Bubbling excitement for bubble tea across South-east Asia has helped the industry grow to a whopping US$3.7 billion in 2021 — spent on both bubble tea and similar “new tea” drinks, according to a study published on Tuesday (Aug 16).

The report, jointly conducted by venture outfit Momentum Works and payments startup qlub, also found that Indonesia’s bubble tea industry ranked first in terms of market size among all South-east Asian nations — with an annual turnover of US$1.6 billion.