Coffee and Tea Manufacturing in the United States (NAICS 311920)

An investor's primer. NAICS = North American Industry Classification System, the U.S. government's standard industry taxonomy; 311920 is its code for coffee and tea manufacturing.

1. Overview

This is the factory step between the farm and your cup: taking imported green coffee beans and tea leaves and turning them into the packaged, shelf-ready products you buy — roasted bags and cans, single-serve pods, instant jars, tea bags, and the syrups and concentrates that go into other drinks. It does not include the coffee shop that brews the cup for you (that is a separate industry, section 2).

Why an investor should care: coffee is one of the most habitual purchases in America. About 66% of U.S. adults drink coffee on a given day — a 20-year high — and coffee has overtaken bottled water as the single most-consumed daily beverage.[1] That makes packaged-coffee volume unusually recession-resistant. But the economics are commodity-driven: the green bean is an exchange-traded raw material that is almost entirely imported, and its price has swung violently — arabica futures hit multi-decade records above $4.30 per pound twice in 2025.[2][3] So the business combines staple-like demand with commodity-cyclical margins, plus a live trade-policy overlay (Brazil tariffs).

There are two ways in. Public-market investors can buy a handful of large consumer-goods companies with heavy coffee exposure (J.M. Smucker, Keurig Dr Pepper) and a few small pure-play roasters (Westrock Coffee, Black Rifle, Farmer Brothers, Coffee Holding). Private investors face a mostly-private industry — family firms, foreign-owned roasters, private-label contract manufacturers, and thousands of tiny specialty roasters — where entry is by acquisition or by building a roasting business directly.

2. What it is and how it's structured

In scope (NAICS 311920): roasting coffee; making coffee and tea concentrates, including instant and freeze-dried; blending tea; making herbal tea; and making coffee extracts, flavorings, and syrups.[4] The common thread is manufacturing — converting a raw agricultural input into a packaged product.

What it excludes (and where those activities live instead):

• Coffee shops, cafés, and snack/beverage bars that brew and serve drinks → NAICS 722515 (Snack and Nonalcoholic Beverage Bars). Starbucks stores, your local café, and the drive-through belong here, not in 311920.[5]
• Bottling and canning of ready-to-drink iced tea and bottled coffee drinks → NAICS 312111 (Soft Drink Manufacturing).[5]
• Retailing packaged coffee/tea → retail trade.
• Growing coffee or tea → agriculture (commercially negligible in the U.S. outside small Hawaii, Puerto Rico, and California crops).

Operating model. A coffee manufacturer typically imports green beans, evaluates origin and grade, blends, roasts, grinds and packages them as whole-bean, ground, instant or single-serve products. Larger plants may also decaffeinate, extract, concentrate, freeze- or spray-dry coffee, or manufacture for third-party brands. Tea manufacturers generally buy already processed leaf or botanicals, then grade, blend, flavor and package loose tea, tea bags or concentrates. Routes to market include branded grocery products, private label, foodservice, office and hospitality accounts, direct-to-consumer sales and contract manufacturing.

Ownership mix. The industry is overwhelmingly privately held and, at the top, substantially foreign-owned. A few large branded players dominate the at-home shelf; a long tail of small independent roasters supplies specialty and local demand; and a middle layer of large private contract/private-label manufacturers packs the store-brand coffee sold under retailers' names. Foreign parents own several of the biggest operators (Nestlé of Switzerland, JDE Peet's of the Netherlands, Massimo Zanetti of Italy, Lavazza and illy of Italy). Publicly traded U.S. pure-plays are few and small (section 4).

3. How big it is

Our federal source figures (U.S. Census Bureau) describe the manufacturing gate — the value created inside these plants, not the retail price you pay:

(SBA = U.S. Small Business Administration.) With about 1,155 plants run by roughly 1,030 firms, most companies operate a single facility, and value is heavily concentrated in a few large plants.

