Anglo Dutch food and care products group Unilever is starting a ‘strategic review’ of its global tea business as the company’s growth failed to match targets.

The company targets annual growth of 3% to 5% but hit 2.9% last year, Unilever said at the presentation of preliminary results on Thursday.

The company is now ‘stepping up execution against our fundamental drivers of growth,’ chief executive Alan Jope said in a statement. This, he said, includes fueling growth through cost savings.

‘We are continuing to evaluate our portfolio and have initiated a strategic review of our global tea business,’ Jope said.

Unilever claims to be the biggest tea business in the world with brands such as Lipton, Brooke Bond and PG Tips and it has expanded into the premium, fruit and herbal market in recent years.

However, sales of traditional black tea, the largest segment, have been in decline in developed markets for several years due to changing consumer preferences, Unilever said.

The strategic review will take some six months and all options are open, the company said.