World Tea Expo Offers a Cure for Economic Flu Innovation, opportunity provide remedy to recession
LAS VEGAS (Dec. 4, 2008)
The 2009 World Tea Expo® is projecting record attendance – not despite the current economy, but, at least partially, because of it. Historically, economic downturns have inspired entrepreneurs to launch businesses in niche industries. With specialty tea offering a highly profitable and fast-growing opportunity in the United States, the World Tea Expo and the industry are preparing for a banner year.
A Thriving Industry
Sales of specialty and premium tea in the U.S. are skyrocketing. Earlier this year, market research firm Packaged Facts forecasted that U.S. tea sales would double in five years, from $7.4 billion in 2007 to $15 billion by 2012. The firm further projected that, over the same period, the specialty tea segment of the market would grow to comprise more than half of these total sales, up from its current share of 36 percent. This translates into nearly $5 billion in new specialty tea sales each year for five years – more than double the growth of commercial grade tea.
History Repeats Itself
“In the past few years, we have already seen startups by former CEOs of major national companies, acquisitions by leading conglomerates and investments in top brands by private-equity firms,” commented George Jage, President and Founder of the World Tea Expo. “We are expecting an avalanche of entrepreneurs starting their own tea businesses, much like what happened with specialty coffee almost two decades ago.”
Karen Foley, Publisher of Imbibe Magazine, recalled, “It was amazing to see so many people leaving 20- year careers at Fortune 500 companies to open independent coffee shops, but it brought an enormous amount of diversity and experience into the coffee community.” From 1993 to 1998, the Specialty Coffee Association of America’s membership grew from 300 to nearly 2,000, according to industry consultant and former SCAA executive Mike Ferguson.
With U.S. unemployment figures reaching record levels, financial experts are advising those who’ve considered starting their own business to do it now. In fact, 18 of the 30 current Dow Jones industrial index companies were launched during economic downturns, according to venture capital firm Reference Capital Management.
Proven Success and Innovation
World Tea Expo is the leading content, education and event provider for the tea industry. Tradeshow Week magazine has twice recognized the Expo with a Fastest 50® award, honoring it as one of the most successful events in North America.
The 2009 World Tea Expo is preparing for a massive influx of entrepreneurs into the tea business. The show organizers, who are recognized leaders in producing innovative, face-to-face meetings, are unveiling riveting new programs, educational sessions and events.
The 2009 innovations include a new attendee appreciation program, invitation-only roundtable discussions for key industry buyers, and the launch of the Best Tea Business™ awards, recognizing companies whose exceptional business practices provide a beacon for the growing industry.
Jage says, “Our goal is to create opportunities that can’t be found elsewhere, to provide value to attendees and to keep the Expo the must-attend event of the global tea industry.”
World Tea Expo features nearly 400 leading companies in the specialty tea business from around the world, including producers from almost every major growing region. Alongside the Expo is a robust educational program, featuring a New Business Boot Camp, an Executive & Technical Series, Skill-Building Workshops and Focused Tastings – all in addition to the more than 40 sessions in the Core Conference Program.
Also held in conjunction with the event is the much anticipated second annual World Tea
Championship™, an independent evaluation of the top teas from around the world. The winners will be announced during the new awards ceremony at the Expo.
The World Tea Expo will be held May 2-4, 2009, at Mandalay Bay Convention Center in Las Vegas.
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The World Tea Expo® is a robust marketplace that brings together hundreds of new products, the latest industry innovations and relevant, cutting-edge educational sessions, providing tea professionals with a one-stop opportunity to help drive their business, fuel industry growth and encourage further exploration of the art and science of tea. The Fastest 50™ awards are given by Tradeshow Week Magazine, a leading publication covering the trade and consumer event industry. The World Tea Expo®, World Tea News™, World Tea Championship™, World Tea Ratings™, World Tea Buyers Guide™, World Tea Webinars™, and Best Tea Business™ awards are produced by SFG Group LLC, a Nevada-based company. The next World Tea Expo® will take place at Mandalay Bay Resort in Las Vegas, May 2-4, 2009. For more information, visit www.worldteaexpo.com.
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