The bubble tea craze has taken Australia by storm, and it shows no signs of cooling off! The continuous innovation of imaginative, fun and exciting drinks is driving exponential growth. According to IBISWorld’s recent study on the bubble tea shop market in Australia:
- The industry’s revenue reached $415.1 million in 2023
- The market grew by an impressive 5.6% in 2023
- From 2018 to 2023, the industry grew at an average rate of 2.4% per year
- The industry outpaced the overall economy’s growth
- Sharetea’s market size grew faster than the Consumer Goods & Services sector overall