Bubble Tea Market Overview:
According to the latest research report published by DataM Intelligence, the Global Bubble Tea Market was valued at US$ 2,984 million in 2022 and is projected to reach US$ 5,322 million by 2030. The market is expected to exhibit a CAGR of 7.5% during the forecast period (2023-2030). The global bubble tea market is segmented on the basis of component, base ingredient, flavor, distribution channel and region. Asia-Pacific is expected to contribute significantly to the market growth because of the greatest sales levels. Major players in the market include The Bubble Tea Company, Bubble Tea House Company, Bobabox Limited, Cuppotee, Fokus Inc., Gong Cha, Lollicup USA, Inc., Sumo’s (M) Sdn Bhd, Ten Ren’s Tea Time, and Troika JC.
The bubble tea market has expanded because of its distinct flavor and texture, which appeals to customers seeking an alternative to traditional tea or coffee drinks. Furthermore, the availability of a diverse selection of flavors and customizable choices enables users to customize their beverages to their tastes. Many customers are seeking healthier alternatives, and bubble tea companies are reacting by creating healthier versions of their drinks.
This includes the use of natural sweeteners, the availability of low-fat or non-dairy choices, and the use of organic or all-natural ingredients, all of which contribute to the expansion of the bubble tea business. Customization is another aspect driving the development of the bubble tea business. Consumers are increasingly seeking individualized experiences, and bubble tea establishments are responding by providing a variety of customizable alternatives.
Bubble Tea Market Drivers:
Wide Product Selection Attracting Millennials to Accelerate Growth
Fruit-flavored green jasmine and black tea are among the varieties available at the market. Fruit-flavored tea comes in various flavors, including sweetened fruit drinks and cream drinks with a fruit taste. Lactose-intolerant people may drink black, green jasmine, and other tea kinds. The availability of a broad range of boba tea varietals provides the customer with extra options.
This marketing strategy assists in attracting more clients. Its shops are also giving new tastes and compositions to attract consumers. Millennials’ desire for premium tea varieties with unique taste possibilities has also led them to gravitate toward such things, adding to the industry’s growth.
Consumer Movement Toward Healthier Options to Support Market Growth
Sugar alternatives such as stevia, agave, and honey are becoming popular among consumers due to ailments such as obesity and diabetes connected to increased sugar consumption. These natural sweeteners replace or reduce the sugar content in boba tea. Diabetics and sugar-averse persons like these natural sweeteners. Consumers like these products because of their beneficial properties, such as antioxidant, anti-inflammatory, and anti-carcinogenic properties.
Download Free Sample: https://www.datamintelligence.com/download-sample/bubble-tea-market
Bubble Tea Market Restraints:
Bubble tea is a popular caffeine-containing beverage, although many other caffeine-containing beverages are available, such as coffee, energy drinks, and other tea-based drinks. For example, 73.6 percent of Canadian teens and young adults (aged 12-24) surveyed have taken caffeinated energy beverages. Furthermore, some customers may prefer these alternate beverages over bubble tea due to their taste preferences or nutritional profile. For example, in 2020-2021, around 166.63 million 60-kilogram bags of coffee were used worldwide. As a result, the availability of alternative caffeinated beverages is limiting the expansion of the bubble tea business.
Covid-19 Impact Analysis on Bubble Tea Market
Businesses such as restaurants, farms, and factories had to shut down entirely due to the COVID-19 epidemic to maintain safety standards and implement social isolation. Due to a personnel shortage and fewer customers visiting coffee shops during the lockdown, transportation has been hampered, bringing both supply (tea plantations) and demand for consumption to a halt. According to the Indian Tea Association 2020, the lockdown in tea-growing districts has resulted in a decline in crop quantity and logistical and transportation issues, resulting in an average 25%-40% rise in tea prices.
Recent Industry Developments:
- In January 2023, BobaBam, a beverage manufacturer in Los Angeles, announced the release of two additional flavors: Milk Tea and Taro.
- In April 2022, BUBLUV, Inc., a New York-based start-up on a mission to create delicious, convenient, better-for-you Asian-inspired food and beverages, announced the release of its much-anticipated BUBLUV Bubble Tea, the first ready-to-drink, better-for-you boba alternative with no added sugar, no artificial ingredients, and less than 50 calories per bottle.
- In May 2022, Barroco by Café De Bangkok provided 21 boba tea varieties, including cotton candy, Japanese sweet potato, and others.
Bubble Tea Market Segmentation Analysis:
As per the research analysis, the global bubble tea market is segmented by component into flavor, creamer, sweetener, tapioca balls & popping balls, and others; by base ingredient into black tea, green tea, and others; by flavor into original, fruit, chocolate, coffee, and others; and by distribution channel into supermarket/hypermarket, specialty stores, online sales, and others.
The global bubble tea market has been segmented by base ingredients into black tea, green tea, and others. In 2022, black tea had the most market share. For example, in 2021, Japan drank more than 17,000 tons of black tea. This development is responsible for the actual natural taste of black tea. Furthermore, this drink lowers blood sugar and dangerous cholesterol levels and improves digestive health. It is also an excellent source of antioxidants.
Bubble Tea Market Geographical Analysis:
The global bubble tea market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
Asia-Pacific Bubble Tea Market
The Asia Pacific market had the largest share, estimated at USD 0.96 billion in 2022. Vietnam and Taiwan are expected to have the greatest sales levels. Manufacturers and company owners in the bubble tea industry are building their cafés and restaurants to attract clients and boost their market share. For example, Chen Shucheng launched Meme Xpress, a new bubble milk tea franchise, in Singapore in September 2020.
North America Bubble Tea Market
North America’s bubble tea market share emerged as the second-largest after Asia Pacific and is expected to remain there for the rest of the forecast period. The growing popularity of tea-based drinks is causing a slight rise in the consumption of this tea in North American countries. Meanwhile, the consumption of pearl milk tea in Europe increased about the same period as in APAC countries.
Bubble Tea Market Competitive Landscape:
The major companies contributing to the global bubble tea market growth include The Bubble Tea Company, Bubble Tea House Company, Bobabox Limited, Cuppotee, Fokus Inc., Gong Cha, Lollicup USA, Inc., Sumo’s (M) Sdn Bhd, Ten Ren’s Tea Time, and Troika JC.
View Full Report: https://www.datamintelligence.com/research-report/bubble-tea-market
Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
2) Any query regarding the scope offered will be addressed within 24- 48 hours.
3) An Excel sheet with market numbers will be provided separately.
The Full Report has the below insights.
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable market size projections (2022-2029).
- Visualize the composition of the global bubble tea market segmentation component, base ingredient, flavor, distribution channel, and region, highlighting the key commercial assets and players.
- By Component: Flavor, creamer, sweetener, tapioca balls & popping balls, and others
- By Base Ingredient: Black tea, green tea, and others
- By Flavor: Original, fruit, chocolate, coffee, and others
- By Distribution Channel: Supermarket/hypermarket, specialty stores, online sales, and others
- By Region: North America, Europe, South America, Asia-Pacific, and Middle East and Africa.
- Identify commercial opportunities in the global bubble tea market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis and pricing analysis.
- Excel data sheet with thousands of the global bubble tea market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in Excel for the key product of all major market players.
- The report will provide access to approximately 50+ market data tables, 40+ figures and close to 180 pages.