CONTEMPORARY IMPERATIVES FOR DEVELOPMENT OF THE INTERNATIONAL TEA MARKET

Abstract

The article analizes the dynamics of the international tea market development and provides assessment of main trends in the industry. The size of the world tea market in 2020 exceeded 54,322.1 USA $ million, it is projected that by 2028 it will reach 67,920.8 USA $ million revenues. Some of the largest leading companies in the market are Associated British Foods, Plc., Barry's Tea Limited and Nestlé SA, which use key market strategies directed to develop innovative products and technologies and larger investments into research. By the year 2028 the Asia-Pacific region seems to be the most perspective for the future tea market developments. This region has great investment opportunities for future growth. Emphasis is placed on the problems and challenges facing the international tea market. First of all, they are related to substitute products, such as coffee. They compete with the tea industry and really slow down its development. No less important is the problem associated with the specificities of production of the tea crop itself, which requires certain climatic conditions, available only in certain regions of the world. The outbreak of the Covid-19 epidemic is a major shock to the world economy, and its effects are being felt by all industries and the international tea market is not exclusion. The largest challenge Covid-19 has created for the tea production in India, which is second world's largest tea producer. In this country the tea industry was completely shut down for several months, affecting large-scale tea production and the existence of small tea farms. It must be noted that thanks to several world companies with technological advances, innovations and initiatives the market successfully finds a way out of the crisis. For a detailed understanding and comparison of structural changes in the international tea market, it is necessary to conduct further analysis of major processes in the industry, monitor trends and the market situation.