The undercount caveat — read this before quoting the $14.7 billion as "the coffee market." That figure is the manufacturers' value of shipments, and it materially understates the coffee-and-tea economy Americans actually experience, for three reasons: (a) most coffee is consumed as brewed drinks served by cafés and restaurants, which are excluded (NAICS 722515); (b) a large share of the packaged and instant coffee sold in U.S. stores is imported finished product, which never passes through a domestic 311920 plant; and (c) ready-to-drink bottled coffee and iced tea are counted in beverage manufacturing (312111). Private research firms put the U.S. retail coffee market near $50 billion and the broader coffee-and-tea "addressable market" around $55 billion — several times the federal manufacturing figure — because they count retail markup, imports, and away-from-home consumption.[9] Both numbers are "right"; they measure different things. There is also a real long tail the employer-plant count misses: many nano-roasters are non-employer sole proprietors or are classified under retail, so the true number of businesses roasting coffee in America exceeds the ~1,155 employer establishments.

The U.S. is a net importer at both ends of this chain: it imports essentially all of its green coffee and tea — the National Coffee Association states that more than 99% of U.S. coffee must be imported — and it also imports finished coffee/tea worth roughly $2.4 billion against exports of about $1.3 billion.[9][10] Latin America supplied 80% of U.S. unroasted coffee imports in 2023, worth $4.8 billion; Brazil supplied 35% and Colombia 27%.[11]

4. The investable universe

Public pure-plays are scarce and mostly small; the deepest public exposure comes through diversified consumer-goods companies. Tickers and scale are provided for the investable sections only.

Publicly traded (coffee/tea a major line):

Major private / foreign-owned / other owners:

• Massimo Zanetti Beverage USA (Italy-owned) — described as the 4th-largest U.S. coffee manufacturer and a leading private-label roaster; vertically integrated from a Hawaii farm through roasting.[23]
• Community Coffee (family-owned, Louisiana) — largest U.S. family-owned retail coffee brand.
• Trilliant Food & Nutrition (investor-owned) — large private-label single-serve and ready-to-drink manufacturer.
• Lipton Teas and Infusions (including Lipton and Tazo) — owned by CVC funds since July 1, 2022.[24]
• Reily Foods — Luzianne tea, French Market and CDM coffee.
• Bigelow Tea (family-owned, Connecticut, ~260 employees) — leading U.S. specialty tea maker.[25]
• Traditional Medicinals, The Republic of Tea, Harney & Sons — private wellness/specialty tea.
• Lavazza, illy (Italy) — U.S. roasting/distribution operations.
• Thousands of independent specialty ("third-wave") roasters; some have been rolled up (e.g., La Colombe acquired by Chobani in 2023).

Takeaway: if you want concentrated public coffee exposure, the cleanest large-cap route is J.M. Smucker or the emerging Keurig Dr Pepper coffee spin-off; the small pure-plays (WEST, BRCC, FARM, JVA) are higher-risk and several are unprofitable.

5. How the money works

This is a commodity-processing and branding business. Owners earn the spread between the packaged selling price and the cost of green coffee (or tea) plus roasting, packaging, and distribution. The metrics that matter are input cost, pass-through pricing, and product mix — not the store-economics language of restaurants or the rate base of utilities.

Green coffee is the swing cost. The green bean is typically the single largest cost of goods sold (COGS) line — on the order of ~35% of net sales for a roaster.[26] It is an imported, exchange-traded commodity: arabica trades as the "C" contract on ICE in New York (ICE = Intercontinental Exchange), robusta trades in London. Because the raw material is a volatile, market-priced input, gross margin rises and falls with the green price and with how quickly a manufacturer can pass cost through. In practice pricing lags cost, so margins compress on the way up and can expand when beans fall.

The levers owners actually pull:

1. Input cost and hedging. Buy beans forward and hedge the C-price and freight; manage foreign-exchange (FX) risk since beans are sourced globally. Green coffee may be purchased at a fixed price or as a negotiated differential to an exchange price. Manufacturers combine physical supply contracts with futures, forwards, swaps and options. The 2024–2025 record run in arabica squeezed margins across the industry.[2][3] However, hedging manages price exposure but does not eliminate crop failure, supplier nonperformance, quality problems or physical scarcity — and rapid price increases absorb cash through more expensive inventory and derivative collateral before customer pricing catches up.[16]
2. Pricing power / pass-through. Branded players push list prices up. Smucker took +9 to +27 percentage points of price realization across recent quarters; JDE Peet's passed on ~19.5% in pricing to offset ~€1.6 billion of 2025 cost inflation.[15][26] Westrock notes that cost increases can be passed through for "most, but not all" customers.[16]
3. Mix and premiumization. Shift volume toward higher-margin formats — single-serve pods, specialty, and cold/ready-to-drink — each of which earns more per cup than bulk ground coffee. Café Bustelo grew ~19% and cold coffee categories grew ~21% year-over-year in summer 2025.[15][27]
4. Format economics. Pods and instant carry richer margins; private label is thin-margin volume; foodservice is a relationship business built on direct store delivery.
5. Scale and plant utilization. Roasting is capital-intensive; high utilization and distribution density drive unit costs down. Plant utilization is material because roasting, extraction, pod and packaging lines carry fixed labor, maintenance and depreciation.

