Loob Holding Sdn Bhd, operator of bubble tea chain Tealive, is seeking to penetrate new markets in Asia Pacific.
CEO and Founder Bryan Loo said Loob will focus on tapping highly populated countries with a penchant for bubble tea drinks. He did not disclose further details, however he added that it is important that the country has a robust GDP with comfortable disposable income as well as affinity for bubble tea drinks.
Loo however pointed numerous opportunities in untapped markets like UAE, Europe, Latin America, Bangladesh and Nigeria. It was only last year that Tealive opened its stores in Canada. Currently, Loob has more than 900 Tealive stores across many countries in the world.
According to Fortune Business Insights, the global bubble tea market was valued at around US$2.46 billion in 2023 and is projected to grow to US$4.08 billion by 2030.