Global ready-to-drink (RTD) tea and coffee sales are expected to experience a combined annual growth rate (CAGR) of 9 percent through 2021, according to a new report by global technology research and advisory company Technavio. Fast-paced lifestyles of consumers are one of the major factors driving the market. Consumers are increasingly looking for RTD products that fulfill their daily nutrition requirements and can be consumed on-the-go. Owing to this, RTD products are seeing a dramatic rise in popularity among consumers, says the report. Other key findings include:
- In 2016, the RTD tea segment dominated the market by occupying more than a 75 percent share.
- In 2016, APAC dominated the global RTD tea and coffee market with a share of close to 64 percent.
- JDB Group (JAB Holdings), Nestlé, PepsiCo, The Coca-Cola Co., and Tingyi (Cayman Islands) Holding and Uni-President are some of the players in the market.