Where margins land: branded consumer coffee typically runs 30–45% gross margin; wholesale roasters around 44%; roaster-retailers up to ~65%.[26] Black Rifle's slide from ~41% to ~35% gross margin in 2025 shows how directly bean prices flow through.[17] KDP's U.S. Coffee segment (which includes brewers and the installed Keurig system) achieved 30.9% adjusted operating margin in 2025, but this is not representative of ordinary roasting.[12] Crucially, volume is mature — U.S. coffee is a slow-growth staple, so most revenue growth comes from price and premium mix, not from more cups. Commodity inflation can increase reported sales without creating volume growth or better economics: Westrock's 2025 Beverage Solutions sales rose to $908M from $659M partly because coffee costs and tariffs were passed through, with average selling price per pound up 48%.[16]

6. What drives demand

• Habit and daily ritual. Coffee is a near-daily staple: ~66% of adults drink it on a given day, averaging ~3 cups, and it is now the #1 daily beverage; 82% of past-day drinkers consumed it at home.[1][28] Volume is sticky and largely inelastic — a defensive quality.
• Premiumization. Specialty coffee consumption reached ~48% of adults in Fall 2025, up from 37% in 2021.[28] Consumers trading up lifts price per cup even when volume is flat.
• Cold and ready-to-drink (RTD). Cold, iced and blended coffee accounted for 31% of consumption in June 2025 versus 23% in January 2025; cold-coffee categories grew ~21% year-over-year in summer 2025.[27][28] RTD is the fastest structural growth pocket (though bottled RTD sits partly in beverage manufacturing, 312111, so not all of the cold-format opportunity accrues to this NAICS industry).
• At-home vs. away-from-home. This industry mostly supplies the at-home and foodservice-input side. When consumers trade down from cafés to brewing at home (recession, remote work), packaged manufacturers benefit — a partial hedge against café weakness.
• Health and wellness. Herbal and functional teas are the growth engine of a slow tea category; the U.S. herbal tea market is estimated near $3.1 billion.[25] Functional/added-benefit coffee is an emerging niche.
• Tea consumption patterns. Tea is similarly ubiquitous but tilted toward cold consumption. The Tea Association reported almost 86 billion U.S. servings, or nearly 4 billion gallons, in 2023. Black tea represented 86% of consumption and green tea 13.6%; approximately 75–80% of tea was consumed iced.[29] Growth areas include herbal and wellness positioning, functional blends, premium loose-leaf products, ethnic flavors, unsweetened offerings and cold preparation.

7. Regulation

• Food safety and labeling (FDA — Food and Drug Administration). Coffee and tea are regulated foods under the Food Safety Modernization Act. Registered facilities generally must comply with FDA current good manufacturing practices and maintain a written hazard analysis and risk-based preventive-control plan; imported violations can be detained or refused.[30] Relevant risks include contamination, undeclared allergens in flavored products, foreign material, pesticide or mycotoxin residues, origin fraud and unsupported organic, fair-trade or health claims.
• Decaffeination solvents. Methylene chloride is permitted in decaffeinated coffee up to 10 parts per million. Advocacy groups petitioned the FDA (2023–2024) to ban it; in January 2025 the FDA pushed back on the petition's safety claims, so the solvent remains allowed for now — an unresolved regulatory overhang rather than a current ban.[31]
• California Proposition 65 / acrylamide. Acrylamide forms naturally during roasting and triggered years of Prop 65 warning-label litigation. California's OEHHA (Office of Environmental Health Hazard Assessment) adopted a 2019 regulation finding that coffee does not pose a significant Prop 65 cancer risk, which largely shields roasters — but acrylamide remains a compliance topic.[31]
• Organic certification. USDA's Strengthening Organic Enforcement rule requires electronic import certificates for covered organic shipments, adding traceability requirements for organic coffee and tea.[32]
• Trade and tariffs — the dominant 2025–2026 story. Because the U.S. grows almost no coffee, tariffs land directly on COGS. In August 2025 a 50% tariff on Brazilian goods (including green coffee) took effect; U.S. purchases of Brazilian coffee fell ~52% over the following months.[33] A November 2025 executive order then exempted Brazilian coffee (and other farm goods) from the tariff.[34] A fresh 25% Brazil tariff round in July 2026 exempted instant coffee. As of July 24, 2026, the National Coffee Association confirmed that coffee, including unflavored instant coffee, is exempt from U.S. import tariffs, and the NCA continues lobbying to keep green coffee tariff-free.[10][35] Investors should verify the applicable tariff at the transaction and origin level; the present exemption is policy state, not permanent industry economics.
• Sourcing and certification. Voluntary standards (USDA Organic, Fair Trade, Rainforest Alliance) shape premium positioning. The EU Deforestation Regulation (EUDR) — phasing in for large operators around December 2026 — requires plot-level traceability for coffee sold into Europe, adding roughly €0.10–€0.50 per kilo of compliance cost and reshaping global sourcing for exporters and multinationals.[36]

