One goal is to open 50 company-run stores in Chicago over the next several years.
Bubble tea goes by many names.
Boba, boba tea, milk tea, bubble milk tea, tapioca milk tea—all of them are descriptions of a product that will be “the next thing that is just going to resonate with people,” says Andrew Sternburg, chief development officer of bubble tea concept Gong cha.
Market research firm Fortune Business Insights valued the global bubble tea market at $2.02 billion in 2019, and projected it would reach $3.39 billion by the end of 2027, good for a compound annual growth rate of 7.2 percent.