The global ready to drink tea & coffee market size is expected to reach USD 167.19 billion by 2030 according to a new study by Polaris Market Research. The report “Ready to Drink Tea & Coffee Market Share, Size, Trends, Industry Analysis Report, By Packaging (Glass Bottle, Canned, Pet Bottle, Fountain/Aseptic, Others); By Distribution Channel (Off-trade, On-trade), By Type; By Price Segment; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The prominent factors favoring the industry growth include the fast-paced lifestyle, increasing consumer awareness related to the health hazards of carbonated drinks, and growth in the working population as well as hectic schedules. In addition, the youth across different developing and developed countries are rapidly moving towards RTD beverages as a substitute for synthetic sports beverages for an immediate increase in energy. Also, consumers' switch from carbonated beverages towards a combination of RTD tea products to meet the demand for instant energy has further boosted the growth of the global market.
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In 2021, the ready-to-drink coffee segment was expected to witness the highest growth rate during the forecast period as the consumers are increasingly looking for coffee products with functional benefits such as brain health, enhanced metabolism, decreased diabetes risk, and improved liver health. On the other hand, increased per capita spending on readymade beverages is seeing significant growth in Asian countries such as Japan and South Korea.
On the other hand, Middle East & Africa is anticipated to witness the highest growth rate in the global market due to the high consumption of tea along with the changing retail landscape in the region. Moreover, the product manufacturers in this region are developing different variants of tea infused with floral and fruity flavors such as apple, peach, orange, rose, and lavender, which is expected to create lucrative growth opportunities for the industry.
Market participants such as PepsiCo, Asahi Group Holdings, Ltd., Suntory Holdings Limited, Danone, Monster Energy Company, Nestlé, Starbucks Coffee Company, The Coca-Cola Company, AriZona Beverages USA, and Unilever are some of the key players operating in the market. Players in the industry are adopting various strategies to develop new organic skin care, expand their geographical presence, and generate new revenue streams.
For instance, in July 2021, Nestlé, the leading food and beverage company collaborated with Starbucks Corporation, to bring its RTD coffee beverages to select markets across Oceania, Southeast Asia, and Latin America.
Polaris Market Research has segmented the ready to drink tea & coffee market report on the basis of type, packaging, price segment, distribution channel, and region:
Ready to Drink Tea & Coffee, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Ready to Drink Tea & Coffee, Packaging Outlook (Revenue - USD Billion, 2018 - 2030)
Ready to Drink Tea & Coffee, Price Segment Outlook (Revenue - USD Billion, 2018 - 2030)
Ready to Drink Tea & Coffee, Distribution Channel Outlook (Revenue - USD Billion, 2018 - 2030)
Ready to Drink Tea & Coffee, Regional Outlook (Revenue - USD Billion, 2018 - 2030)