Whether it’s hot, iced, on-the-go or unwinding at home after a long day, I enjoy a good cup of tea. It seems as though I am not the only one. GlobalData reports that in 2019, the U.S. hot tea market stood at $2.8 billion and is expected to have a compound annual growth rate (CAGR) of 4.8 percent through 2023, reaching $3.4 billion. The projected growth is expected to come from the category’s plethora of innovative solutions.
“New, distinct flavors are a key driver of the hot tea market,” said Carmen Bryan, consumer analyst at United Kingdom-based GlobalData, in a statement. “Globalization and migrating influences from Asia has led to the rise in green and herbal teas, with Western consumers demanding their own spin on these favorites, and new, distinct flavors being a key driver.”