KUALA LUMPUR: Loob Holding Sdn Bhd, which operates bubble tea chain Tealive, is looking to penetrate new markets in Asia Pacific this year.
Its chief executive and founder Bryan Loo said Loob will focus on tapping into the potential of populous countries with a penchant for bubble tea drinks.
He did not disclose details but said there are several key criteria guiding its choice when picking a new market. One of them is a country with a large population.
Loo said the company would compare the challenges of growing in a place with two million to three million people to a place with 150 million people.
"It is also important that the country has a robust gross domestic product with a comfortable disposable income as well as affinity for bubble tea drinks," he told Business Times.
According to Fortune Business Insights, the global bubble tea market size was valued at around US$2.29 billion in 2022.
It is projected to grow from US$2.46 billion in 2023 to US$4.08 billion by 2030.
Identifying trends poised for an uptrend, whether in specific markets or entire continents and regions, will be another thing to consider, Loo said.
He pointed out numerous opportunities in untapped markets, such as the entire UAE, all of Europe, Bangladesh and Nigeria.
There is vast potential in Latin America with its 300 million-plus population, representing yet another untapped opportunity.
"There are plenty of white spaces, the entire UAE is white spaces, the entire Europe is white spaces, Bangladesh, Nigeria. All these are big population countries - white spaces," said Loo.
Last year, Tealive launched its bubble tea chain in Canada and Mauritius.
The Tealive bubble tea chain, which was established in 2017, has over 900 stores across its native market - Malaysia, Australia, Brunei, Cambodia, Canada, Mauritius, Myanmar, the Philippines, the United Kingdom and Vietnam.
It provides around 51 million cups of bubble tea every year.
Other successful brands in Loob's portfolio include Bask Bear Coffee, Wonderbrew and Sodaexpress, with each having expansion plans in store for this year and next year.
Loo founded Loob Holding in 2010. Since then, it has evolved to become the largest F&B firm in Malaysia and Southeast Asia in terms of outlet count.