Starbucks Unveils a Slate of New Tea Drinks in China
Charissa Echavez | | Sep 13, 2016 08:50 AM EDT |
(Photo : Getty Images) A collection of venti sized Starbucks take away cups in London, England.
Coffee house chain Starbucks Corp. said on Monday that it is offering a slate of new tea drinks called Teavana in over 6,200 stores in China and the Asia-Pacific region.
The company plans to expand its business globally to $3 billion over the next five years, Bloomberg reported.
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With the recent introduction of its new tea line, the Seattle-based coffee maker hopes to meet China's growing demand for healthy products, according to Yahoo! News.
"The health trend is growing strongly across Asia, and as with most things, uptake of new trends in China tends to be faster than the rest of the world," Matthew Crabbe, head of Asia Pacific research of Mintel Group Ltd., said. "There is a strong tea identity in Asia, and it also chimes well with the particularly Asian view of healthcare as being centered around prevention, rather than cure. Because of this, tea-based products are likely to see strong growth."
Starbucks is eyeing China's 63.2 billion yuan ($9.5 billion) tea market, with plans to open at least 500 branches every year, totaling up to 3,400 stores by 2019.
Starbucks has created several tea drinks particularly for the Asian market, including black tea with rugby grapefruit and honey, and iced shaken green tea with aloe and prickly pear.
"As we continue to deepen the reach of Starbucks brand in China, our customers are increasingly asking for new and different ways to experience tea. Just as we've done for coffee, this (Teavana) is tea reimagined at Starbucks," Belinda Wong, the president of Starbucks China, said.
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