As part of its participation in the International Franchise Expo in New York City, which was held June 1-3, leading boba tea brand CoCo Fresh Tea & Juice revealed plans to cultivate and empower a new generation of young entrepreneurs by offering a variety of franchise opportunities and resources.
Including single-store franchises available in the U.S. market, the brand seeks to attract all kinds of entrepreneurs – from driven young fans of tea and milk tea, to seasoned master franchisees – to help scale up its growing network of stores in the United States and to meet growing demand for bubble/boba tea and innovative tea refreshments.
The U.S. Bubble Tea Market Is Exploding
As reported by Bloomberg, the current U.S. bubble tea market is valued at an impressive US$640 million, with projections for growth to US$2.2 billion within the next decade – a staggering 300 percent increase.
With bubble tea gaining substantial popularity, particularly among the younger demographic through social media platforms such as TikTok, CoCo Fresh Tea & Juice noted that it sees enormous potential in the U.S. market for bubble tea franchisees and for the brand itself.
“There's a huge increase in demand,” said 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 U.S., and we are thrilled to play a part in this.”
The CoCo brand itself has shown impressive growth in the past four years, expanding 142 percent 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 percent growth rate for the region in 2019 and 18 percent in 2020.
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 rolled out new business models in the United States, which were featured at the recent 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 is offering and supporting multi-store franchise opportunities.
CoCo Fresh Tea & Juice Incorporates a ‘Partner Ecosystem’
CoCo Fresh Tea & Juice noted that it 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 numerous 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.
Overall, CoCo Fresh Tea & Juice aims to create a diverse and sustainable community for its consumers by providing visually refreshing products, and they continue to be one of the fastest-growing companies.
To learn more about the company and its franchise opportunities, visit Coco-Tea.com.
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