8. Competitive dynamics and consolidation

The at-home branded shelf is a consolidated oligopoly: J.M. Smucker (Folgers, Café Bustelo, Dunkin' at-home), Keurig Dr Pepper (Keurig, Green Mountain), and Nestlé (Nescafé, Coffee mate, and licensed Starbucks packaged coffee) anchor the category, with a large and growing private-label tier packed by Massimo Zanetti, Trilliant, and Westrock. The federal Herfindahl-Hirschman Index (HHI, a standard concentration gauge) for 311920 is just 589 — technically "unconcentrated" — and the top four firms account for 41.6% of shipments, the top 20 for 71.9%.[6][37] But that establishment-level statistic understates concentration on the branded grocery shelf, because the NAICS bucket also sweeps in many small specialty roasters and contract/private-label plants; the products competing for the same shopper are more concentrated than the index implies. The national HHI does not establish that narrower markets such as single-serve pods, instant coffee or an individual retailer's shelf set are similarly unconcentrated.

The defining structural event is Keurig Dr Pepper's ~$18.3 billion acquisition of JDE Peet's, completed April 1, 2026, followed by a planned tax-free spin-off (targeted for late 2026) into two U.S.-listed companies: a growth-oriented "Beverage Co." and a "Global Coffee Co." positioned as the world's #1 pure-play coffee company.[13][14] This will, for the first time in years, create a large, clean, publicly traded coffee pure-play — a notable event for investors who previously had only small-cap options.

Other dynamics: single-serve built on a razor/razor-blade model (Keurig brewers plus pods), but pod patent expiries let private label commoditize the blades; third-wave specialty remains fragmented with periodic roll-ups; and much of the domestic industry sits under foreign ownership, so U.S. investors often access it only indirectly. Brand owners face retailer bargaining power, promotion spending and shelf-space competition. Co-manufacturers face customer insourcing and contract loss — Westrock, for example, disclosed uncertainty because a single-serve customer was involved in a transaction with one of Westrock's competitors.[16]

9. Risks

• Green-coffee price volatility. The dominant risk. Arabica and robusta swing on Brazilian frost/drought, Vietnamese output, and speculative flows; 2025's record highs directly compressed roaster margins.[2][3] Owners are structurally short the bean. USDA attributed recent supply pressure in part to drought in Brazil and reduced fertilizer use in Colombia.[11]
• Trade policy. An import-dependent supply chain is exposed to tariff whiplash — the 2025–2026 Brazil saga (50% → exemption → new 25% round → exemption) can move COGS overnight.[33][34][35]
• Pass-through lag and trade-down. If manufacturers can't raise prices fast enough, margins erode; if they raise too far, price-sensitive shoppers shift to private label.
• Sourcing concentration. Heavy reliance on Brazil (~35% of U.S. imports) and Vietnam (robusta) concentrates geographic and weather risk.[11]
• Climate change. Long-term stress on arabica-growing regions threatens supply and cost.
• Regulatory. Decaf-solvent and acrylamide questions, EUDR traceability costs, and FSMA compliance add burden.[31][36]
• Retailer power and packaging. Concentrated buyers (Walmart, Costco) squeeze private-label margins; single-serve plastic waste draws sustainability scrutiny.
• Substitution. Energy drinks and functional beverages compete for caffeine occasions, though the core coffee habit is durable. Substitution also occurs between formats, price tiers and channels: national brands versus private label, pods versus ground coffee, at-home versus cafés.
• Workplace safety. BLS reported a 2024 total-recordable injury and illness rate of 4.6 cases per 100 full-time workers in coffee and tea manufacturing.[38] Heat, dust, repetitive packaging work, forklifts and warehousing are the practical exposures.

