Greggs Iced Matcha vs Costa, Starbucks & Blank Street: Price Test

Greggs launched its first Iced Matcha range nationwide on 5 February 2026, with prices starting at £3. It called the launch “Greggs: Matcha & Move” and even ran a Pilates pop-up in London to mark it — a proper departure from the usual sausage-roll-and-a-coffee marketing playbook. A Greggs spokesperson said the aim was to make “a trending favourite accessible to everyone” without the premium café price tag, and on our own site’s Breakfast & Others hub, the Iced Matcha Latte is flagged as the biggest drink launch of the year, available hot or iced.

By midsummer, Greggs had expanded the range further with an Iced Blueberry Matcha — a fruitier take clearly aimed at the exact same Gen Z crowd who made Blank Street and Black Sheep Coffee’s blueberry matcha drinks go properly viral. New Greggs app users can currently claim one free as a welcome reward, which is a decent way to try it without spending anything.

Greggs comes out on top here on both counts — it’s 30p cheaper than Blank Street and £1.09 cheaper than Black Sheep, while also carrying noticeably fewer calories than Black Sheep’s Oatly-based version (134 kcal vs 283 kcal, less than half). Blank Street sits in the middle on both price and calories, which tracks with its reputation as the “affordable but still trendy” option among the newer matcha specialists.

*Starbucks pricing varies more than most chains by store and region — we’ve used a realistic range based on multiple UK menu sources rather than a single fixed figure. Costa’s small size has the fewest calories of the three, but Greggs comes in cheapest by at least 55p even against the lower end of the Starbucks range.

One more thing worth flagging: Greggs’ own prices aren’t quite as flat as people assume either. Like the rest of the menu, matcha is likely to follow the same standard/city/airport pattern we’ve documented in Greggs London Prices vs Rest of the UK and Why Is Greggs More Expensive at Airports? — so the £3 starting price is very much a standard high-street figure, not a guarantee everywhere.

Across everything we found, Greggs’ Iced Blueberry Matcha at 134 kcal sits comfortably in the middle of the pack — lighter than Black Sheep’s 283 kcal version by some distance, close to Blank Street’s roughly 140 kcal, and a bit more than Costa’s small Iced Matcha Latte at 84 kcal (though again, that’s a smaller drink). For reference, the NHS’s guidance on daily calorie intake puts the average adult reference intake at around 2,000 kcal for women and 2,500 kcal for men, so even the most calorie-dense option here is a small slice of a full day’s allowance.

Curious where your favourite Greggs order sits calorie-wise? Our full menu calorie guide and Items Under 300 Calories roundup both cover the matcha range alongside everything else on the menu.

Can’t get to a shop? All four chains are listed on the main delivery apps, though you’ll pay a bit more once service fees are added — our Just Eat vs Uber Eats vs Deliveroo comparison breaks down which app adds the least on top, and the full Greggs Coffee Menu & Prices guide covers every other hot and cold drink on the menu too.

Based on a 90p difference per drink (£4.50 vs £3.60), calculated across 52, 104 and 260 purchases a year.

Yes — on the evidence we found, Greggs’ matcha range genuinely does undercut Costa, Starbucks and Blank Street, not just by a token penny or two but by a meaningful 30p to £1.09 a drink depending on what you’re comparing it against. It’s not always the lowest-calorie option on the list (that’s Costa’s small pour), but for most people ordering a normal-sized iced matcha on a normal high street budget, Greggs comes out as the honest winner here.

That said, if you’re after the full ceremonial-grade matcha experience with oat milk as standard, Blank Street and Black Sheep are still worth the extra spend for the taste and texture — this is a price comparison, not a taste test, and Greggs would be the first to admit it’s playing a value game rather than a specialist one.