Reportlinker.com released a new report on the global ready-to-drink (RTD) tea and coffee market.
According to the 2023 report, the global RTD tea and coffee market is expected to grow from $48.19 billion in 2022 to $51.37 billion in 2023 at a compound annual growth rate (CAGR) of 6.6 percent. The market is also expected to reach US$62.86 billion in 2027 at a CAGR of 5.2 percent.
Ready-to-drink tea and coffee, or RTD beverages, are pre-packaged drinks that are ready to consume at the time of purchase, and they’re sometimes used as a non-alcoholic beverage alternative.
Asia-Pacific was the largest region in the RTD tea and coffee market in 2022, and North America is expected to be the fastest-growing region in the forecast period.
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The regions covered in the new RTD tea and coffee report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
RTD tea is typically black, green or herbal, among other traditional tea varieties, and it’s considered a convenient choice for hydration away from home.
Typically, RTD additives include various flavorings, artificial sweeteners, acidulants, nutraceuticals, preservatives and others – along with the tea (or coffee) – and the drinks are packaged in glass bottles, cans, pet bottles, aseptic and others. These RTD beverages are typically distributed through various channels, including supermarkets or hypermarkets, convenience stores, food service and online.
The ongoing and rising popularity of RTD beverages in general, as well as innovation in the sector, is expected to boost the growth of the RTD tea and coffee market going forward.
In September 2022, per a report published by the Distilled Spirits Council, a U.S.-based national trade association, both sales and volume of spirits-based RTDs increased (and this includes alcohol tea-based RTD beverages). Pre-mixed cocktail or spirits-based RTD supplier revenue increased by 42.3 percent to $1.6 billion in 2021. This category’s volume increased by 56 percent, selling 13.1 million more cases than 2020.
Product innovation has emerged as the key trend gaining popularity in the ready-to-drink tea and coffee market. Major companies operating in the RTD tea and coffee market are developing innovative products to strengthen their position in the market.
The new RTD tea and coffee market report is one of a series of new reports from ReportLinker, an award-winning market research firm. To learn more, visit ReportLinker.com.
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