This summer, the growing tribe of milk tea lovers in China will likely find glad tidings as prominent brands such as Heytea and Nayuki announced they had slashed the prices of their products over the past two months.
Industry analysts said the country’s multibillion-dollar tea drink segment is set for a round of rationalization as players are intensifying their competition for bigger market shares. Market consultancy iiMedia Research sees sales of China’s niche tea drink market exceeding 300 billion yuan ($47.1 billion) this year, up from 279 billion yuan last year.
Consumers may be wary, however, that the long lines in front of trendy tea outlets…
