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The high penetration of the drink drives the Indian tea industry by socio-economic classes globally. India's steady economic progress and the subsequent rise in the middle-class population are also catalysts for the industry's growth as consumers favour luxury brands. The rising demand for the packaged variety of beverages in urban and rural areas is further helping the tea industry in India due to lower chances of adulteration, fast storage, and superior quality. The rise in the numbers of cafes and lounges and demand from the growing number of office spaces across the country are expected to push the market forward in the forecast period as well.
The market growth is boosted by the growing competition among the key industry players. Cafe chains such as Chai Point have also attracted a large consumer base. Starbucks (NASDAQ: SBUX) also launched a range of 18 fresh tea offerings in 2018, and it launched two new frozen tea versions earlier this year: Teavana Frozen Hibiscus Tea with Pomegranate Pearls.
Market Analysis by Type, Packaging, Distribution Channel, Application, and Regions:
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The key players in the Indian premium tea market include Tata Consumer Products Ltd., Hindustan Unilever Limited, Gujarat Tea Processors & Packers Ltd, Society Tea, and Teaxpress Pvt Ltd, among others. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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