What part of the world is Starbucks not taking over? After expansions to Costa Rica, Brazil, South Korea, and Australia, the coffee giant is looking to tap into a new market, say reports: India.
Starbucks may be looking to invest about $78 million into the Indian expansion, say reports from the Tapei Times. Part of the reason for the expansion, explained Starbucks’ China and Asia-Pacific president John Culver to reporters, is India's growing love for cafés. "Given the size of the Indian economy, the growth of café culture, and the rising spending power, India will be a very large market over the long term," he told reporters.
However, India's not known for its love of coffee. The tea-drinking nation has a very low per capita consumption of coffee compared to coffee-loving countries like Germany; 3 ounces per year in India compared to 15 pounds in Germany. Starbucks is pairing up with a local beverage company, Tata Global Beverages, to get a better reading into the market. With more than 1,200 predicted stores opening worldwide in the next fiscal year, Starbucks is on track for global domination.