Tea Subscription Market Surges at 8.6% CAGR to Hit US$ 531 Million by 2033, States Fact.MR
Jul 18, 2023
Rockville, Aug. 23, 2023 (GLOBE NEWSWIRE) -- As per the latest study by Fact.MR, a market research and competitive intelligence provider, the revenue in the Tea Subscription Market was estimated at US$ 208 million in 2022 and are anticipated to grow at a CAGR of 8.6% from 2023 to 2033, according to a recently published Fact.MR report.
By the end of 2033, the market is expected to reach a valuation of US$ 531 million. Organic tea is expected to be one of the key categories with significant growth prospects and is projected to grow at a CAGR of 8.3% from 2023 to 2033. Tea subscription is a service that provides customers with a regular delivery of a selection of teas, depending on subscription type monthly, quarterly, half-yearly, and annual basis.
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Customers can choose from different types of tea subscriptions, such as curated blends or single-origin teas, and can specify their preferences such as the level of caffeine, flavors, or tea types.
In 2020, global tea bag sales were valued at around US$ 7.1 billion and are projected to reach US$ 10.4 billion by 2026, growing at a CAGR of 6.2% during the forecast period. Tea bags are one of the most popular forms of tea consumption globally due to their convenience and ease of use. Tea bags are also preferred by consumers who are looking for quick and easy solutions for tea brewing, especially in the busy lifestyles of modern times. The growing consumption of tea is likely to create an opportunity for the market.
In 2017, Social Capital invested US$ 1.2 million in Teabox, an India-based tea subscription service that sources high-quality teas directly from tea growers and delivers them to customers worldwide. There are significant opportunities for innovative companies to attract investment in the tea market. Overall, the tea subscription market is driven by a combination of convenience, health benefits, personalization, sustainability, and cost-effectiveness which are likely to continue to drive its expansion in the future.
Key players in the market are Simple Loose Leaf, Amoda , Dollar Tea Club, Inc., Plum Deluxe Tea, Teasparrow , Sips by, The Whistling Kettle, Teaspoon Tea Co, Tea Runners Inc , Art of Tea, Almost Tea, Tomotcha , and Free Your Tea LLC.
A few of the recent developments in the Tea Subscription Market are:
UK Tea Subscription Market Soars: A Blend of Convenience, Variety, and Growth
By 2033, the United Kingdom's tea subscription market is projected to reach a value of US$ 27.4 million, marking an absolute dollar growth of US$ 14.4 million. This market exhibited a strong CAGR of 11.2% from 2018 to 2022, and it is anticipated to maintain a healthy CAGR of 7.7% from 2023 to 2033.
The United Kingdom has witnessed a surge in the popularity of tea subscription services in recent years. In 2019, these services generated approximately US$ 2.2 million in sales. According to a survey conducted by the Tea and Herbal Association of Canada, approximately 100,000 users in the UK are subscribers to tea services. The increasing appeal of tea subscription services in the UK can be attributed to their convenience, diverse product offerings, and cost-effectiveness.
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Steady Growth in the US Tea Market: Demand for Convenience and Personalization
The US tea market is poised to reach a significant worth of US$ 160.3 million by 2033, marking an impressive absolute dollar growth of US$ 82 million from 2023 to 2033. This market has exhibited robust growth, boasting a commendable CAGR of 10.9% from 2018 to 2022, and it is anticipated to maintain a steady trajectory with a CAGR of 7.4% from 2023 to 2033.
According to insights from the Tea Association of the USA, the tea industry in the United States has enjoyed consistent growth in recent years. In 2020, total tea sales in the United States reached approximately US$ 13 billion, representing an increase from US$ 12 billion in 2019. Remarkably, over 159 million Americans, which accounts for roughly half of the US population, are tea enthusiasts.
Tea, recognized for its soothing qualities and stress-relief benefits, has become an integral part of daily routines for many. The US tea market is poised for continued expansion in the forthcoming years, driven by escalating demand for convenience and personalized tea products.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Tea Subscription Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in Tea Subscription Market by Tea Type (Organic, Vegan), by Subscription Type (Biweekly, Monthly, Quarterly, Half Yearly, Annually), by Region (North America, Latin America, Europe, Asia- Pacific, Middle East and Africa) - 2023 to 2033.
Checkout More Related Studies Published by Fact.MR Research:
Tea Infusion Market : The global tea infusion market is valued at US$ 720.7 million in 2022 and is predicted to expand at a CAGR of 3.2% to reach US$ 992.3 million by the end of 2032. Sales of tea infusion across the world accounted for around 3.2% share of the global tea market at the end of 2021.
Matcha Tea Market : The global matcha tea market, as reported by Fact.MR, is valued at US$ 2.67 billion in 2023. Worldwide sales of matcha tea are forecasted to increase at 9.9% CAGR and reach US$ 6.86 billion by the end of 2033.
Ice Tea Market : The global ice tea market, as reported by Fact.MR, stands at a valuation of US$ 6.47 billion in 2023. Worldwide demand for ice tea is predicted to increase at a CAGR of 6.4% to reach a market size of US$ 12.02 billion by 2033.
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Contact: US Sales Office: 11140 Rockville Pike Suite 400 Rockville, MD 20852 United States Tel: +1 (628) 251-1583 Sales Team : [email protected] Follow Us: LinkedIn | Twitter | YouTube Tea Subscription Market For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=8827 Competitive Analysis: A few of the recent developments in the Tea Subscription Market are: In March 2021, In August 2021, UK Tea Subscription Market Soars: A Blend of Convenience, Variety, and Growth Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=8827 Steady Growth in the US Tea Market: Demand for Convenience and Personalization More Insights Available Checkout More Related Studies Published by Fact.MR Research: Tea Infusion Market : Matcha Tea Market : Ice Tea Market : About Us: Contact: Sales Team Follow Us: