The World Tea Market
The forms of tea consumption have undergone a number of gradual changes since the end of World War II as the demand for instant tea has grown. As such, the amount of tea needed to produce a given quantity of the beverage has declined. Tea consumption is essential determined by real income, the real retail price of tea, and the price of tea relative to its substitutes. Also, particularly in Asia's large consuming countries, population size may also prove to have a significant impact. The per capita demand equations' functional form is expected to demonstrate saturation effects and high tea consumption levels. This chapter first presents the important findings of a number of previous studies, it then concentrates mainly on the major consumers of tea.
Keywords: tea, tea consumption, real retail price, price relative to substitutes, real income, saturation effects, per capita demand equations
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