There has been an increasing trend in Canada for tea, which is leading to a growing market in the industry. Take Starbucks as an example. Last year, they used over $600 million to gain 300 Teavana stores, 59 of which were located in Canada. More recently, Starbucks opened its first Teavana tea bar, located in New York City. This occurred just a couple of weeks ago. There are plans for a large expansion on this venture as Starbucks enters the specialty tea business.
And yes, they have just reasons for doing so. There is an increasing demand for the ancient beverage – it was predicted in 2003 that there would be a 40% increase by 2020. Tea’s popularity is growing, and as it does, more people will be made aware of their personal preferences and the complexity that can be involved with such a supposedly simple and straightforward drink.
For businesses like Davids Tea, this is a good thing. But for others? For those that have been firmly entrenched in the world of coffee? Well, I guess only time will tell.