10. How to invest, and the outlook

Public routes.

• Diversified staples with heavy coffee weight: J.M. Smucker (SJM) is the most coffee-levered large U.S. name; Keurig Dr Pepper (KDP) now houses a global coffee business and plans to spin a pure-play "Global Coffee Co." in late 2026 — the cleanest large-cap coffee exposure to watch.[13][14]
• International majors: Nestlé (NSRGY) for Nescafé/Nespresso/licensed Starbucks packaged coffee.
• Small/micro pure-plays: Westrock Coffee (WEST), Black Rifle (BRCC), Farmer Bros. (FARM), Coffee Holding (JVA) — higher risk, several unprofitable, more sensitive to bean prices.[16][17][18][19]
• Tea: Hain Celestial (HAIN) for Celestial Seasonings (small slice).
• The commodity itself: coffee futures or exchange-traded notes track the bean price — but that is the input, so it moves inversely to roaster margins, making it a hedge or a bet on the crop, not on the manufacturers.

Private routes. Most of the industry is private. Access comes through: private-equity and strategic acquisition of regional roasters and private-label manufacturers (Trilliant-type assets); direct purchase of family or specialty roasters; or building a roasting business from scratch — a genuinely low-barrier small-business entry (buy a roaster, sign wholesale accounts), which is why the industry has a long tail of tiny owner-operators alongside a few giants. Franchising, the usual private on-ramp for coffee retail, largely belongs to the café industry (722515), not to manufacturing. Diligence should isolate commodity pass-through formulas and timing, hedge policy, customer and origin concentration, contract duration, plant utilization, maintenance capital expenditure, working-capital borrowing, recall controls and the portion of gross profit attributable to brand or intellectual property rather than commodity handling.

Near-term outlook (forward-looking judgments). The swing factor is the green-coffee price: after 2025's record highs, multiple forecasters expect prices to ease in 2026 as Brazilian and Colombian crops recover — the World Bank projected arabica down ~15% in 2026 — which would relieve margins and eventually stabilize shelf prices; but global stocks are low, so the risk is two-sided.[2] Brazil tariff policy remains the second variable that can move U.S. costs abruptly.[35] Structurally, premiumization (specialty, single-serve, and cold/ready-to-drink) should keep lifting price-per-cup even as volume stays roughly flat, and the KDP–JDE Peet's spin-off will hand investors a new large pure-play coffee stock. The base case is a mature, defensive-demand industry whose earnings story over the next year is less about growth and more about margin recovery as bean prices normalize — provided trade policy cooperates.

