FORT LAUDERDALE, FL – Tanke, Incorporated, a diversified holding company focused on emerging technologies and “cleantech,” is pleased to announce its plans to enter the Food & Beverage (F&B) industry through a management, investment and incubation program with ENO Coffee Food & Beverage Co, Ltd. (ENO), a coffee chain leader in China.
This strategic agreement will begin Tanke’s participation in the Food & Beverage (F&B) industry in China, a $500 billion market1.
China is projected to exceed $1 trillion by 2017 with an overall F&B CAGR of 8.2% between 2012 and 2017 according to Linklaters1.
A recent report by Grand View Research, the Global organic food & beverages market is expected to grow from 2014 to 2020 at a CAGR of 15.7%, reaching $211 billion by 20203. China is currently the world’s second largest F&B consumer in the world; the F&B industry is a significant growth driver to China’s overall economy accounting for the highest F&B growth rate in the world2.
Founded in 2003, ENO operates a chain of specialty coffee shops that provides locally sourced organic coffee. At present, ENO owns brands and operates more than 50 stores in several major cities in China including Shanghai.
The company has already signed an agreement with Xinhua bookstores, the largest bookstore in China, in order to establish its coffee shops in Xinhua bookstores and other high traffic locations. Through that agreement ENO expects to expand its presence in at least 200 stores in the next 2 years.
“We are extremely pleased to accelerate our entrance in the F&B industry with ENO Coffee and its organic and social focus.
We have the industry expertise and connections; with our incubation program and ENO established operations we expect to significantly expand the business with new locations and provide a brother variety of unique and branded products,” said Nick Balomenos, COO of Tanke.
“ENO Coffee is fast becoming a popular, highly recognized and well respected brand amongst local consumers. Our coffee shared a love of fine coffees and exotic teas and we believe we could build a clientele by adapting the coffee culture into the growing Chinese market.
Capitalizing on the ever growing demand for high-tier local coffee shops, we are poised for rapid growth,” says Mr. Charles Fei, CEO and Founder of ENO Food & Beverage Co, Ltd. Adding “We firmly believe that Tanke’s vast expertise and distribution connections will greatly help us fulfill our growth targets throughout China over the coming years.”
“China demand for F&B follows a strong general trend for internal consumption with abundant yet-to-be-tapped opportunities.
We expect to provide the most advanced, innovative and cutting-edge solutions to compete in this emerging industry,” added Nick Balomenos, COO of Tanke, Inc.
China overall economic growth rate accounts for nearly one third of the global economic growth for 20144.
Source: press release