China Herbal Tea Market Has Good Growth Prospects through 2020, Says CRI in Its Latest Report Now Available at MarketPublishers.com09 Aug 2016 • by Natalie Aster
LONDON – Herbal tea market in China has a 20-year long history. In early 2000s herbal tea was announced to be one of the key intangible cultural heritages. Despite its popularity, the value of the herbal tea market in China hardly amounted to CNY 1 billion until 2003. During the period 2003-2011, the sales revenues of the Chinese herbal tea industry grew at a CAGR of over 50%, while during 2011-2015, the growth pace slowed down to around 20%.
The competitive scenario in the Chinese herbal tea market is week given only two major brands (JDB and Wong Lo Kat.) familiar to Chinese consumers. As of 2015, JDB and Wong Lo Kat hold a lion’s share (of around 80%) of the Chinese herbal tea market. The Chinese market for herbal tea is overwhelmed with hundreds of manufacturers; however, the herbal tea market is monopolistic in the country with relatively high barriers for novel entrants.
The key end markets for Chinese herbal tea comprise China, the USA, Canada, France, the UK, Italy, Germany, Australia and New Zealand. The availability of other beverages and substitutes of herbal tea such as fruit & vegetable juice and beverages, vegetable protein, milk beverages present the major market growth challenge.
The Chinese herbal tea industry is considered to have good prospects for further growth in the short-run and is likely to follow an upward trend, posting a 10% CAGR during 2016-2020.
The latest research report “Herbal Tea Industry Overview in China, 2011-2020” prepared by China Research and Intelligence Co. (CRI) offers a detailed analysis of the Chinese herbal tea market. It contains main definitions and classifications, data on key producers of herbal tea in the country. The report also discusses the development scenario of the market, traces light on the market dynamics, evaluates the major market risks, challenges and restraints, delves deep into the competitive landscape, comprises profiles of top 5 companies active in the Chinese herbal tea market, reviews the key competitive pressures. Furthermore, a granular future outlook up to 2020 is also available in this research publication along with an overview of the main growth driving forces.
Many other new research studies offered by China Research and Intelligence (CRI) are available at its page.