III. Industry Analysis
Tea has been in global demand for thousands of years. From green teas to black teas, ancient and modern cultures all have a demand for this versatile and healthy drink. Many modern coffee lovers mistakenly believe that nobody drinks tea anymore. However, this is far from the truth, as there is still a great demand for tea in both the United States and worldwide.
In fact, according to Statista, tea is the most widely consumed beverage worldwide (besides regular water), with about 159 million Americans drinking tea every day. So although many people may think that coffee is the dominant drink, tea still stands as king. And according to Allied Market Research, the global tea market is expected to grow at a compound annual growth rate of 6.6% over the next five years. This is a healthy rate of growth that shows that tea shops have a good chance of succeeding. Therefore, this is a perfect time to start and run a tea shop.
