A power shift is happening in the QSR market as the Chinese bubble tea chain Mixue overtakes McDonald’s and Starbucks in the number of stores worldwide. As of September 30, 2024, Mixue operates 45,302 restaurants, most of which are in China. McDonald’s and Starbucks, each with over 40,000 restaurants, are now behind Mixue.
The QSR sector is growing worldwide, particularly with the rise of automation and digital order terminals. Restaurants with highly standardized processes are becoming more common, and US chains dominate the global market.
As of September 30, 2024, McDonald’s, with around 43,000 restaurants, and Starbucks, with 40,199 stores, are among the world’s largest QSR chains. But neither of them occupies the pole position: Within a year, Mixue has moved from 4th place to 1st place globally. These figures were compiled by the Asian data service provider Momentum Works. Following Mixue are Subway, KFC, and the Chinese chain Luckin Coffee, which has over 21,000 outlets.
Mixue is going public
Mixue, China’s largest bubble tea and beverage manufacturer, is now planning an IPO in Hong Kong. The QSR chain, which has 45,000 franchise stores in China and 11 other Asian countries, is valued at USD 9.8 billion. In 2023, its annual sales totaled the equivalent of USD 2.8 billion.
