Leading boba tea brand CoCo Fresh Tea & Juice recently unveiled plans to expand its footprint in South Asia as global demand for the East Asian refreshment grows worldwide.
Recently, South Asia's economy has shown resilience in the face of global headwinds, and worldwide the bubble tea market is expected to grow from $2.46 billion in 2023 to $4.08 billion by 2030, at a CAGR of 7.51%. With favorable conditions regionally and market growth globally, CoCo has encountered considerable enthusiasm from South Asian businesspeople to explore bubble tea's yet untapped potential.
"We're thrilled to be here and look forward to future partnerships and to scaling up localized support," commented Kody Wang, deputy director of Business Development at CoCo Fresh Tea & Juice. "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."
South Asia's dynamic consumer market
Already popular in other parts of Asia, the US and Europe, bubble tea is popular globally because of its appeal to diverse audiences, particularly Gen Z. Specific to South Asia, several key factors make the refreshment lucrative:
Growing market size: Rising urbanization and a booming middle class in countries like India and Pakistan provide opportunities for international brands.
Changing consumer preferences: A growing interest in flavours from other countries combined with the Instagram-worthy appeal of bubble tea positions the beverage uniquely to captivate the younger, more urban populations of South Asia.
Cultural adaptability: CoCo embraces customization, enabling the creation of numerous region-specific flavors to amplify appeal and bridge global trends with local tastes.
The most expansive bubble tea franchise network worldwide
At the center of recent bubble tea growth in the US and Europe, CoCo made an impressive leap from 3500 to 5000 stores from 2019 to 2023, securing an extensive footprint that positions it well for its latest move.
In addition, significant interest from South Asian franchisees and entrepreneurs at various international conferences indicates high demand in the region for bubble tea. With this expansion, it will focus primarily on partnerships with sizeable refreshment companies and master franchisors.
Empowering South Asian entrepreneurs
For franchisees in the region, CoCo Fresh Tea & Juice offers:
Established brand reputation: High brand recognition to attract customers and drive business growth
Proven, flexible business model: The ability to apply a successful model to local economies with room for adaptation
Customisation for local tastes: CoCo's diverse offerings allow for franchisees to cater to the various tastes within South Asia
Favorable long-term prospects: The brand's strength translates to franchising opportunities having a positive outlook for long-term ROI
Active support and training: Comprehensive guidance for South Asian partners to seamlessly establish and run successful stores