SHENZHEN, China, Jan. 21, 2020 /PRNewswire/ -- Nayuki, the leading tea-drink brand, and 36Kr, a Chinese news and data website, jointly released 2019 New-style Tea Beverage Consumption Whitepaper. With the exponential growth of the new-style tea drink, characterized by the freshly made tea-base fused with milk, cream cheese, fruit and toppings, the report expects the size of the tea market in China to exceed the coffee market by 200%.
Tea Consumption Grows Among Young
The emergence of fusion tea has veered the Chinese tea market into an age of "new-style tea-drinks" in 2015. Growing at breakneck speed since 2016, numerous modern teahouses have made inroads into the rising beverage market, launching an array of creative and healthy tea-related beverages to attract young customers.
Apart from consuming a wider variety of flavors and ingredients than their elders, the advent of new-style tea coincides with a younger generation's pursuit of novelties and new ways to socialize, with tea-drinking gradually evolving into a new lifestyle.
According to the whitepaper, the tea market, with the combined industry-scale of blended and traditional teas, was projected to exceed RMB 400 billion ($58 million) by the end of 2019, twice as big as the coffee market, which is estimated to reach RMB 200 billion ($29 billion).
Nayuki Earns Top Spots for Customer Satisfaction
The report illustrates that Nayuki ranked first for customer satisfaction with 4.54 out of 5, followed by Heytea (4.4) and Coco (4.39). Nayuki stood out from a pack of competitors to have the highest "customer retention" for its tasty formulas.
The data from Nayuki shows that from January to November 2019, that cold brew and pure tea from Nayuki's Sugar-Free series continued to increase, suggesting that innovative tea brands across China are changing perceptions about a drink traditionally consumed by the older generations.
The post-90s generation and females are the most regular consumers
According to the date on customer demographics from 36Kr, the post-90s generation in China aged 21 to 30 lead the new-style tea trend, with females being core patrons across all age groups, accounting for over 70% of the purchases.
The monthly consumption of new-style tea drink reached a new high in 2019. Statistics show that 83% of drinkers tend to buy 5-14 cups of freshly brewed tea every month, and 72% of customers spent RMB 200 ($29) on their monthly tea fix.
New potential for investors
Investors are eyeing the industry as businesses are thriving with the booming popularity of freshly brewed tea in China and consumers dig deeper into their pockets for the beverages perceived as healthy and fashionable.
From December 2015 to February 2019, Chinese tea brands attracted eight funds involving millions of RMB from investors and venture capitalists. Valued at RMB 6 billion ($874 million), Nayuki received several hundred million RMB in Series A plus funding from TianTu Capital in 2018, making it the first new-style tea unicorn.
About Nayuki
Nayuki, the leading tea-drink brand, with its fruit-based cheese teas and soft-euro baked goods, is dedicated to bringing new taste sensations to the tea aficionados around the world. Growing rapidly with nearly 400 stores ranging from 1,200 up to 4,000 square feet in prime locations across China, Nayuki has elevated the tea-drinking lifestyle to the next level with its innovations.
About 36Kr
36Kr is a leading technology media and startup incubation service provider in China. It focuses on reporting the latest trends of the global technology industry and developments of China's most promising startups.
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January 21, 2020 at 09:00PM
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