7 Dec 2018: The global 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.
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.
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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.
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.
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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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