Introduction:-
Today’s millennials are consuming tea as on-the-go beverages. According to World Tea News, in a forecast by Packaged Facts, the foodservice tea market will likely have an edge in future growth momentum as sales are expected to increase through 2018 and beyond further driving the sales of alcoholic tea market. Millennials are seeking innovation and variety when it comes to current tea offerings. The growing interest in health and wellness as well as the demand for transparently simple, whole food offerings continue to drive interest in alcoholic tea market. Innovations, underpinned by a great tasting, healthful product, means that alcoholic tea market will continue to grow in the U.S. New versions of tea-infused alcoholic beverage specialties have opened an entirely new, young alcoholic tea market. The tea-infused cocktails are becoming the hottest trending island-inspired flavors with the crisp, clear taste of premium tea on the backdrop of which the alcoholic tea market is surging at a healthy CAGR.
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Segmentation:-
Alcoholic tea market is segmented on the basis of flavours, base, and end-use. On the basis of alcohol base, the alcoholic tea market can be segmented into gin, vodka, bourbon, rum, Irish cream and others.
On the basis of flavours, the alcoholic tea market can be segmented into berries, lime, cucumber, peach, mint, coconut, mango, sweet apricot ,and others.
Alcoholic tea market is segmented on the basis of the end use which includes retail and industrial. The retail segment is further sub-segmented as distribution channel which includes online stores, hypermarkets/supermarkets, specialized drug stores, and convenience stores.
Global market drivers and restraints:-
Tea is the second most consumed drink in the world, behind water. Canada, where the average tea drinker has 11 different varieties in their kitchen cupboards has a particularly progressive tea-drinking population primarily influencing the alcoholic tea market. Alcoholic ice tea are among the alcoholic teas to have hit the market in 2014 thanks to a growing on-trade trend for tea cocktails and beers. Following that trend, Scottish tea brand Eteaket, launched three tea beers this year and is preparing to unveil a fourth. Alcoholic ice tea brand Harry Brompton’s became the first to enter a UK supermarket after winning a listing for its 4% ABV tea in 56 Waitrose stores in February 2014, and the company went on winning listings in Sainsbury’s and Ocado. In November 2013, Japanese restaurant chain Wagamama became the only UK restaurant to offer iKi beer – a ‘fusion’ of wheat beer and green tea.
However the alcoholic tea market has also gone through its dark days for instance when American ice tea brand Twisted Tea launched hard iced tea, a 5% ABV blend of tea and beer in Tesco the year 2005, its sales did not reach the criteria required for continuing to import the product. Moreover in 2010, Whole Foods Market Inc, an American supermarket chain yanked kombucha teas from its store shelves after discovering the popular fermented drinks contained elevated levels of alcohol, a company spokeswoman said Friday.
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Regional Outlook:-
The South Asian countries such as India, Indonesia, Singapore, Malaysia, Sri Lanka and others lead as the top exporters as well as manufacturers of the benzoin essential oil market followed by North America and Europe. Most imports have been witnessed by the countries like U.S, Germany, U.K, China, Saudi Arabia, France, and others. Asia will remain as a potential market attributing to the growing economies of India and China. Furthermore, great potential in the benzoin essential oil market can be attributed to its diverse uses.
Major Key players:-
- Red Diamond
- Tea Venture
- Harry Brompton’s London Ice Tea
- Eteaket, Synergy Flavors
- Döhler GmbH