Bubble Tea Proposal

BUBBLE TEA PROPOSAL
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Bubble Tea Proposal
The Bubble Tea industry is worth an estimated 2.4 billion in 2019 and will grow to $4.3 billion by 2027 (Sangwai and Deshmukh, 2020). As a result, between 2020 and 2027, a compounded annual growth rate of 7.8 percent is expected. Bubble Tea is growing in popularity, with the black tea category accounting for above 50 percent of the total share across the tea market.
The origin of bubble tea can be traced back to Taiwan. There are numerous recipes for bubble tea, but a common ingredient is a tea-based mixture with fruits or milk, chewy tapioca balls (boba), and fruit jelly. Iced mixtures are commonly combined with fruit or syrup, resulting in a cold texture. Bubble tea comes in various flavors and with a diverse variety of additives. Bubble milk tea with boba and bubble milk green tea with boba are the two most popular flavors. The drink is gaining popularity in western culture, especially with campus students.
My approach for the business would be to set up a near a campus location to target students who are the target market. Rent estimates of the possible location cost $15,000 annually, which would act as a pick-up location with a small seating area. Ingre...