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Milk Tea MarketIncreased consumption of tea remains the primary driver of the global milk tea market. The beverage industry has continued to expand at a sound pace over time. Milk tea has emerged as important contributor to sector in terms of revenue. Milk tea market is being influenced by the rising teetotalism worldwide. The market is projected to exhibit an impressive compound annual growth rate (CAGR) during the forecast period.
Widespread popularity of tea in countries such as China, India, Myanmar, the U.K. makes these countries key markets for milk tea. Market growth can also be linked with macroeconomics factors such as changing lifestyle, increased discretionary spending, and rapid urbanization. Tea consumption has also increase in other parts of the world on the back of rising level awareness among consumers about the health benefits of tea. Tea has antioxidant properties and reduces the risk of heart diseases and diabetes.
Market players are implementing marketing strategies to lure consumers. The global milk tea market is characterized by various multinational brands and domestic suppliers. Market players are focusing on attractive packaging, and introduction of organic variants and exotics flavours.
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The various contributors involved in the value chain of Milk Tea include suppliers, manufacturers, distributors, intermediaries, and customers.
The key manufacturers in the Milk Tea include
Lipton (Unilever)
Nestle
Uni-President
Greenmax
Shih Chen Foods
Gino
Hong Kong Tea Company
Nittoh Tea (Mitsui Norin)
Old Town
Xiangpiaopiao Food
Guangdong Strong Group
Global Milk Tea Market: Segmentation
In the report, a segmental analysis of the market has been conducted based on distribution channel, product type and region.
On the basis of distribution channel, the market has been segmented into retail and wholesale. Of these, the later currently accounts for a larger share of the market. Whereas the retail segment is expected to demonstrate a higher CAGR during the assessment period. The retail segment is further sub-segmented into online and in-store. The online segment is expected to remain highly attractive during the forecast period. This mainly owing to the boom in e-commerce, which reflecting favourably on the online segment. Brands are showing promptness in expanding their online presence to capture a higher market share. Online retail is an emerging distribution channel which allows companies to expand their reach.
On the basis of product type, the market has been segmented into wet mixed milk tea and dry mixed milk tea. The wet mixed milk tea segment commands for higher share of the market in terms of value.
On the basis of region, the market has been segmented into Latin America, North America, the Middle East & Africa (MEA), Asia Pacific (APAC) and Europe. Among these, the market in APAC is expected to exhibit a strong growth during the forecast period. Milk tea is extremely popular in the region, which continues to drive the market growth. APAC remains an investment destination for players owing to its ever-growing consumer market. Europe is also an attractive destination for market players. This is mainly owing to the strong popularity of tea is various European countries. Apart from APAC and Europe, North America is expected to make significant contribution to the global milk tea market during the forecast period. Rising popularity of tea and increased health consciousness among consumers is expected to have a positive impact on the market in North America.
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