Sri Lankan tea players to benefit from world’s aging population: report

27 May 2014 04:38 am - 0 - {{hitsCtrl.values.hits}}

A A A

Sri Lanka’s tea sector players are likely to benefit from the new demand coming from the ageing population in the global market place, particularly from countries such as Japan, Europe and the US, according to a recent study by the Business and Information Division of the Ceylon Chamber of Commerce.

The study, which analysed the performance of t he global tea sector in 2012 and 2013, had shown that the increasing level of awareness among consumers of the health benefits of tea and the beverage’s anti-ageing properties have helped in the latest shift in demand for tea.

“The demand for tea, which is t he world’s most consumed beverage, is growing with consumers shifting from carbonated drinks to healthy beverages, providing an opportunity to the global tea sector players such as Sri Lanka,” the study noted.

During the year 2013, over 290 billion litres of tea had been sold in retail and food service, with t he retail value amounting to US $ 40.7 billion.

However, despite the huge promise the commodity has, the report identified that tea still lacks the high value found in competing beverage markets.

“These point out a key opportunity for tea manufacturers and retailers, as the volume continues to grow and the value begins to catch up through premiumisation and changing habits, there is a huge amount of long-term growth available for the taking and an incredible opportunity for those who understand the evolving market,” the report added.

Sri Lanka’s tea exports in 2013 hit the highest-ever earnings figure, recording an income of US $ 1.54 billion, reflecting a 21.5 percent increase over the previous year.

However, major tea plantation companies in Sri Lanka have been complaining about the higher cost of production and adverse weather conditions.

In Sri Lanka, the wages of the plantation workers are negotiated every two years, though the wages do not have a direct link to their productivity.

“The current market gains despite their significant improvement are still well below cost of production. Increased productivity during the year 2014 would be crucial to overcome the present constraints,” Chairman of Madulsima Plantations, which predominantly grows tea, Harry Jayawardena told the shareholders in the firm’s latest annual report.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Sri Lankan tea players to benefit from world’s aging population: report

Comments - 0

Add comment

RECOMMENDED

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Western purple-faced langurs see blue!

Most Viewed in News

A US “Kaputa”, a Lankan “Nariya” and a Presidential “Feast”

Street food vendor arrested for verbally harassing foreigner

23 year old youth ends up having his testicles removed

Former MP Palitha Thewarapperuma dies from electrocution

Confusion remains if April 15 is a bank holiday

April 15 declared a government holiday

MIRROR CRICKET

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings

Chamodi, Dewmi spins Sri Lanka U19 Women to big win

TODAY'S HEADLINES

Debt Restructuring Talks: Bondholders Fear Regime Change Impact

Don’t be deceived by NPP and Cardinal Ranjith: UNP

Emirates halts check-in for connections, UL cancels flights to Dubai

Plans afoot to obtain “Blue Flag Beaches” certification for SL beaches

Hardik fined Rs 12 lakh for violating IPL code of conduct after win over Punjab Kings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings