Two companies are vying for the local market and exporting more than 40 different types of tea to Central America, the US and recently to China.
Mondaisa, one of the competitors, reports that demand in the international market is growing 20% a year, while in the local market it is growing by 11% a year. Meanwhile Manzate recorded an overall growth of 12%, and in the local market of about 6%. Currently both companies have plans to expand in order to meet the demands of both the external and internal market.
Keeping pace with economic growth and growing consumer sophistication, Panamanians are developing a taste for tea, which is generating business opportunities.
From January to July 2014, 218,000 kilos of tea were imported valued at more than $1 million. Of this total, fermented black tea was the most imported, followed by green tea. More than 65 varieties on offer in this emerging market in Panama were imported from China, Sri Lanka, India, Japan and South Africa.
EmSula was honored internationally by Pepsi Lipton as Lipton’s New Market of the Year for 2008.
For the prize, Pepsico Multinational compared more than 50 countries in Latin America, the Caribbean, Asia and Europe in terms of consumer expectations, projection, quality and acceptance of Lipton tea.