Bubble Tea Market By Product (Black Tea, Green Tea, Oolong Tea, White Tea) By Component (Liquid, Flavor, Creamer, Sweetener, Others) - Global Opportunity Analysis, Region, and Industry Forecast, 2023-2031
The global bubble tea market size was evaluated at USD 3.27 billion in 2022 and it is expected to hit around USD 6 billion by 2031, growing at a CAGR of 6 % from 2023 to 2031. The rising popularity of green tea across the globe is expected to boost the market for bubble tea during the forecast period.
Bubble tea, which was invented in Taiwan in the late 90s, is a cold and frothy drink made with cold milk and tapioca pearls known as "boba." Bubble tea has made its mark in the food and beverage industry with its distinct taste and wide range of flavors. Bubble tea is made up of tea, milk, ice, and a variety of flavors.
The addition of tapioca pearls to bubble tea has increased its popularity in recent years, particularly among the younger generation. Tapioca pearls, the main ingredient in bubble tea, are made from cassava tapioca starch. These tapioca pearls are then softened and chewy by being sweetened with honey and brown sugar. Bubble tea's increased sales are attributed to the beverage's proven health benefits. Bubble tea's popularity has grown rapidly due to the combination of sweet and sour flavors, as well as the presence of refreshing tea.
Covid-19 Impacts:
The unexpected outbreak of Coronavirus disrupted the entire global economy by temporarily shutting down industries. Similarly, the pandemic had a negative impact on the global bubble tea market. During the Covid-19 pandemic, strict regulations forced restaurants, cafes, and shops to close, resulting in massive losses for the bubble tea market due to declining demand. Major regions, including North America and Europe, are reliant on Asian countries such as Taiwan, Vietnam, Singapore, India, and China for the base ingredients used in the preparation of bubble tea.
Because of the massive spread of the virus in these countries, export services were halted for an extended period of time in order to contain the spread of Coronavirus. The disruption in import and export facilities resulted in a scarcity of raw materials needed to make bubble tea. The critical period of the Covid-19 pandemic altered consumer behaviors, resulting in fewer visits to restaurants/cafés and lower consumption of upscale beverages. However, as governments began to ease the lockdown and restrictions, companies in the bubble tea market began to recover at a rapid pace.
Bubble Tea Market REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
3.27 Bn |
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Projected Market Value (2031) |
6 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Product, By Component, & By Region |
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Segments Covered |
By Product, By Component, & By Region |
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Forecast Units |
Value (USD Billion), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Growth Factors:
Because of the growing popularity of fancy drinks in urban areas around the world, the global bubble tea market is expected to undergo significant change during the forecast period. Because of rising health concerns, consumers are shifting away from carbonated and alcoholic beverages and towards drinks made with natural ingredients; this factor is expected to increase the global popularity of bubble tea. Changing beverage consumption preferences, as well as the easy availability of bubble tea in restaurants and coffee shops, are driving the growth of the bubble tea market.
Another factor driving market growth is the rapidly increasing adoption of cross-continental food and beverages in many countries. Furthermore, the growing popularity of healthy beverages and the availability of a diverse range of flavors in bubble tea are driving the growth of the global bubble tea market. However, factors such as the availability of low-cost beverage alternatives in the market and the presence of added sugar in bubble tea are likely to stymie the bubble tea market's growth.
Regional Analysis:
In 2022, Asia Pacific will have a market share of more than 37%. Bubble tea originated in Taiwan, and the country's large consumer base has fueled market growth in Asia Pacific. The largest bubble tea markets in Southeast Asia are Indonesia and Thailand. Vietnam, as the third largest bubble tea market in Southeast Asia, remains an appealing market during the forecast period.
At the same time, the Singapore market is experiencing significant growth as a result of the country's rising purchasing power. Enough room for small and large-scale players in the region, as well as the availability of low-cost raw materials, is another factor supporting the growth of the Asia Pacific bubble tea market. The presence of major key players in the region has contributed to the growth of the Asia Pacific bubble tea market. Gong Cha, Chatime, Bubble Tea House Company, Coco Fresh, CuppoTee company, and teatime are just a few of the major players based in Asia Pacific.
Because of the younger generation's increased consumption of caffeinated beverages, North America is emerging as the second-largest bubble tea market. The rapid adoption of new food and beverage products by the food and beverage industry in North America has aided the emergence of a variety of Asian-based food and beverages. The rising popularity of Asian-inspired foods and beverages in North America is expected to propel the bubble tea market forward during the forecast period.
The lower tea consumption in Latin America creates a barrier to the growth of the bubble tea market. Similarly, the Middle East and Africa bubble tea market is expanding steadily. The changing food consumption trend caused by globalizations, on the other hand, is expected to cause a shift in the bubble tea market in Latin America, the Middle East, and Africa.
Recent Developments:
Competitive Landscape
The Global Bubble Tea Market Some of the major companies include:-
Key Market Players:
Key Benefits of the Report
Bubble Tea Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Product |
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By Component |
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By Geography |
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Customization Scope |
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Pricing |
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