infused, CBD-infused, and speciality tea), nature (organic and conventional), price range (economy, mid-range, and premium), and sales channel (HORECA, modern trade, speciality stores, departmental stores, convenience stores, online retailers, and other sales channels), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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