LONDON, UK – The latest market research report by Technavio on the global RTD tea and coffee market predicts a CAGR of close to 9% during the period 2017-2021.
The report segments the global RTD tea and coffee market by product type (RTD tea and RTD coffee), by distribution channel (supermarkets and hypermarkets, on-trade, independent retailers, and convenience stores), and by geography (the Americas, Europe, Middle East, and Africa, and Asia-Pacific).
It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global RTD tea and coffee market, according to Technavio food and beverage researchers:
- Fast-paced lifestyles of consumers: a major market driver
- In 2016, the RTD tea segment dominated the market by occupying more than 75% share
- In 2016, APAC dominated the global RTD tea and coffee market with a share of close to 64%.
- JDB Group, Nestlé, PepsiCo, THE COCA-COLA COMPANY, and Tingyi (Cayman Islands) Holding and Uni-President are some of the players in the market
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Fast-paced lifestyles of consumers: a major market driver
Fast-paced lifestyles of consumers are one of the major factors driving the global RTD tea and coffee market. The fast-paced lifestyles of consumers today make it difficult for them to find the time to prepare food and beverages from scratch.
Therefore, consumers are increasingly looking for RTD products that fulfill their daily nutrition requirements and can be consumed on-the-go. Owing to this, RTD products such as RTD tea and coffee are becoming popular among consumers, especially in North America and Europe.
Furthermore, players are concentrating on new urban regions such as Asian, Latin American, and Eastern European countries as many unharnessed opportunities still exist in these regions.
