Suntory and Nestle to target US green tea market
Suntory Ltd, a Japanese drink manufacturer, plans to team up with Swiss food giant Nestle to offer its green tea drinks in the US. The deal covers exclusive rights to Iyemon green tea brand, which will be initially sold on the West coast, and will commence in May. The companies are looking to tap into America's booming tea market, expected to double in size and reach nearly $15 billion in sales by 2012. The ready-to-drink teas come with a price tag of $2.50 per 12oz/360ml bottle and are anticipated to generate annual sales of $19.4 million.