Overview and Scope
Ready-to-drink tea and coffee are pre-packaged beverages that are ready to consume at the time of purchase. It is used as a non-alcoholic beverage by people for their refreshments and also meets their taste preferences.
Sizing and Forecast
The ready to drink (rtd) tea and coffee market size has grown strongly in recent years. It will grow from $48.26 billion in 2023 to $51.04 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to changing consumer preferences, busy lifestyles and convenience, health and wellness trends, innovations in packaging, marketing and branding strategies.
The ready to drink (rtd) tea and coffee market size is expected to see strong growth in the next few years. It will grow to $62.3 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to rise of online retail channels, diversification of flavor profiles, sustainability and eco-friendly packaging, functional ingredients and health benefits, rise of specialty and artisanal products. Major trends in the forecast period include localized and authentic brews, digital marketing and e-commerce growth, functional and sustainable packaging innovations, collaborations and limited edition offerings, adaptation to local preferences.
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Segmentation & Regional Insights
The ready to drink tea and coffee market covered in this report is segmented –
1) By Type: Ready To Drink tea, Ready To Drink Coffee
2) By Additives: Flavors, Artificial Sweeteners, Acidulants, Nutraceuticals, Preservatives, Other Additives
3) By Packaging: Glass Bottle, Canned, PET Bottle, Aseptic, Other Packaging
4) By Distribution Channel: Supermarkets Or Hypermarkets, Convenience Stores, Food Service, Online
Asia-Pacific was the largest region in the ready to drink tea and coffee market in 2023. North America is expected to be the fastest-growing region in the ready-to-drink tea and coffee market report during the forecast period. The regions covered in the ready to drink tea and coffee market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising popularity of ready-to-drink beverages is expected to boost the growth of the ready-to-drink tea and coffee market going forward. Ready-to-drink beverages refer to single-use beverages that are packaged and ready to consume immediately after purchase. Users can consume these beverages anytime and anywhere without having to prepare them. Due to the convenience of use, there is a rising demand for ready-to-drink beverages, which in turn benefits the ready-to-drink tea and coffee market. For instance, in September 2022, as per the report published by the Distilled Spirits Council, a US-based national trade association, both sales and volume of spirits-based RTDs increased. Pre-mixed cocktail or spirits-based RTD supplier revenue increased by 42.3% to $1.6 billion in 2021. This category’s volume increased by 56%, selling 13.1 million more cases than in 2020. Therefore, the rising popularity of ready-to-drink beverages drives the growth of the ready-to-drink tea and coffee market.
Key Industry Players
Major companies operating in the ready-to-drink tea and coffee market are focused on developing new variants of their products, such as cold brew coffee, to provide consumers with a diverse beverage option. Cold brew coffee is a variant that involves steeping coarsely ground coffee beans in cold water for an extended period, usually 12-24 hours. For instance, in June 2023, NourishCo., an India-based Beverages company and a subsidiary of Tata Consumer Products Limited launched Tata Coffee Cold Brew in classic, mocha, and hazelnut variants. This is a low-sugar ready-to-drink beverage. The company aimed to with this launch to capture the market with the right brand, product, and go-to-market strategy.
The ready to drink tea and coffee market report table of contents includes:
- Executive Summary
- Ready To Drink Tea And Coffee Market Characteristics
- Ready To Drink Tea And Coffee Market Trends And Strategies
- Ready To Drink Tea And Coffee Market – Macro Economic Scenario
- Global Ready To Drink Tea And Coffee Market Size and Growth
- Ready To Drink Tea And Coffee Market Segmentation
- Ready To Drink Tea And Coffee Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Ready To Drink Tea And Coffee Market
- Ready To Drink Tea And Coffee Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Ready To Drink Tea And Coffee Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Ready To Drink Tea And Coffee Market, Segmentation By Additives, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Ready To Drink Tea And Coffee Market, Segmentation By Packaging, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Suntory Holdings Limited Financial Performance
Table 76: Nestlé SA Financial Performance
Table 77: The Coca-Cola Company Financial Performance
Table 78: Unilever plc Financial Performance
Table 79: PepsiCo Inc. Financial Performance
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