Starbucks New Tea Line Chases China’s $9.5 Billion Market

Starbucks Corp. plans to increase its global tea business to $3 billion over the next five years as its starts selling its new line of tea drinks, known as Teavana, across the Asia Pacific region Monday following the products’ entry in China last week.

China is Starbucks’ fastest-growing market and the Seattle-based coffee chain is opening 500 stores a year in the world’s most populous nation, aiming for a total of 3,400 stores by 2019.