NineCha (Aust) has launched the first Australian-made milk tea range in the pre-packaged, ready-to-drink market. Kim Berry writes.
The Asian-style milk tea market launched in Australia around six years ago and has been growing ever since.
NineCha directors Jay Shao and Sean Issell come from very different backgrounds, operations and sales for Shao, retail buying for Issell, but they both saw the opportunity for an Australian-made product.
“9Cha is a game changer,” Shao says. “There were no Australian-made products available in the pre-pack format that could be bought and drunk off the shelf. Everything in the market had been imported.”
According to Allied Market Research, the global bubble/milk tea market was worth US$1.95 billion in 2016 and projected to reach US$3.2 billion by 2023. Its compound annual growth rate (CAGR) is 7.40 per cent from 2017 to 2023.