Peppermint Tea Market 2020 | Size, Latest COVID-19 Impact Analysis, Growth, Demand, Opportunities & Forecast To 2030
Increasing Consumer Awareness Pertaining to Benefits of Peppermint Tea to Aid Market Growth
The food & beverages sector has witnessed major developments over the past decade, particularly in niche flavors and product segment. Over the past decade, due to evolving consumer preferences, engaging branding & marketing strategies deployed by brands and increasing interest in exploring new products have paved the way for a range of new beverages and food products to enter the market. The popularity of tea continues to rise worldwide and as per current trends, tea is also gaining popularity among consumers in traditionally non-tea drinking nations. With the tea wave likely to continue for several years to come, fusion tea flavors such as peppermint tea have garnered considerable popularity for a range of factors.
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Evolving consumer trends have played an imperative role in shaping the growth of the peppermint tea market in recent years and as per the analysts at Transparency Market Research, it is likely to drive the demand for peppermint tea during the forecast period. The entry of a range of ready-to-drink tea brands in the global and domestic markets are projected to augment the sales of peppermint tea in the upcoming months. Health benefits of peppermint tea coupled with growing influence of social media marketing are some of the other key factors expected to brew up the sales of peppermint tea in the upcoming years.
At the back of these factors, along with the willingness among consumers to explore new products and flavors, the global peppermint tea market is on the course to reach the market value of US$ 330 Mn by the end of 2030. Market players involved in the current peppermint tea market are increasingly focusing on the packaging of products, pricing point, and creating more awareness regarding the benefits of peppermint tea– factors that are projected to bolster the sales of peppermint tea in the near future.
Ready-to-Drink Teas to Make Comeback
Although ready-to-drink teas received considerable criticism in the past, in the current scenario, ready-to-drink teas are likely to make a gradual comeback and gain mainstream recognition among modern-day consumers. Several brands continue to focus on utilizing natural ingredients, niche super-food formulations, and expanding their product range– factors that are anticipated to propel the peppermint tea market. Ready to drink teas are primarily promoted as super-foods in developed regions, including North America and Europe and are known to be cold brewed, low on preservative, and possess antioxidants. The average consumption of peppermint tea has witness considerable hike over the past few years– a trend that is expected to continue during the forecast period. As the millennial population continues to lean toward a healthier and improved lifestyle, the demand for peppermint tea is growing worldwide. In addition, social media marketing is anticipated to have a strong influence on the overall growth of the peppermint tea market, as more number of popular digital influencers are promoting fusion tea flavors.
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While social media marketing is likely to remain one of the key marketing strategies deployed by brands, market players are increasingly focusing on launching products with engaging label designs, packaging designs, etc. Several brands are increasingly focusing on launching peppermint tea with minimal, modern, and chic branding designs to increase the mass appeal of their products.
Demand Likely to Grow amid COVID-19 Pandemic Due to Health Benefits of Peppermint Tea
The peppermint tea market is expected to witness consistent growth in 2020 amid the ongoing COVID-19 pandemic due to health benefits associated with peppermint tea. Antibacterial and antiviral properties of peppermint are known to boost the body’s immunity and treat common cold due to which, the demand for peppermint tea has witnessed consistent growth in 2020. Furthermore, the overall health benefits associated with peppermint tea are likely to augment the sales in 2020. While sales across retail stores and supermarkets are projected to drop due to the stringent lockdown measures imposed by governments in second quarter of 2020, online sales are expected to increase.
Suppliers are understanding consumer requirements, their preferences for variety, blend, pack sizes, and processing of peppermint tea products, and are trying to provide affordable and innovative products at a reasonable price. Suppliers are also launching with innovative tea concepts and sales with original ideas, which provide an opportunity to customers to explore respective products and offerings.
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Analysts’ Viewpoint
The global peppermint tea market is expected to expand at an impressive CAGR of ~8% during the forecast period. The market growth can be primarily attributed to growing demand for niche beverage products worldwide, rising average tea consumption worldwide, popularity of tea products in non-tea drinking nations, and increasing consumer awareness pertaining to the benefits of peppermint tea. Furthermore, entry of a range of new peppermint tea manufacturers in the market, rising influence of social media, and the booming e-Commerce sector worldwide are expected to propel the global peppermint tea market during the assessment period.
Peppermint Tea Market: Overview
- According to Transparency Market Research’s latest research report on the global peppermint tea market for the historical period 2018–2019 and the forecast period 2020–2030, rising preference for flavored herbal teas and health benefits offered by these natural teas are factors expected to boost the global peppermint tea market during the forecast period
- In terms of revenue, the global peppermint tea market is estimated to reach value of US$ 330 Mn by 2030, expanding at a CAGR of ~8% throughout the forecast period
Growing Preference for Flavored and Herbal Ingredients: A Key Driver
- Over the years, drinking mint tea has become very popular. In recent years, restaurants and cafes, along with homegrown tea companies offer varieties of tea. Consumers are paying greater attention to the origin of tea, health benefits of drinking tea, and tea blends, and this factor drives the market demand for peppermint tea currently.
- Peppermint tea offers several health benefits such as anti-oxidative properties, freshening breath, aiding digestion, and helps with some types of flu. Leaf teas are blended with different ingredients to offer special health benefits and aroma. Consumption of peppermint tea aids in improving memory, relieving pain, and is beneficial for the respiratory system and dealing with allergies. Consumption of peppermint tea is a good option to deal with obesity and digestion issues. Peppermint tea blends well with other herbs or with green tea to make a refreshing iced tea for summertime. This is found to be attractive among users.
Increasing Consumption of Peppermint Tea in Out of Home Segment
- In terms of consumption, peppermint tea is likely to remain popular for the out of home segment. This is due to growing preference for peppermint tea consumption outside of the home. In addition, tea infused with flavors, fragrances, and herbal ingredients is found to be a popular choice among consumers, which is derived from peppermint tea. In addition, rising popularity of peppermint tea in workspaces, retail sector, cafes, and tea houses is likely to drive the market.
- Consumers switching from drinking traditional tea to infused herbal tea such as peppermint tea in their residential spaces is also a reason for the growth of the peppermint tea market
Peppermint Tea Market: Competition Landscape
- Detailed profiles of providers of peppermint tea have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global peppermint tea market are
- Associated British Foods plc
- Tata Consumer Products
- Unilever N.V.
- The Hain Celestial Group
- Orientis Gourmet SAS, R.C. Bigelow Inc.
- Dilmah Ceylon Tea Co. Plc
- Yamamotoyama Co. Ltd
- Harney & Sons Tea Company
- The Republic of Tea
Peppermint Tea Market: Key Developments
- Key providers of peppermint tea, such as Associated British Foods plc, Tata Consumer Products, Unilever N.V., and Harney & Sons Tea Company are focusing on the production of quality peppermint tea to attract more customers. Some other key developments in the global peppermint tea market are highlighted below:
- On July 28, 2020, Unilever N.V. planned to divest most of its tea business amid slow growth in the sale of tea products, the company said during its recent earnings call. The changes to its tea business would see Unilever divesting the Lipton brand in some areas, while it is planning to retain its business in markets of Indonesia and India.
- In May 2020, Tata Consumer Products Ltd. collaborated with key delivery players such as Domino’s Pizza, Zomato, Flipkart, and others for supply of essential items such as Tata Tea, Tata Coffee, Tata Salt, Tata Sampann Spices, pulses, and Nutri mixes. This is to strengthen its direct distribution model by partnering with the most popular food delivery applications.
- In the global peppermint tea market report, we have discussed individual strategies, followed by company profiles of providers of peppermint tea. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global peppermint tea market.
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