The popularity of bubble tea, which was earlier limited to the US have started spreading in several regions of Asia, Australia, Europe, and South Africa. Read on...
Bubble tea is thought to have been invented in Taiwan at around 1982, but the popularity of this product gained momentum in the 2000-2004, globally. Now bubble tea has become a trending product.
According to a survey done in November 2017, there was a record of 1968 bubble tea shops in the US and Google Trends reports reveal a steady growth in searches for bubble tea.
The Figures Show
According to a new report published by Allied Market Research, titled, Bubble Tea Market by Base Ingredient, Flavor, and Component, Global Opportunity Analysis and Industry Forecast, 2017-2023, the global bubble tea market was valued at $1,957 million in 2016, and is projected to reach $3,214 million by 2023, growing at a CAGR of 7.40% from 2017 to 2023.
The popularity of bubble tea, which was earlier limited to the US have started spreading in several regions of Asia, Australia, Europe, and South Africa. This is the reason; a lot of companies from Taiwan such as Presotea have shown interest in offering franchise opportunity to the Indians. We have also witnessed a lot of Indian companies; have started franchising their bubble tea brand in India, after tasting the fruit of success in this business.
In conversation with two different bubble tea brands, Franchise India finds out what the future holds for Indian bubble tea market:
The Makers Say
Jack Min, Overseas Business Development Manager, Presotea Co. ltd., Taiwan, says, “I think, India has a huge market for tea consumption and there are not many companies, which provide bubble tea. So we do not have any competition in the Indian market as such, which I see as an opportunity for my brand to grow here.”
Adnan Sarkar, Founder, Dr. Bubbles, says, “We have tried to maintain a balance as it is not a certainty that what’s trending in the international markets will also be a hit in the Indian market. Indians want a value for money, they want a new and exciting product and they want it at a cheap price and also to be easily accessible. To substantiate all this is a big challenge. So we have tried to go in for the mass market who want something new, western yet at a cheap rate.”
The Future Looks Like