Global Tea Capsule Market Growth Rate To Pick Up To 10.24%
17 Jul, 2020
The global tea capsule market is expected to grow from $1.04 billion in 2019 to $1.06 billion in 2020 at a rate of 1.5%. The slow growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The market is later expected to grow and reach $1.42 billion in 2023 at a rate of 10.24%. Increasing consumption of tea is predicted to boost the demand for tea capsules market over the forecast period. However, high prices of tea capsules are projected to hinder the growth of the market.
Tea capsules are encapsulated tea leaves that contain ingredients similar to an ordinary cup of tea. Tea capsules offer convenience and comfort when making tea at home, in public places, or even when traveling.
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The global tea capsule market is further segmented based on type and geography.
By Product Type: Red Tea Capsules; Oolong Tea Capsules; Black Tea Capsules; Yellow Tea Capsules; Others
By Distribution Channel: Hypermarkets & Supermarkets; Specialty Stores; Online Stores; Convenience Stores; Others
By Application: Residential; Commercial
By Geography: The global tea capsule market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific tea capsule market accounts for the largest share in the global tea capsule market.
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Trends In The Tea Capsule Market
The players engaged in the manufacturing and selling of tea capsules are adopting various strategies such as mergers & acquisitions, new product launch, and plant capacity expansion in order to maintain their position in the competitive business environment.
Tea Capsule Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides tea capsule market overviews, analyzes and forecasts tea capsule market size and growth for the global tea capsule market, tea capsule market share, tea capsule market players, tea capsule market size, tea capsule market segments and geographies, tea capsule market trends, tea capsule market drivers and tea capsule market restraints, tea capsule market’s leading competitors’ revenues, profiles and market shares. The tea capsule market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.