The Coffee Bean & Tea Leaf, a beloved brand with a 60-year legacy, is adapting to the dynamic coffee and tea market to maintain its relevance. Anshul Laroia, the Chief CPG Growth Officer, elaborated on the company’s efforts to modernize its offerings and strategies in response to evolving consumer preferences.
Laroia emphasized the importance of balancing heritage with innovation. “The Coffee Bean & Tea Leaf was established over 60 years ago by Herbert Hyman, who was passionate about sourcing the finest coffees and teas,” Laroia remarked. This dedication to quality and innovation has been a constant, with the brand introducing products like ice blended coffee and cold brew long before they became popular.
Current market trends indicate a dichotomy, according to Laroia. “We see a segment of consumers seeking a premium experience, investing significantly in high-end home coffee equipment. Conversely, there’s an increasing demand for convenience and speed, particularly in the post-pandemic era,” he explained.
To address these varied preferences, The Coffee Bean & Tea Leaf plans to release a new line of high-quality, easy-to-prepare coffee and tea products. The packaging for these products is designed to be both distinctive and user-friendly, ensuring that the brand’s commitment to quality remains uncompromised.
Laroia also discussed the development of their new espresso capsules, which aim to capture the intricate flavors found in their cafes. “Each year, we prioritize quality. Our espresso blends use beans from five different countries, each roasted separately to achieve a complex flavor profile,” he noted.
Recognizing the competitive nature of the market, Laroia acknowledged the hurdles of entering an already crowded space. “We might be late to the at-home coffee market, but we are focusing on innovative packaging and effective communication to distinguish ourselves,” he stated. The objective is to disrupt conventional categories with packaging that resonates with consumers.
For growth, The Coffee Bean & Tea Leaf is discerning about its market and category expansions, prioritizing partnerships that align with its values, ambition, and attention to detail. “We carefully choose markets where we want to grow, ensuring alignment with partners who share our values and design sensibilities,” Laroia added, underscoring the importance of strategic collaboration.