Ready to Drink Tea And Coffee Market Growth & Trends
The global ready to drink tea and coffee market size is expected to reach USD 167.88 billion by 2030, registering a CAGR of 6.2% during the forecast period, according to a new report by Grand View Research, Inc. Acceptance of ready-to-drink tea and coffee products as healthier substitutes to carbonated soft drinks and instant energy provided by them are factors expected to drive the growth of the market.
The introduction of new flavors in these product categories is projected to give a tremendous boost to the overall market growth. For instance, Ocean Spray Cranberries, Inc., an agricultural cooperative, launched Ocean Spray Brew in January 2020. The drink contains real fruit juice and cold brew coffee and is available in two flavors: Cranberry Lemonade and Cranberry Blueberry.
The demand for ready-to-drink coffee is projected to rise swiftly on account of familiarity with taste and easy availability. The glass bottle segment held a significant share in the market and is anticipated to expand at the second-highest CAGR during the forecast period. Multiple companies use glass bottles for packaging so consumers can see the product content from the outside. Also, consumers are inclining toward eco-friendly glass bottles.
The online segment is expected to expand at the fastest CAGR in the forecast period 2022 to 2030. Global e-commerce retail sales are expected to witness substantial gains in the coming years on account of the rising consumer spending, growing internet penetration, and use of smartphones, as well as the wide availability of these products on online platforms.
Millennials are amongst the largest consumers of ready-to-drink beverages and are highly influenced by social media personalities. Hence, several companies are roping in influencers in the branding of their products, which is positively impacting the growth of the market. The market is consolidated in nature with the presence of a large number of international players and a few regional players.
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Ready to Drink Tea And Coffee Market Report Highlights
The Asia Pacific held the largest revenue share of the global market in 2021. Consumers in the region are becoming increasingly health-conscious and choosing healthy beverages over soft drinks, which is supplementing the market growth
During the forecast period, online distribution is expected to grow at the fastest rate. The availability of a wide range of RTD products of different brands, free delivery, and seasonal discounts on e-commerce platforms such as Amazon are driving segmental growth
Branding efforts and clever marketing strategies implemented by RTD manufacturers are attracting consumers of various age groups. Though Millennials are the market’s major consumers, the overall working population is also shifting to these trending beverages
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