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Word Count: 774
Tea is one of the most popular hot beverages in the world and the demand is always increasing day by day Tea is drunk by hundreds of million people around the world in every continent and the amount drank everyday is on a colossal scale The market is ever increasing and there are no shortages of tea manufacturers Today there are only a handful of tea producers that actually dominate the market ie PG Tips Typhoo and Yorkshire are predicted to account for 579 of the market between them in the UK The most successful company out of the few in Britain is Brooke Bond also responsible for the brand PG Tips Arthur Brooke the founder of the company opened his first shop in Manchester in 1869 He developed his own blend of teas which soon became known for their quality - a reputation which spread far and wide and still holds true today Today the operations have expanded into many continents and still going strong There are various other brands to choose from and there are no shortages of substitutes below is a table of other possible substitutes UK Company Typhoo Yorkshire Quick Brew Brook Bond D Own label Others The tea market is very competitive and is relatively elastic if PG Tips raised their prices 20p more customers would more likely go for a substitute like Typhoo Tea as in theory they would be cheaper Table UK Tea Market Value Pounds Mn 1995-1999 Market Value Pounds Mn Growth US Mn 1995 5788 9335 1996 5880 16 9484 1997 5950 12 9597 1998 5856 -16 9445 1999 5921 11 9550 2000e 5930 02 9565 CAGR 1995-1999 06 The demand for tea in the UK grew by 11 in 1999 to reach a value of Pounds 5921 million The above supply and demand graph shows how the demand has increased and the affect it has on
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