Tea given run for its money as drink of China
The well-known phrase ‘for all the tea in China’ may need a little revision given recent developments in the coffee industry. As reported in Business China, demand for coffee is ever increasing in the country which was once known as the champion of tea.
Apparently it is the middle classes in the enormous country who are particularly partial to the caffeine elixir and experts have been dryly noting the change in habit of the Chinese for taking an early morning ritual cup of joe. Competition is rife for the business of the Chinese coffee bean consumers and international players jostle alongside local brands.
In terms of number crunching, the figures are impressive. Published statistics show that around 30,000 tonnes of coffee are consumed in the country annually which equates to a market value of around RMB 50 billion. On top of this, the appetite for coffee is increasing to the tune of some 25% per annum, which is quite staggering when compared to the worldwide average figure of 1.5% (statistics taken from 21st Century Business Herald). Some experts have predicted that the Chinese coffee industry may increase to RMB 3 trillion by the year 2030.
In recognition of this emerging market, the company China Resources Enterprise Ltd is seeking to cash in on the booming trade and expand its chain of Pacific Coffee shops across the country – it hopes to have five times as many shops. Pacific Coffee is Hong Kong’s second-biggest coffee shop chain and has outlets in Macao, Singapore and Malaysia as well.