Mixue Is Now The Largest Fast-Food Chain In The World & Has More Stores Than McDonald’s

By Aqasha Nalani  •  06 Mar 2025 in News

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We all know Mixue, the budget-friendly ice cream and bubble tea chain that’s likely just around the corner from your home.

But before its global dominance, it started as a small shaved ice shop in Henan, China back in 1997. The humble store used to sell a cone of ice cream for only CNY1 (RM0.60).

However, according to CNN Business, Mixue now holds the title of the world’s largest fast-food chain by store count, with 45,000 stores worldwide, including China, Indonesia, Vietnam, and Malaysia.

On 3 March 2025, Mixue made its Hong Kong Stock Exchange debut, raising HKD3.45 billion (RM1.96 billion) by offering nearly 17.1 million shares.

The secret to Mixue’s success: Affordability and accessibility

One major factor behind Mixue’s rapid rise? Insanely cheap prices.

You can grab a vanilla ice cream cone for RM1.99 or a brown sugar pearl milk tea for RM5.50—making it the go-to lepak spot for Malaysians since its 2022 debut in Paradigm Mall, Johor Bahru.

As of December 2024, there were over 300 Mixue outlets in Malaysia, solidifying its presence as a household name, reported the Malay Mail.

More stores than McDonald’s, Starbucks & Subway—but not the highest sales

Despite having more locations than McDonald’s, Starbucks, and Subway, Mixue’s revenue still lags behind giants like Starbucks, Dunkin’ (Inspire Brands), Baskin Robbins, and Tim Hortons, as reported by Momentum Works.

However, China’s tea market is expected to hit USD66.5 billion (RM28.7 billion) by 2027, and Mixue plans to leverage its massive scale to dominate the competition.

With its low prices, aggressive expansion, and viral marketing (cue the giant smiling snowman mascot), Mixue is proving that affordability and brand approach are its biggest power moves.

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