Woo Tea/Creative Commons China’s biggest bubble tea companies are planning to list on the stock market. “Boba,” flavored milky teas with tapioca balls floating in them, were popularized in Taiwan in the 1980s and have become a global phenomenon. One firm, Mixue, has 3,000 stores outside China, and a trade association said the industry had doubled in value between 2018 and 2022 to $14 billion, with more growth expected. A Shanghai-based branding consultant told the Financial Times that “Coffee is a foreign product, whereas tea is very much Chinese,” meaning boba demand is partly driven by national pride. The BBC said in the U.K. it especially appealed to young Muslim customers, being halal and alcohol-free. |