Rising costs & harsh weather put tea industry’s future at risk, warns Indian Tea Association
Indian Tea Association at the annual general meeting of the association.
The tea industry in Assam and Bengal, as of September 2024, has experienced a notable crop decline of 63 million kilograms as per available Tea Board data. This situation has neutralized the marginal gains in the domestic prices.
Bangur, highlighted the change in the production structure, with small tea growers and the organized sector coexisting in a competitive landscape. He emphasized the importance of creating a level playing field, advocating for the organized sector to be relieved of certain welfare obligations.
He also talked about the significant increase in costs over the past decade, which has far outpaced the increase in tea prices. With a low compound annual growth rate (CAGR) of tea prices (2.88%) compared to rising input costs (10-12% CAGR), tea industry in the last decade has been in a perpetual state of crisis.
The ITA chairman also discussed the global oversupply of tea that stood at 391 million kgs in 2023 and the need for strategic measures to restore equilibrium in the market. He called for collaborative efforts among leading tea-producing countries to address this challenge.
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