Investment Rating - The report does not explicitly state an investment rating for the black tea industry Core Insights - The black tea industry in China is projected to grow from a market size of 256.3 billion CNY in 2018 to 530.91 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.37% [10][12] - The sales volume of black tea is expected to increase from 26.81 million tons in 2018 to 64.12 million tons by 2027, with a projected growth rate of 16.01% in 2027 [12][18] - The average price of black tea is forecasted to decline from 95.6 CNY/kg in 2018 to 82.8 CNY/kg by 2027, indicating a decrease in price despite increasing demand [13][24] Summary by Sections 1. Market Size of the Black Tea Industry - The market size of the black tea industry is calculated as the product of black tea sales volume and average price, with projections indicating growth from 256.3 billion CNY in 2018 to 530.91 billion CNY by 2027 [10][11] - The growth rates for the years 2023 to 2027 are estimated at 13.41%, 8.88%, 9.21%, 9.99%, and 11.37% respectively [10] 2. Sales Volume of Black Tea - The sales volume of black tea is projected to rise from 26.81 million tons in 2018 to 64.12 million tons by 2027, with growth rates of 8%, 10%, 12%, 14%, and 16% anticipated for the years 2023 to 2027 [12][18] - The sales volume growth from 2022 to 2023 is expected to be 8.01% [12] 3. Average Price of Black Tea - The average price of black tea is expected to decrease from 95.6 CNY/kg in 2018 to 82.8 CNY/kg by 2027, with a notable drop in 2021 due to various market factors [13][24] - The average price is projected to experience a growth rate of -1%, -2.5%, -3.5%, and -4% from 2024 to 2027 [13][24]