It says something about the increasing popularity of tea when leaves can cost more than the equivalent weight in gold. In this spring's China Guardian Auctions, the most expensive pu'er tea cake fetched a jaw-dropping HK$13 million, breaking the record of HK$6 million set in 2010, when the price of vintage pu'er reached an all-time high.

These are not isolated incidents. The World Tea Expo is predicting a 50 per cent growth in premium tea sales by 2016, while Unilever - the biggest player in the global tea market and which recently acquired Australian premium tea brand T2 - is predicting a 100 per cent surge in the premium tea market. Even Starbucks, one of the most well-known coffee companies worldwide, spent US$620 million last year on the acquisition of Teavana, further underlining the growing importance and global interest in the beverage.

While there are several types of rare and expensive teas - Singapore-based TWG Tea Company, for example, counts among its collections a Japanese Imperial Gyokuro, of which only eight kilograms are harvested each year, and a 24ct gold-plated Chinese Gold Yin Zhen at HK$6,528 per 50g - connoisseurs and collectors alike seem to focus overwhelmingly on pu'er, a variety of tea that sees a steady price increase every year.

Kwok Hon-man, general manager of Wing Ngai Tea (HK), the only authorised distributor of Taetea, says the "increasingly regulated market" has propelled by a moderate yet steady increase in price. Taetea, which claims to be the world's largest pu'er tea group, has reported an annual sales growth of more than 25 per cent over the past two years.

Pu'er, a dark tea primarily produced in Yunnan, is prized for its earthy taste and perceived health benefits, according to traditional Chinese medicine. Given the range of flavours resulting from different production regions, and cultivation and fermentation methods, it's not unusual for a tea connoisseur to profile a brew much like a wine aficionado would with the terroir of a wine, articulating its variety, origin and vintage year during a tasting. The harvest season of tea, weather conditions and the grade of the leaves are also highly influential when it comes to the quality of the tea.

This parallel between the wine and tea worlds is not lost on Zhou Han, a pu'er tea connoisseur and collector, who not only enjoys premium tea, but also the profit it can bring. "In essence, there's not much of a difference between the two when it comes to investment," he says.

"For the past 30 years, I've never lost in my business. Investing in pu'er, you have to clench your teeth and stick to it." The return, he says, is worth the effort. "Those cakes that I sold [at cut-rate prices] 20 years ago, I can't afford to get them back now."

Global appreciation of pu'er is growing and, according to the experts, this is due in no small part to the increased sophistication of consumers.

"There is most definitely a move towards a preference for premium teas, with gourmet and luxury tea consumption increasing with rising affluence in consumers who have travelled internationally, tasted exquisite foodstuffs in all categories and developed a palate keen to appreciate the most refined and subtle intricacies in flavour," says Maranda Barnes, co-founder of TWG.

Winfried Hopf, Unilever's executive vice-president of global beverages, also credits rising health awareness, and an open-mindedness and sense of adventure among younger consumers.

"They are ready to experiment with flavours in a way that has not really been possible for them."

IT’S IN THE LEAVES

The finest teas are handpicked, whole leaves without fannings or dust. The quality of the leaves is determined by multiple factors – terroir, years, seasons, even the day of harvest. Luckily, there are experienced tasters who differentiate and select the best harvest to create the best brew on offer.

How do you select the right luxury tea? According to TWG Tea Company, it’s important to know the classification based on the grades and strength of teas. “SFTGFOP1” designates the top-notch of black teas – the leaves should be glossy, fragrant and intact.

“Flowery Orange Pekoes (FOP)” implies timely gathered and meticulously selected leaves, consisting strictly of unopened buds and the first two leaves below. The leaves are delicately rolled lengthwise to release their essential oils. The presence of the tip of the bud is a sign of quality as only the youngest shoots are used for the finest teas, thus determining the price of the tea.

This article appeared in the South China Morning Post print edition as: Profitsto pour over

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