2024 Global Bubble tea estimate.
Forecast Trends for the Number of Bubble Tea Stores Opening Globally in 2024
Asia
Current Status and Trends: Asia is the birthplace of bubble tea, with a mature and highly competitive market. Regions such as Taiwan, China, Japan, South Korea, and Southeast Asia have seen saturation in the bubble tea market, but innovative brands and differentiated products continue to emerge.
Store Opening Forecast: The number of store openings in Asia is expected to maintain steady growth in 2024, primarily focused on emerging markets in Southeast Asia (e.g., Vietnam, Indonesia, Thailand) and expansion into second- and third-tier cities.
Driving Factors: The love for new-style tea drinks among young consumers, the expansion of chain brands, and the rise of local brands.
Americas
Current Status and Trends: The demand for bubble tea continues to grow in North America (especially the U.S. and Canada), driven by the Asian population and young consumers. The South American market is in its early stages of development but holds significant potential.
Store Opening Forecast: The number of store openings in the Americas is expected to increase significantly in 2024, particularly in major U.S. cities (e.g., Los Angeles, New York, San Francisco) and emerging markets such as Canada and Brazil.
Driving Factors: The expansion of international brands (e.g., Chatime, Coco, Tiger Sugar), the rise of local brands, and increasing consumer acceptance of diverse beverages.
Europe
Current Status and Trends: The European market started relatively later compared to Asia and the Americas, but the popularity of bubble tea has risen rapidly in recent years, especially in countries like the UK, Germany, and France.
Store Opening Forecast: The number of store openings in Europe is expected to grow steadily in 2024, primarily concentrated in major cities in Western and Northern Europe (e.g., London, Berlin, Paris).
Driving Factors: The entry of international brands, growing interest in Asian food culture among young consumers, and promotion through social media.
Summary
Asia: Mature market with steady growth in store openings, focusing on Southeast Asia and second- and third-tier cities.
Americas: Strong demand with significant growth in store openings, North America as the main market, and South America holding great potential.
Europe: Late-starting market but growing rapidly, with steady increases in store openings.
