KUALA LUMPUR: Malaysian tea brand Tealive has entered the North American market through its first store in Ottawa, Canada, and plans to open 50 more stores across the country in five years.
Loob Holding Sdn Bhd founder and CEO Bryan Loo said Tealive has been focused on expanding in Southeast Asia and was not particularly targeting North America until it was approached by an established business group involved in running pastry and bakery businesses.
He said Tealive is convinced the local partner in Canada will be a good fit as it has over 20 years of experience in the food and beverage business. The partner was committed to opening 50 outlets in the next five years across Canada.
“This entry into Canada and planned expansion across the country will give us an opportunity to learn more about the North American market up close, so we may tap into the lucrative US market next,” he said in a statement on Nov 28.
He said Tealive has an extensive range of drinks in its portfolio and its current extension into food through Tealive Eats.
“Our Canadian launch menu is curated for local palates without compromising our unique Tealive breakthrough experience,” said Loo, saying that the opening last week saw the store at Somerset Street in downtown Ottawa being swamped by eager boba lovers.
Loo is bullish on the potential of the global bubble tea market and wants to position Loob to ride the next wave.
“According to leading market research firm Facts and Factors, the Global Bubble Tea Market size was valued at around US$2.1 billion (RM9.5 billion) in 2020 and is estimated to grow to about US$4.5 billion by 2026, at a compounded annual growth rate of 8.1% between 2021 and 2026,” he said.
“Tealive is known as the brand that’s ‘Born in Malaysia, Raised for the World’. Now, thanks to our millions of customers in 10 countries, we’re truly global as we’re present on five continents,” he added. – Bernama