The iced tea market is likely to be valued at US$ 6,490.4 million by 2023-end. It is projected to proliferate at a CAGR of 6.6% across the forecast period from 2023 to 2033. As per Future Market Insights, a valuation of US$ 11,882 million is anticipated for the industry by 2033.
Iced tea drinkers often look to quench their thirst, and bottled tea is the convenient on-the-go solution. According to the tea association, bottled iced tea is the largest segment, at nearly half or US$ 5.2 billion, of the industry’s total wholesale value, having grown by 15 times over the last decade. Hotels, universities, and gyms keep fridges stocked with fruits-infused flavors like peach, lemon, and raspberry or tea-flavored energy drinks like Nestea Steal and Guyaki yerba mate.
Key Takeaways
- United States Steeped in Iced Tea Bliss: The United States embraces its love for energizing flavors and stands tall as the reigning superpower in the global iced tea market, with a sizeable market share of 21.1%.
- Germany Brews Up a Tasty Trend: As customers look for flavor variety and healthier beverage options, Germany’s 7.7% market share demonstrates a rising appreciation for iced tea.
- Japan’s Slow Steep: Despite having a small market share of 4.8%, the nation of tea rituals and traditional brewing techniques offers potential for creative iced tea products to appeal to the sophisticated Japanese palate.
- Australia Takes a Sip Down Under: With a 2.2% market share, Australia’s sunny coastlines are the perfect location for iced tea consumption, as tourists seek out cool, thirst-quenching drinks to beat the heat.
- China and India’s Consistent Rise: The market shares of China, which represent 11.7%, and India, which represent 4.1%, show the growing popularity of iced tea in these large countries, which is supported by rising disposable incomes and shifting consumer preferences for healthier beverage options.
- The United Kingdom is starting a tea revolution with a 5.4% market share, adopting iced tea as a hip and modern twist to its long-standing fondness of traditional brews.
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Competitive Landscape
The iced tea market is highly competitive due to the presence of established players, similar product offerings, and low barriers to entry for new companies. Differentiation and strategic marketing are crucial for gaining a competitive edge and securing consumer loyalty.
Starbucks
This coffee shop business also offers a selection of iced teas. Iced teas from Starbucks are renowned for their superior quality and extensive flavor selection.
Nestle
The Nestea brand is used by the multinational food and beverage business Nestlé to market a variety of iced teas. Iced teas from Nestea are renowned for their affordability and convenience.
Arizona Beverages
A company that specializes in iced tea in cans is called Arizona Beverages. Iced teas from Arizona are renowned for their strong flavors and affordable costs.
PepsiCo
Under the Lipton brand, the multinational food and beverage business PepsiCo offers a range of iced teas. Iced teas from Lipton are well-known for their traditional flavors and extensive availability.
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Key Developments
- Flavored Iced tea: As customers desire a larger range of flavor options, the market for flavored iced teas is expanding. As a result of this trend, fresh and creative flavors like mango, peach, and raspberry have been created, appealing to shifting customer preferences and broadening the market’s appeal.
- Expansion into New Markets: Companies are carefully expanding into new areas, particularly those in Asia, South America, and Africa, in response to the rising demand for iced tea. By leveraging the untapped potential in these areas and reaching out to growing customer bases, this regional expansion intends to accelerate the global iced tea market’s overall growth trajectory.
Key Segments Covered in the Iced Tea Market Report
By Format:
- Ready-to-Drink
- K-cups
- Bottled
- Stand-up Pouches
- Powdered Mixes
- Cartons
- Tins/Jars
- Concentrates
- Sachets
- Tea Bags
By Base:
- Green Tea
- Black Tea
- Herbal Tea
- Oolong Tea
- White Tea
- Matcha Tea
- Fruit
- Chai
By End Use Application:
- Food Service
- Bakeries & Patisseries
- Airport Retail
- Travel Retail
- Retail
- Hypermarket/Supermarket
- Convenience Stores
- Departmental Stores
- Wholesale Stores
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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