Prominent boba tea label, CoCo Fresh Tea & Juice, has just announced its intentions to broaden its presence in South Asia, capitalizing on the increasing global popularity of this East Asian delight.
In the midst of global challenges, South Asia’s economy has demonstrated remarkable strength. Concurrently, the global bubble tea market is poised to expand significantly, projected to increase from $2.46 billion in 2023 to $4.08 billion by 2030, with a steady CAGR of 7.51%. Given these advantageous circumstances on a regional level and the broader global market trend, CoCo has received notable interest from entrepreneurs in South Asia who are eager to uncover the yet unexplored possibilities within the bubble tea sector.
“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:
Having already gained substantial popularity across various Asian regions, as well as in the United States and Europe, bubble tea has achieved a global following owing to its ability to captivate diverse demographics, notably Generation Z. Within the context of South Asia, a number of pivotal elements contribute to the profitability of this beverage:
- 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:
Playing a pivotal role in the recent expansion of bubble tea culture in the United States and Europe, CoCo has achieved a remarkable stride, escalating its store count from 3,500 to 5,000 between 2019 and 2023. This impressive growth has solidified its widespread presence, strategically positioning the brand for its upcoming endeavors.
Furthermore, the substantial enthusiasm displayed by South Asian franchise holders and business visionaries during diverse international conferences underscores a substantial demand for bubble tea within the region. As part of this expansion strategy, the brand will primarily emphasize forging partnerships with established beverage enterprises and accomplished 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
