SEATTLE — Starbucks is partnering with beer brewing and distribution giant Anheuser-Busch to produce, bottle and distribute Teavana ready-to-drink teas in the U.S., the two companies said Thursday.
The bottled teas are expected to hit grocery store shelves in the first half of 2017.
The partnership “capitalizes on the rapidly growing opportunity for tea in the U.S.,” Howard Schultz, Starbucks CEO and chairman, said in a conference call Thursday.
Starbucks acquired Teavana and its chain of 300 mall-based tea stores for $620 million in 2012.
Though the company earlier this year pulled back from its plans for Teavana tea bars that serve food in addition to tea, it’s still bullish on tea.
The tea category is growing by double digits in North America and is expected to become a $3 billion business over the next five years. Globally, the tea market is about $125 billion, with the premium ready-to-drink tea category a $1 billion business, Starbucks said in its news release.
Copy the Story LinkSend questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.