Global tea and coffee sales are anticipated to experience a slowdown in growth over the next few years, according to recent data from GlobalData, the parent company of Just Drinks.
The compound annual growth rate (CAGR) for tea is expected to decline from 7.8% between 2021 and 2024 to 4.8% between 2024 and 2027. By 2027, the total value sales for tea are forecasted to reach £58.6 billion ($72.5 billion).
Similarly, the CAGR for coffee is projected to decrease from 5.9% to 5% over the same periods, with total value sales expected to hit £72.5 billion by 2027.
These projections are based on data from 13 significant markets, including the United States, Mexico, Brazil, Argentina, the United Kingdom, Germany, Sweden, China, India, Australia, Singapore, South Africa, and the United Arab Emirates.
The report noted: “Across most non-alcoholic beverages categories, GlobalData predicts there will be a slowdown in the CAGR of overall value sales among the 13 key countries studied in this report.”