The growing trend for ready-to-drink tea has been complementing the rising consumption of pyramid tea bags. Future Market Insights (FMI) in its recent report has identified the scope for expansion of the pyramid tea bags market. The report forecasts the market to register a steady expansion at around 4.5% CAGR between 2020 and 2030. The benefits of well-being and health are witnessed as the main pyramid tea bags market drivers of potential growth in consumption.
The key factor driving the market is the rising awareness about tea as a healthier alternative to popular beverages. Backed by advances witnessed in teabags packaging, their consumption is surging in emerging markets as well, where loose tea has conventionally boasted higher consumption.
The report sees lucrative prospects for the market especially since brands are introducing diverse flavors of tea in addition to tea bags packaging styles. Manufacturers are presenting unique tea flavors such as blueberry, apple, mint, lemon, turmeric, and several others with shiny, bespoke pyramid tea bags in the market which aided them to sustain the market for much a longer time. Availability of pyramid tea bags in diverse flavors has been helping in gaining traction.
The report offers an executive-level blueprint of various factors enabling growth in the market. It also uncovers hidden prospects and potential threats. Some of the key takeaways from the report are discussed below.
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Some of the key takeaways from the report are:
- The pyramid tea bags market will account for US$ 380.5 Mn by 2030 end
- North America is estimated to remain the dominant region throughout the forecast period
- South Asia and East Asia markets will record growth at a higher rate of pace during 2020-2030
- Nylon material shall constitute above 46% of the market by the end of forecast period
- Direct sales at present account for over 50% of market revenue share and is likely to continue to dominating the global market until 2030 end
- Commercial users are projected to account for a hefty share in the global market, wherein quick-service restaurants (QSRs) will be gaining significant traction
COVID-19 Impact on Pyramid Tea Bags Market
As society continues to thrive and work more from home, amidst the COVID-19 pandemic, it will present significant opportunities for the pyramid tea bags market to boom. Especially with producers exploring opportunities in ecommerce, the market is expected to gain impetus despite ongoing restrictions posed by the pandemic.
Tea offers comfort and better health benefits, which has been aiding the overall market expansion. With consumers looking for natural ways of boosting immunity, surge in consumption of herbal tea is likely.
Spurred by these factors, the market despite sluggish growth in 2020, is expected to recover soon. Between 2020 and 2030, it is forecast to continue exhibiting growth at a positive pace.
Who is winning?
The presence of several leading brands has rendered the pyramid tea bags market consolidated in nature. Competition foreseen in the market is consequently rising, while 70-80% of market share is held by the tier 3 players, key players contribute around 20-30% of the worldwide market.
Major market players operating in the global market are
- Tata Consumer Products Limited
- Hain Celestial Group
- Unilever PLC
- R. Twining
- and Company Limited
- Dilmah Ceylon Tea Company PLC
- JIN DA Tea Co.
- and The East India Company Ltd.
Players are majorly focusing on capitalizing on production volume, offering sustainable pyramid tea bags solutions, and expanding their reach worldwide. For instance,
Yorkshire Tea has released its new biodegradable and renewable teabags. The company has switched the oil-based plastic in its tea bags with a plant-based plastic called PLA. While the production hampered in terms of quantity, due to the COVID-19 pandemic, however, the company is kept the staff distanced and kept the production ongoing.
Pukka, a popular tea brand in the UK declared its bag plastic-free and utilizes a stitch of cotton despite heat-sealing its bags.
To Know More about Pyramid Tea Bags Market:
Future Market Insights, in its new report, offers an unbiased analysis of the global pyramid tea bags market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the pyramid tea bags market on the basis of capacity (small (below 3 gm), medium (3-5 gm), and large (above 5 gm)), material (nylon, paper, cotton, silk and others (corn starch, etc.)), distribution channel (direct sales, retailers (hypermarket, supermarket, convenience stores and other retail formats) and e-retail) and end use (institutional (educational institutions (schools and colleges), public institutions (govt. offices and public places), private institutions and movie theater) and commercial users (quick service restaurants (QSRs), hotels and cafes)) across seven regions.