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An Empirical Case Study Into The Tea Market

793 words - 3 pages

Tea is one of the most popular hot beverages in the world and the demand is always increasing day by day. Tea is drunk by hundreds of million people around the world in every continent and the amount drank everyday is on a colossal scale. The market is ever increasing and there are no shortages of tea manufacturers. Today there are only a handful of tea producers that actually dominate the market i.e. PG Tips, Typhoo and Yorkshire are predicted to account for 57.9% of the market between them in the UK.The most successful company out of the few in Britain is Brooke Bond also responsible for the brand PG Tips. Arthur Brooke, the founder of the company, opened his first shop in Manchester in 1869. He developed his own blend of teas which soon became known for their quality - a reputation which spread far and wide and still holds true today. Today the operations have expanded into many continents and still going strong.There are various other brands to choose from and there are no shortages of substitutes, below is a table of other possible substitutes:UK CompanyTyphooYorkshireQuick BrewBrook Bond DOwn labelOthersThe tea market is very competitive and is relatively elastic, if PG Tips raised their prices 20p more customers would more likely go for a substitute like Typhoo Tea as in theory they would be cheaper.Table: UK Tea Market Value: Pounds Mn, 1995-1999Market Value Pounds Mn % Growth US$ Mn1995 578.8 933.51996 588.0 1.6% 948.41997 595.0 1.2% 959.71998 585.6 -1.6% 944.51999 592.1 1.1% 955.02000e 593.0 0.2% 956.5CAGR, 1995-1999: 0.6%The demand for tea in the UK grew by 1.1% in 1999, to reach a value of Pounds 592.1 million.The above supply and demand graph shows how the demand has increased and the affect it has on price and supply. The increase in demand is usually down to an increase in income. This means Brooke Bond may be able to sell more of their products at a given price or charge higher price. If income falls, the demand curve would shift inwards and the quantity demanded may fall. If the price of a rival's price goes up, customers may be more willing to buy more this product. If the rival's price fall customers may reduce demand for this product. The changes in taste can also effect as some may switch from coffee to tea and visa-versa.The supply on the other hand has decreased...

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