Somerset Estate achieves an all-time record price
Daily FT: Somerset Estate situated in Nanu Oya set a new benchmark in the tea industry by achieving an all-time record price of Rs. 3,050 per kg for a BOP grade in the Western High Grown category at the weekly online tea auctions held on 10-11 March. This surpasses their own record of Rs. 2,600 per kg established in 2022.
Situated in the Dimbulla Agro-Climatic Region, specifically in the sub-regions of Talawakelle, Lindula and Nanu Oya, Somerset Estate benefits from its location in the upper reaches of Nanu Oya, an area renowned for producing some of the finest teas in Sri Lanka.
Somerset Estate is ISO 22000 and Rainforest Alliance certified, demonstrating its commitment to high-quality production and sustainable practices. This estate is managed by Talawakelle Tea Estates PLC, a subsidiary of Hayleys PLC under the stewardship of Senior Regional General Manager Kosala Wijesekara who was instrumental in achieving this feat.
This line of tea was purchased by Tea Tang Ltd. and was marketed by Forbes & Walker Tea Brokers Ltd.
OSL take:
Sri Lanka’s plantation industry, especially the tea industry, is on a steady growth path with the authorities working towards regaining the top slot enjoyed by Ceylon Tea in the foreign market in the past. Sri Lanka has recorded a growth in tea exports to foreign markets as well as an increase in the price fetched by locally produced tea. This development indicates an increasing business potential in Sri Lanka’s tea products locally and internationally. The many trade agreements and trade concessions enjoyed by Sri Lanka with other countries have also added to the growth and expansion of local tea and related products. Given the increasing demand for Sri Lankan tea in foreign markets, local authorities are also encouraging local tea exporters to also focus on adding value and diversifying the existing tea and tea-based export product portfolio. All these are indicative of the expanding business/investment opportunities in Sri Lanka’s tea industry and steady growth in the industry ensures lucrative ventures for foreign businesses/investors on the lookout for opportunities in Sri Lanka. Since there’s an emerging tourism concept based on the tea industry, foreign businesses/investors could also explore the emerging opportunities in sectors related to the tea industry while also looking at expansion through local collaborations.
| Article Code : | VBS/AT/20250320/Z_2 |