Tea prices expected to rise by 20% in India
According to McLeod Russel, India's largest tea plantation owner, tea prices in India may rise up to 20% in the coming months due to low output and rising demand. Average prices in Assam, which accounts for more than half of production, may reach $4 per kilogram by April from current levels of approximately $3.30. The company attributes the rise to inconsistency in weather or cropping pattern, as well as continuing past attacks. Price rises are set to boost profits of tea growers including McLeod and Jayshree Tea, and raise costs for tea buyers like Unilever or Tata Global Beverages.