Demand For Full Service Tea

1014 WordsApr 2, 20165 Pages
T Market Analysis Increased Demand for Full Service Tea The tea industry is an $11 billion market in the United States, with consistent growth over the past half decade. The industry expects a compounded annual growth rate of 5%-6% for 2016. While more than 60% of the tea market is comprised of ready-to-drink teas, such as Lipton Iced Tea seen in supermarkets, restaurant-served hot tea has been growing rapidly as well, with a 16% increase in menu occurrences between 2011 and 2015. Distinguishing Characteristics - People Want Culture In this era of global connectedness, the high demand for authentic ethnic food and beverages is unprecedented. In 2009, Americans took more than 30 million trips abroad, showing a willingness to…show more content…
Size of The Primary Target Market Our market is focused on university students and young business professionals. We are beginning our service close to Carnegie Mellon (CMI), most likely with a location in either Oakland or Shadyside. ● Approximately 40% of CMU’s students represent Caucasians and African Americans. ○ The remaining 60% of CMU represents a young generation of immigrants, all of whom become potential clients for us through cultural background. ● Approximately 25% of the University of Pittsburgh represents international origin students. ● Oakland has a population density of 19,788 people per square mile. ● CMU has total of 13,000 students attending, University of Pittsburgh has a total of 30,000 students. ● There are several businesses that operate in the Oakland area such as University of Pittsburgh Medical Center. Our local competitors are clustered in Squirrel Hill and Downtown. Opening in
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