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The region’s largest market was Indonesia with an estimated $1.6 billion annual turnover. Thailand came in second with $749 million, according to a study by Singapore-headquartered venture outfit Momentum Works and digital payments solution firm Qlub.
Turnover in the Southeast Asian market last year accumulated to $3.66 billion, it added.
As of April 2022, Vietnam had 439 bubble tea shops, with over half located in Ho Chi Minh City, a survey by German data portal Statista and Vietnamese market researcher Q&Me showed.
Bobapop, a local brand, was the leader in terms of locations with 89 stores.
It was followed by three foreign players, Tiger Sugar (48 stores), The Alley (47) and Gong Cha (42).
