Indonesia's Largest Boba Market in Southeast Asia
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Momentum Works recently released a report on the bubble tea, or boba, business in Southeast Asia. The Southeast Asian boba market is estimated to reach US$3.66 billion, or approximately Rp54 trillion (assuming an exchange rate of Rp14,854 per US dollar).
Indonesia is the most boba-obsessed country. The Indonesian boba market reaches US$1.6 billion, or approximately Rp24 trillion.
Indonesia also comprises the largest share of the Southeast Asian boba market, accounting for 43.7% of the total.
The second largest market is Thailand, with a market value of US$749 million. Vietnam ranks third with a market value of US$362 million.
The significant size of Indonesia's boba market has contributed to Kopi Kenangan becoming one of Indonesia's unicorns. The company's valuation surpassed US$1 billion after receiving US$96 million in funding late last year.
(read: Mixue Has the Largest Boba Network in Southeast Asia)
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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