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Sources

1. PR Newswire (National Coffee Association), "More Americans drink coffee each day than any other beverage; bottled water back in second place," 2025. https://www.prnewswire.com/news-releases/more-americans-drink-coffee-each-day-than-any-other-beverage-bottled-water-back-in-second-place-302428696.html
2. World Bank Blogs, "Beverage prices soften but risks are brewing," 2025. https://blogs.worldbank.org/en/opendata/beverage-prices-soften-but-risks-are-brewing
3. Barchart / MarketScreener, "Arabica Coffee Price Sets Record High on Supply Concerns," 2025. https://uk.marketscreener.com/quote/index/S-P-GSCI-COFFEE-INDEX-46869134/news/Arabica-Coffee-Price-Sets-Record-High-on-Supply-Concerns-48561029/
4. U.S. Census Bureau, North American Industry Classification System (NAICS) 2022 — 311920 Coffee and Tea Manufacturing. https://www.census.gov/naics/
5. U.S. Census Bureau, NAICS 2022 — 722515 Snack and Nonalcoholic Beverage Bars and 312111 Soft Drink Manufacturing (exclusion notes for 311920). https://www.census.gov/naics/
6. U.S. Census Bureau, 2022 Economic Census, Concentration Ratios / Selected Statistics (NAICS 311920): receipts $14,715,412 thousand; 1,030 firms; CR4 41.6%, CR8 54.2%, CR20 71.9%, CR50 85.7%; HHI 589. https://www.census.gov/programs-surveys/economic-census.html
7. U.S. Census Bureau, County Business Patterns 2023 (NAICS 311920): 1,155 establishments; 23,998 employees; annual payroll $1,389,184 thousand. https://www.census.gov/programs-surveys/cbp.html
8. U.S. Small Business Administration, Table of Small Business Size Standards, 2023 (NAICS 311920 = 1,000 employees). https://www.sba.gov/document/support-table-size-standards
9. IBISWorld, "NAICS Code 311920 – Coffee and Tea Manufacturing" (market-size, import/export estimates). https://www.ibisworld.com/classifications/naics/311920/coffee-and-tea-manufacturing/
10. National Coffee Association, trade policy and member alerts (>99% imported; tariff exemption confirmed July 24, 2026). https://www.ncausa.org/advocacy/coffee-and-trade; https://www.ncausa.org/Industry-Resources/US-Tariffs-on-Coffee-Imports
11. USDA Economic Research Service, "Latin America supplied 80% of U.S. unroasted coffee imports in 2023" (Brazil 35%, Colombia 27%; $4.8B; supply pressure from drought and fertilizer). https://www.ers.usda.gov/data-products/charts-of-note/110079
12. Keurig Dr Pepper, 2025 results filed with the SEC (U.S. Coffee segment $4.0B net sales, 30.9% adjusted operating margin). https://www.sec.gov/Archives/edgar/data/1418135/000141813526000011/ex991-keurigdrpepperreport.htm
13. Keurig Dr Pepper, "Keurig Dr Pepper to Acquire JDE Peet's and Subsequently Separate into Two Independent Companies," Aug 25, 2025. https://news.keurigdrpepper.com/2025-08-25-Keurig-Dr-Pepper-to-Acquire-JDE-Peets-and-Subsequently-Separate-into-Two-Independent-Companies-a-Leading-Refreshment-Beverage-Player-and-a-Global-Coffee-Champion
14. Keurig Dr Pepper SEC filings (JDE Peet's acquisition closed Apr 1, 2026; ~$18.3B; late-2026 spin-off). https://www.sec.gov/Archives/edgar/data/1418135/000141813526000036/kdp-20260330.htm; https://www.sec.gov/Archives/edgar/data/1418135/000119312526099459/d92491dex992.htm
15. J.M. Smucker fiscal-2026 Form 10-K (U.S. Retail Coffee segment $3.305B sales, $701.5M segment profit, 21.2% margin; sales +18%, profit −12%). https://www.sec.gov/Archives/edgar/data/91419/000009141926000050/sjm-20260430.htm
16. Westrock Coffee 2025 Form 10-K (revenue ~$1.19B; Beverage Solutions segment; hedging limitations; customer concentration). https://www.sec.gov/Archives/edgar/data/1806347/000110465926025932/west-20251231x10k.htm
17. BRC Inc. (Black Rifle Coffee) 2025 Form 10-K (gross margin ~35% vs ~41%). https://www.sec.gov/Archives/edgar/data/1891101/000189110126000022/brcc-20251231.htm
18. Farmer Brothers 2025 Form 10-K (net sales $342.3M; gross margin 43.5%). https://www.sec.gov/Archives/edgar/data/34563/000003456325000071/farm-20250630.htm
19. stockanalysis.com, Coffee Holding Co. (JVA) overview (FY2025 revenue ~$96M). https://stockanalysis.com/stocks/jva/
20. Hain Celestial 2025 Form 10-K (Boulder facility tea production). https://www.sec.gov/Archives/edgar/data/910406/000119312525203534/hain-20250630.htm
