Two of the world’s largest beverage companies, Anheuser-Busch and Starbucks, are partnering on a new line of nonalcoholic, bottled Teavana tea drinks to capitalize on the rapidly growing ready-to-drink tea segment.
The new Teavana product is set to make its debut in the U.S. in the first half of next year in grocery stores and other retailers across the country, A-B InBev CEO Carlos Brito and Starbucks Chairman and CEO Howard Schultz said in a conference call with reporters Thursday afternoon.
“We see an amazing opportunity in tea,” Brito said, adding that the premium ready-to-drink tea category was a more than $1 billion market.
A-B will lead production, bottling and distribution to retailers, relying on its extensive wholesaler network, the brewer said Thursday.
Brito said the new product would be made at one of A-B’s 12 U.S. breweries, but the location won’t be announced until next year.
Read more: St. Louis Post-Dispatch