Leading boba tea brand CoCo Fresh Tea & Juice has recently unveiled plans to expand into South Asia, which it predicts to be the next major market for bubble tea.
The global bubble tea market is expected to grow from US$2.46 billion in 2023 to US$4.08 billion by 2030 with a CAGR of 7.51%. CoCo is confident that the next growth bastion will be South Asia. Kody Wang, Deputy Director of Business Development at CoCo Fresh Tea & Juice said, “After reaching 5000 stores worldwide this year, CoCo has the most international coverage of any pearl milk tea brand, and our confidence level is high that South Asia is the next major market for bubble tea globally…. We look forward to future partnerships and to scaling up localised support.”
South Asia is identified as the next lucrative market due to its growing market size comprising of a booming middle class consumers; its changing consumer preferences willing to explore flavors from other parts of the world; and the strong influence of social media which could indirectly promote bubble tea concepts online. In addition, CoCo also embraces customisation and is ready to create region-specific flavors to enhance its appeal and bridge with local tastes and preferences.
CoCo sees significant interest coming from South Asian franchisees and entrepreneurs at various international conferences for bubble tea. With this expansion, it will focus primarily on partnerships with sizeable refreshment companies and master franchisors.