Ready to drink (RTD) tea and coffee market size is expected to value at USD 116.13 billion by 2024. The RTD tea and coffee market is subject to witness a substantial growth due to the growing demand for tea and distillates based products, and their easy availability. Ready to drink (RTD) tea and coffee are considered as heathier alternative to the carbonated drinks and highly favored among consumers as they provide instant energy and refreshment.
Ready
to drink (RTD) tea and coffee contains required nutritional value coupled with
absolutely no efforts while preparation. Such advantages are escalating the
expansion of the ready to drink (RTD) tea and coffee industry during the
forecast period. The key factors driving the growth of the market are increasing
consummation of the tea and coffee products across the globe, and familiarity
of taste associated with the consummation of the products.
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Addition
of the various flavors in the market and growing awareness about the health
benefits of the tea and coffee among the consumers are some of the key reason
for the progress of the market in recent years. Globally, the ready to drink
(RTD) tea and coffee market is predicted to grow at CAGR of 5.6% in forecast
period, providing numerous opportunity for market players to invest for
research and development in the market.
Aggressive
marketing by the industry players and numerous brand improvement efforts by
energy drink manufacturers is attracting more consumers towards ready to drink
(RTD) tea and coffee products. Introduction of the green tea variants and
various health benefits associated with its daily consummation, particularly by
the genetic population, is significantly boosting the sales of the RTD
products, thus leading to the growth of the ready to drink (RTD) tea and coffee
industry over the forecast period.
Though,
changing cost of coffee beans is leading to the fluctuations in the prices of
the RTD coffee products, thus restraining growth of the ready to drink (RTD)
tea and coffee market in recent years. However, numerous manufactures are
making significant efforts to counterbalance fluctuations in the cost of coffee
beans by achieving economies of scale during the manufacturing processes.
Varying lifestyle and changing food patterns are paving the way for ready to
drink (RTD) and ready to eat food products, while replacing meals with
healthier snacks, thus spurring the market growth in the near future.
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Ready
to drink or RTD are type of packaged beverages that are vended in a prepared
form and consumed without preparation. The ready to drink (RTD) tea and coffee
products can easily distinguished from packaged products which commonly require
some sort of preparation before consummation. Ready to drink (RTD) tea and
coffee products are specially catered to the demand of the consumers prefer
ring healthier on the-go drinks. The addition of the natural and organic
concentrates coupled with fruit extracts provide required nutritional value to
the products, attracting more and more consumers in the process.
The
ready to drink (RTD) tea and coffee industry is divided into regional market
segment such as North America, Europe, Asia-Pacific, Latin America and Africa.
Middle-east and Africa have shown major growth in recent years owing to the
introduction new flavored tea and coffee products, attracting larger customer
base and presence of prominent industry players in the region. Asia-Pacific
region is predicted to hold major market share in the ready to drink (RTD) tea
and coffee industry with massive growth in forecast period.
Countries
such as India, China and Singapore are leading the Asia-Pacific market with
rising consumption of tea and coffee alongside ever-changing retail landscape,
creating numerous opportunities for market players in the region. The key players
in the ready to drink (RTD) tea and coffee market are Suntory Holdings Limited,
Nestlé S.A., The Coca-Cola Company, PepsiCo Incorporations, Starbucks Co.,
Monster Beverage Company, and Danone Co.
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