Amid growing US demand for boba tea — and for wider straws — world-leading bubble tea brand is welcoming diverse and business-savvy boba lovers as franchise partners, to be highlighted at upcoming International Franchise Expo
TAIPEI, May 29, 2023 /PRNewswire/ -- Leading boba tea brand CoCo Fresh Tea & Juice today announced plans to cultivate and empower a new generation of young entrepreneurs by offering a variety of franchise opportunities and resources. The announcement comes ahead of the company's debut at the International Franchise Expo (IFE) in New York City from June 1-3, 2023.
Including single-store franchises available in the US market, the brand seeks to attract all kinds of entrepreneurs — from driven young fans of milk tea to seasoned master franchisees — to help scale up its growing network of stores in the US and meet bubbling demand for the refreshment.
To find out more and get to know CoCo Fresh Tea & Juice, please visit Booth #1128 at IFE (June 1-3) in The Javits Center, NYC.
Sweet treats at IFE: CoCo’s top flavors
Growing market and brand presence in the US
As reported by Bloomberg recently, the current US bubble tea market is valued at an impressive $640 million, with projections for growth to $2.2 billion within the next decade — a staggering 300% increase. With bubble tea gaining substantial popularity, particularly among the younger demographic through social media platforms such as TikTok, CoCo sees enormous potential in the US market for bubble tea franchisees and for the brand itself.
"There's a huge increase in demand," commented Kody Wang, Deputy Director of Business Development at CoCo Fresh Tea & Juice. "We believe that the growing popularity of phenomena such as bubble tea and K-pop are contributing to a greater receptivity to Asian culture in the US, and we are thrilled to play a part in this."
The brand itself has shown impressive growth in the past four years, expanding 142% from 3,500 stores worldwide in 2019 to 5,000 this year. Notably, despite the challenges for the food and beverage industry during the pandemic years, CoCo's North American stores nonetheless trended upward with robust growth, achieving a 12% growth rate for the region in 2019 and 18% in 2020.
CoCo Fresh Tea & Juice at IFE
Amid this growth, significant numbers of young entrepreneurs aged 35 and under and from diverse backgrounds have shown an interest in establishing a bubble tea franchise business with CoCo. To help empower these entrepreneurs, CoCo Fresh Tea & Juice is rolling out new business models in the US, to be featured at the International Franchise Expo. For example, single-store franchise opportunities are enabling the brand to reduce barriers to entry for new franchise entrepreneurs and boost inclusivity. For master franchisees and corporations on the other hand, the brand will also highlight its multi-store franchise opportunities during the event.
A partner ecosystem to thrive in
CoCo Fresh Tea & Juice brings a major global footprint and high brand recognition, which carries over directly to the success of its franchise stores. Its extensive supply chain helps to stabilize costs for franchise partners, and the brand provides resources such as pre-opening preparation, daily operational support, and comprehensive training and support programs for seamless communication with CoCo's head office. In addition, onsite assistance is available to set up franchisees for success.
About CoCo Fresh Tea & Juice
CoCo Fresh Tea & Juice aims to create a diverse and sustainable community for its consumers by providing visually refreshing products. We continue to be one of the fastest-growing companies and are looking for enterprising partners to join the CoCo Fresh Tea & Juice franchise networks. Check CoCo Fresh Tea & Juice's official website and start your application now.
For more information, please visit https://www.coco-tea.com/.
Source: CoCo Fresh Tea & Juice