What does that have to do with the price of tea in China?

January 7th, 2019

Did you know that tea is the second most widely consumed beverage worldwide?

 

Today’s Post is by Eli Razov, Senior Account Manager at SafeSourcing Inc.

Did you know that tea is the second most widely consumed beverage worldwide? Global tea production exceeds $73-billion in sales and produces about 5.2 million metric tons of product a year.  About half of the world’s tea production comes from China, while India, Kenya, Sri Lanka, and Indonesia make up a large portion of the remaining tea market.  The tea market is broken into four segments: ready-to-drink tea (RTD), the traditional market; the specialty segment and the foodservice segment. So what does this have to do with us? Although coffee is often thought of as America’s preferred beverage, tea has quickly proven itself to be very popular in homes nationwide. A survey among U.S. consumers showed that 23 percent of participants drink tea every day, while only ten percent of consumers never drank tea at all. That is roughly 74,911,000 Americans whom drink tea every day! The majority of the tea consumed in America comes from the foodservice industry and ready to drink segments of the tea market. Most of this tea is purchased in gas stations, c-stores, and restaurants around the country. With that much consumption on a daily basis, the US tea market is a $7-billion industry.

We here at SafeSourcing have helped many of our clients run tea e-Procurement events, both separately and with other warm beverages together. With an average savings of 23%, we have helped clients save money on an ever growing market. A lot of foodservice companies sell tea and other beverages so it is easier to reach a higher spend when you combine the buying power of all your hot beverage needs. There are some instances where specialty companies need to be contacted for more particular blends of tea. That is where our vast database of suppliers and knowledge of the industry comes in. By working with SafeSourcing you can grow your pool of suppliers and save even more money on all of your tea needs!

For more information on how SafeSourcing can assist you or on our “Risk Free” trial program, please contact SafeSourcing  we have an entire team waiting to assist you today.

 

 

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