Investment Rating - The report indicates a positive outlook for the oolong tea industry, with expectations of market expansion and growth driven by new tea beverage consumption upgrades and cultural promotion [4][6]. Core Insights - The oolong tea market in China is projected to grow from 261.2 billion yuan in 2021 to 327.5 billion yuan in 2024, with an expected market size of 418.0 billion yuan by 2029, reflecting a growth rate higher than the industry average [4][6][35]. - The increase in demand for freshly brewed tea and the integration of new tea beverages and tea tourism are revitalizing the oolong tea industry, leading to a consistent rise in sales [5][6]. Summary by Sections Industry Overview - Oolong tea is produced through unique processing techniques involving withering, oxidation, and drying, primarily in regions like Fujian and Guangdong [3][21]. - The industry has evolved significantly since the Song Dynasty, with major growth occurring post-1980s due to market liberalization and increased domestic consumption [24][26]. Market Size - The oolong tea market is expected to continue expanding, with a forecasted market size of 418.0 billion yuan by 2029, following a steady growth trajectory from 261.2 billion yuan in 2021 [4][35]. - The overall tea market in China is projected to grow from 3,045.9 billion yuan in 2020 to 5,021.7 billion yuan by 2029, indicating a robust demand for tea products [35]. Production Structure - The total area of tea plantations in China has increased from 4,338.7 million mu in 2015 to 5,149.8 million mu in 2023, with a steady annual growth rate of 2%-3% [56][60]. - The total production of dry tea has risen from 2.278 million tons in 2015 to 3.340 million tons in 2023, reflecting a consistent increase in market demand [66]. Export and Import Analysis - China’s oolong tea exports significantly exceed imports, indicating a strong international market presence, particularly in countries like Japan and Malaysia [36][39]. - The export value of oolong tea is concentrated in specific regions, with Fujian leading in both export volume and value [42].

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