21. Nestlé USA / Business Wire, "Nestlé and Starbucks Close Deal for the Perpetual Global License of Starbucks Consumer Packaged Goods and Foodservice Products," 2018. https://www.businesswire.com/news/home/20180827005623/en/
22. Starbucks 2025 Form 10-K (café-dominated economics). https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-20250928.htm
23. Massimo Zanetti Beverage USA, company site and Manufacturing.net profile (4th-largest U.S. coffee manufacturer; private label; vertically integrated). https://www.mzb-usa.com/about/company-history/; https://www.manufacturing.net/home/article/13165139/fm-in-focus-massimo-zanetti-beverage-usa
24. Lipton Teas and Infusions governance disclosure (CVC ownership since July 1, 2022). https://www.liptonteas.com/our-company/governance/
25. GlobeNewswire, "Tea Market Global Outlook to 2029" and SkyQuest / Newstrail herbal tea market (~$3.1B U.S.; Bigelow ~260 employees), 2025. https://www.globenewswire.com/news-release/2025/04/25/3068525/28124/en/; https://www.skyquestt.com/report/herbal-tea-market
26. WholesaleX, "The gross margin for a boutique wholesale coffee roaster" (green ~35% of net sales; roaster margins); Eightx, "Coffee Brand Pricing Strategy"; JDE Peet's 2025 pricing/inflation. https://getwholesalex.com/blog/gross-margin-boutique-wholesale-coffee-roaster/; https://eightx.co/blog/coffee-brand-pricing-strategy
27. Daily Coffee News (National Coffee Association data), "Cold Coffee Ruled This Summer," 2025. https://dailycoffeenews.com/2025/09/09/cold-coffee-ruled-this-summer-new-nca-market-report-finds/
28. National Coffee Association, Fall 2025 survey (66% daily consumption; 82% at home; specialty 48%; cold/iced 31% June vs 23% January). https://www.ncausa.org/Newsroom/Grounds-for-celebration-Americans-remain-committed-to-coffee
29. Tea Association of the U.S.A., 2024 Fact Sheet (86B servings; 4B gallons; 86% black tea; 75–80% iced). https://teausa.org/teausa/images/Tea_Association_Fact_Sheet_2024.pdf
30. FDA, FSMA Final Rule on Preventive Controls for Human Food and FAQ. https://www.fda.gov/food/food-safety-modernization-act-fsma/fsma-final-rule-preventive-controls-human-food; https://www.fda.gov/food/food-safety-modernization-act-fsma/frequently-asked-questions-fsma
31. FoodNavigator-USA and Bloomberg Law on the methylene chloride decaf petition and FDA's January 2025 response; California OEHHA on Prop 65 and coffee acrylamide. https://www.foodnavigator-usa.com/Article/2024/03/11/Activists-petition-to-remove-methylene-chloride-from-European-coffee-bean-processing-amid-carcinogen-concerns/; https://oehha.ca.gov/media/downloads/crnr/fsorcoffee060719.pdf
32. USDA AMS, Strengthening Organic Enforcement FAQ (electronic import certificates). https://www.ams.usda.gov/rules-regulations/strengthening-organic-enforcement/faq
33. Allyn International, "Brazil Imports Subject to 50% Tariff – Effective August 7," 2025; AOL/Reuters analysis of Brazil coffee tariff (purchases down ~52%). https://www.allynintl.com/en/news-publications/entry/brazil-imports-subject-to-50-tariff-effective-august-7; https://www.aol.com/news/analysis-trumps-50-brazil-coffee-153418072.html
34. Daily Coffee News, "Trump Order Eliminates All Tariffs on Brazilian Coffee," Nov 21, 2025. https://dailycoffeenews.com/2025/11/21/trump-order-eliminates-all-tariffs-on-brazilian-coffee/
35. Reuters via Yahoo Finance, "Brazil instant coffee sector exempt from new US tariffs," and CoffeeTalk / NCA lobbying to keep green coffee tariff-free, July 2026. https://ca.finance.yahoo.com/news/brazil-instant-coffee-sector-exempt-134632724.html; https://coffeetalk.com/daily-dose/top-news/07-2026/110433/
36. European Commission and industry guides on the EU Deforestation Regulation (EUDR) for coffee (large-operator start ~Dec 2026; ~€0.10–€0.50/kg compliance cost). https://green-forum.ec.europa.eu/nature-and-biodiversity/deforestation-regulation-implementation_en; https://www.fiegenbaum.solutions/en/blog/eu-deforestation-regulation-eudr-coffee-industry-challenges-strategies
37. Iowa State University CARD paper reproducing 2022 Census concentration data (CR4 41.6%, HHI 589). https://www.card.iastate.edu/files/publications/pdf/26PB51.pdf
38. Bureau of Labor Statistics, 2024 industry injury and illness rates (NAICS 311920: 4.6 cases per 100 FTE). https://www.bls.gov/web/osh/table-1-industry-rates-national.htm