India’s tea export industry, already one of the world’s fastest-growing, is poised to reach $2 trillion by 2020, according to an estimate by the tea group India Tea Export Council.
It’s expected to be the largest single export market for tea and the world largest tea export market by 2020.
The tea exports have been on the rise in recent years, with tea imports increasing by 80% in 2017, and a whopping 130% in 2018, according a report by the Asia-Pacific Economic Cooperation (APEC) Council.
And India’s economy is growing rapidly as the population ages.
It accounts for about one-third of global tea exports and more than half of its tea imports, according the tea association.
But the growth of tea exports has also been driven by India’s growing middle class and the emergence of tea cafes in cities.
These cafes have helped make tea a more accessible and culturally enriching beverage in India.
And tea cafes are growing fast, too, with a market worth $200 million a year now, according TOI’s tea market report.
Tea lovers have grown up with tea, but have never been able to afford it.
So tea consumption in India has become increasingly important for the tea industry as well.
The rise of tea as a drink has given tea aficionados a new way to celebrate a culture they’ve always loved.
But India’s new tea export boom also has helped fuel a shift away from the traditional teapot.
The traditional tea cups, which were made from the leaves of the tea plant, have become so popular that the world is now a tea-producing nation.
India’s government is encouraging consumers to switch to other types of tea, such as tea made from grains, beans, sugarcane and fruit.
The country’s tea industry has also become a major source of cheap Chinese goods that have become a hot commodity in the market, as well as cheap Chinese imports, such the tea.
And the rising popularity of tea is putting a dent in China’s exports, as the country is seeking to increase its domestic consumption of tea.
In the past year, India has seen a surge in tea exports, and that has helped the tea market grow by nearly 20% year-on-year, according an APEC report.
And as tea grows in popularity, the country’s economy has also started to grow rapidly, with the tea export sector accounting for roughly one-quarter of global exports.
But a major concern is the possibility of rising global tea prices, especially as India’s demand for tea has not kept up with the global demand for the beverage.
India currently consumes roughly 4,200 metric tons of tea a year, which is more than the world consumes every year.
That leaves the country vulnerable to a rise in tea prices if it’s unable to grow its tea industry to meet the demand.
In response, the government has pushed to increase tariffs on tea imports.
The current trade-weighted tariff rate of 6% is the highest in the world, but it’s set to be slashed to 5.2% next year.
This move could increase the costs of tea for tea lovers in India, which already has one of Asia’s highest prices for tea.
For those in the tea world, the tariff cuts are a win-win for tea fans.
They get lower prices and they get a lower-cost way to drink tea.
But for tea exporters, who rely on tariffs to keep costs down, the tariffs could further impact their business.
“The tariffs on imports could put pressure on our supply chain, which in turn could increase our costs,” said Anupam Srivastava, an executive vice president at the tea company Hargreaves Lansdown.
“We will be looking at tariffs in the coming months to see what the impact is and how we can mitigate that impact,” he said.
The Indian tea industry is one of India’s largest export industries, accounting for $2.6 trillion in revenues in 2018.
The trade surplus with China is set to reach nearly $2 billion this year.
The World Trade Organization recently announced it would increase tariffs to 6% for all Chinese goods, including tea, to help protect the country from potential retaliation from Beijing.
And with a rising middle class, the tea exports are expected to continue to grow, and the tea-consuming population is growing in India too.
But tea lovers have seen a rise of middle-class tea cafés, which offer a more affordable alternative to traditional teas, and they have helped to drive tea consumption as a way to relax and celebrate culture.
The trend has also brought more tourists to India, with an estimated 2.5 million visitors visiting India last year.