Starbucks (NASDAQ:SBUX) is expanding its tea offerings by joining the industry in China, where the beverage has been part of the country’s culture for thousands of years.
The chain may be known for its coffee, but the company is hoping that adding tea offerings to the Asian nation will make Starbucks a leader in the tea industry as well. The Chinese market for the beverage is worth 63.2 billion yuan ($9.5 billion), making it more than 10 times larger than the nation’s coffee industry.
The products will be released under the company’s Teavana brand, which Starbucks acquired in 2012. The tea offerings will be rolled out in 16 markets in China and other countries in the Asia-Pacific region.
The drinks that the coffee chain will launch in Asia will be more exotic than its North America teas, including black tea with ruby grapefruit and honey, as well as green tea with aloe and prickly pear.
Starbucks is opening about 500 stores a year in China, amounting to about 3,400 locations in the country by 2019.
The restaurant has been expanding its coffee offerings in the U.S., launching the Chile Mocha which could be a spicier alternative to the Pumpkin Spice Latte.
Starbucks has also been at the forefront of a program that will feed those in need called FoodShare, which was recently launched in San Diego. The initiative donates food products that were not sold by the end of the day.
SBUX stock is up 0.3% Monday.
