Total US tea market tops $27bn according to industry report
Sage Group Network, a Seattle-based tea industry think-tank and publisher, estimates that the size of the US tea market has been grossly underreported and is actually greater than $27 billion. The latest edition of Specialty Tea Is "Hot" Report, which encompasses industry trends, investment activity and many other relevant topics, covers all tea product types sold through all distribution channels. This includes the massive foodservice segment, which is of critical importance given that more than 75% of all tea consumed in North America is iced or cold. The new gross revenue estimate of $27 billion in 2011 places tea at a similar level to coffee, whose foodservice and retail sales are estimated to lie between $30 and $40 billion.