NEW YORK, Sept. 30, 2020 /PRNewswire/ -- The beverage market is constantly evolving. For example, a growing demand for flavored drinks in the food and beverage industries is a major factor expected to contribute to the growth of the global beverage market in the near future. In addition, there is now a glut of healthy choices in the marketplace for consumers. A growing awareness of the various health related risks associated with alcoholic drinks has resulted in the propagation of organic drinks across the globe. Consumers are often presented with the benefits offered by organic beverages such as their abundance of antioxidants, minerals, and vitamins. Geographically, the Asia Pacific is expected to hold the dominating share in the market, owing to the region's rising disposable income and rapid urbanization coupled with the changing lifestyle of consumers. And, according to Research and Markets, the global beverage market was evaluated to be USD 1,544.61 Billion in 2018 and projected to grow at a CAGR of 3.1% to USD 1,854.589 Billion by 2024. Urban Tea, Inc. (NASDAQ: MYT), Diageo plc (NYSE: DEO), Keurig Dr Pepper Inc. (NASDAQ: KDP), Starbucks Corporation (NASDAQ: SBUX), Monster Beverage Corporation (NASDAQ: MNST)
Consequences of the global pandemic have led to an increase in online purchases. With an increased reliance on technology due to social-distancing measures, online shopping for Food & Beverage (F&B) products or services is common. These factors have also positively impacted the market even before the pandemic. For example, in 2019, data by Research and Markets estimates that there were 1.92 billion digital buyers, and e-commerce sales account for 14.1% of retail purchases worldwide, which are expected to rise to 22% in 2023.
Urban Tea, Inc. (NASDAQ: MYT) announced breaking news earlier last week that, "it has entered into a share purchase agreement (the "Agreement"), pursuant to which the Company agreed to pay $400,000 in cash to acquire 80% of the equity interest in Guokui Management Inc. ("Guokui"). Guokui is incorporated under the laws of New York State and has been operating CROP CIRCLE, a casual street food restaurant in New York City, since August 2020. The Agreement also includes details of how the two parties may collaborate in the future.
Upon closing of the transaction contemplated by the Agreement, MYT will own the registered trademark of "CROP CIRCLE" in the United States and operate the Crop Circle restaurant, which features guokui, an oval shaped baked flatbread with various filling selections, a popular street snack originating from northern China's Shaanxi Province. CROP CIRCLE also provides other meals combining classic and modern styles. MYT currently owns the trademark "MENO" and operates MENO, a modern tea and coffee shop with a small curated food menu. The ownership of these two restaurants marks the implementation of MYT's initial brand strategy in the United States. Going forward, the Company plans to deepen its roots in the US market based on the restaurants' operating performances.
Ms. Kan Lu, CFO of Urban Tea, commented: 'The signing of the Agreement enables the Company to better navigate the casual food and drink market in NYC. Through building brand awareness and launching new restaurants, the partnership with Guokui shareholders will take our expansion plan on an exciting journey. We remain committed to our common core values of providing culturally inspired food that is loved by customers in America. With Guokui's management team, we look forward to opening more restaurants and bringing traditional Chinese cuisine to more guests across the U.S.'
About Urban Tea, Inc. "Urban Tea, Inc. is an emerging specialty tea product distributer and retailer headquartered in Changsha City, Hunan Province, China. Through its wholly owned subsidiary, Mingyuntang (Shanghai) Tea Limited which controls Hunan Ming Yun Tang Brand Management Co., Ltd. and Hunan 39 Pu Tea Co., Ltd., the Company currently market a wide range of trendy tea drinks, light meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. Our products are currently being offered via our own stores. For more information, please visit: http://ir.h-n-myt.com/investor."
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Diageo plc (NYSE: DEO) announced back in August that it had reached agreement to acquire Aviation American Gin through the acquisition of Aviation Gin LLC and Davos Brands LLC.
Aviation American Gin is an American style gin crafted with a blend of botanicals, with subtle juniper notes, delivering a smooth balanced flavor profile. The brand has thrived under the leadership of its majority owner, Davos Brands, and the creative direction of co-owner Ryan Reynolds, who will retain an ongoing ownership interest in Aviation American Gin. Through this acquisition, Diageo is also acquiring the other brands in the Davos Brands' portfolio consisting of Astral Tequila, Sombra Mezcal and TYKU Sake. Ryan Reynolds commented, "A little over two years ago, I became an owner of Aviation Gin because I love the taste of Aviation more than any other spirit. What I didn't expect was the sheer creative joy learning a new industry would bring. Growing the brand with my company, Maximum Effort Marketing, has been among the most fulfilling projects I've ever been involved with. I want to thank Diageo for their incredible team and passion. We're so excited for the next chapter of Aviation Gin, which, I promise, will require just as little reading."
Keurig Dr Pepper Inc. (NASDAQ: KDP) and Polar Beverages jointly reported back in July that they entered into a long-term franchise agreement that will provide national distribution to Polar Seltzer sparkling seltzer waters, including Polar Seltzer'ade and SeltzerJR, across all channels through the power of KDP's direct store delivery (DSD) and manufacturing network. Family-owned and operated since 1882, Polar Seltzer is the third largest branded flavored sparkling water in the U.S., despite availability in less than 35% of the country. Where distributed, it's the fastest turning sparkling water. Polar Seltzer, Polar Seltzer'ade and Polar SeltzerJR brands come in more than 35 varieties. In the second quarter, Polar Seltzer grew retail volume and dollar sales 25% and 27%, respectively, based on IRI. The sparkling water category grew more than 15 percent in retail dollars over the past year.
Starbucks Corporation (NASDAQ: SBUX) announced earlier in July financial results for its 13-week fiscal third quarter ended June 28th, 2020. GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. "Since the beginning of the COVID-19 outbreak in January, we have taken a principled approach to navigate the crisis, true to our mission and values. Every step of the way, we have thoughtfully addressed the needs of Starbucks stakeholders and are particularly proud of the industry-leading investments we have made to support our partners while creating a safe, familiar and convenient experience for our customers. Starbucks partners have risen to the occasion, and our near-term focus is to recover sales safely and responsibly by offering our customers the comfort and care that differentiate the Starbucks Experience," said Kevin Johnson, President and CEO.
Monster Beverage Corporation (NASDAQ: MNST) announced back in August financial results for the three- and six-months ended June 30th, 2020, including an update on the impact of the COVID-19 pandemic. The Company's second quarter net and gross sales were adversely impacted by the COVID-19 pandemic, in part due to certain of the Company's bottlers/distributors reducing their inventory levels. However, the Company experienced a sequential improvement in sales in the latter half of the quarter as certain countries and states began to gradually re-open.
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