Coca-Cola Company, has signed a memorandum of understanding with Taiwan’s Ten Ren Tea Co. to use the latter’s brand on tea beverages.
According to the MOU, Coca-Cola will sell tea beverages made with material supplied by Ten Ren. The deal will help Coca-Cola muscle into Taiwan’s fast-growing tea beverage market.
Many domestic beverage producers, including Uni-President, Vitalon, Kuan Chuan, I-Mei and Wei Chuan, have been aggressively expanding in the tea beverage market to capitalize on growing health awareness in Taiwan.
Tea beverages are eating away sales of other kinds of beverage products in Taiwan. The beverage market in Taiwan expanded to US$1.35 billion last year, with tea beverage sales rising to US$389 million, up 3.8% from the previous year.
