The favourite drink of rising Asia is milky tea with tapioca balls
Part of the reason for Mixue’s success is that it sells rising Asia’s favourite drink: bubble tea, a milky tea containing chewy tapioca balls. In China, the market for these newfangled, flavoured teas was twice that for coffee in 2021, with a $20bn turnover, according to Momentum Works, a research firm in Singapore. As growth has slowed in China, bubble-tea brands have set their sights on South-East Asia, where the market was worth $4bn.
Almost all Mixue branches are franchises. Around 95% of the firm’s 10.3bn yuan in revenue in 2021 came from selling ingredients, packaging and equipment to franchise-holders. Huge factories and extensive supply chains let it keep down the store-price of ice-creams and teas, according to Zheshang Securities, a Chinese broker. Around 90% of Mixue Indonesia’s products are imported from China.
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