New York, USA, May 18, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global bubble tea market is anticipated to rise at a stable CAGR of 7.4%, thereby garnering a revenue of $4,552.9 million in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the bubble tea market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Prominent Market Players:
Some prominent players in the bubble tea market are
- Kung Fu Tea
- Bobabox Limited
- Bubble Tea House Company
- Cuppotee
- Gong Cha
- ShareTea
- Sumo's (M) Sdn Bhd
- ViVi Bubble Tea
- Ten Ren's Tea Time
- The Bubble Tea Company, among others.
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
Stay ahead of your Competitors, Request a PDF Sample of the Bubble Tea Market@ https://www.researchdive.com/download-sample/4743
For instance, in November 2021, Jollibee Foods Corporation, a Filipino multinational fast-food chain announced the acquisition of Taiwanese bubble tea café operator Milkshop International. The acquisition is anticipated to help Jollibee achieve its aim of increasing the company’s market share by catering to larger customer base.
Impact of Covid-19 on the Market
The Covid-19 pandemic had disrupted the routine lifestyle of people across the globe and the subsequent lockdowns had adversely impacted the industrial processes across all sectors. The bubble tea market, on similar lines, had been negatively impacted by the pandemic and the subsequent lockdowns. Shutting down of manufacturing industries, travel restrictions, and closure of restaurants and hotels had collectively led to a massive decline in demand for bubble tea products. Similarly, disruption in global supply chains led to a shortage in supply of raw materials required for production of bubble tea products which further negatively affected the market.
However, government initiatives to boost the economy are helping the market to recover and gain their lost momentum back.
Impact of Post COVID-19 on the Bubble Tea Market has the highest growth, Connect with an expert for more Insights@ https://www.researchdive.com/connect-to-analyst/4743
Segments of the Market
The Research Dive report has fragmented the bubble tea market across different segments such as ingredient, flavor, component, and region.
Ingredient: Black Tea Base Sub-segment to be the Most Dominant
The black tea base sub-segment is expected to generate the highest yield of $1,864.8 million by 2028. Black tea as a base ingredient of bubble tea offers numerous health benefits such as boosting energy, improving metabolism, enhancing heart health, etc. All these health benefits have helped in increasing the demand for black tea base which is predicted to become the main growth driver of the market in the 2020-2027 timeframe.
Flavor: Fruit Flavors Sub-segment to have the Maximum Market Share
The fruit flavors sub-segment of the bubble tea market is expected to have the largest market share and generate the highest revenue of $2,820.3 million by 2028. The large variety of fruit flavors that are available in the market such as mango, kiwi, pineapple, watermelon, lychee, strawberry, etc. is expected to be the most important factor contributing to the growth of this sub-segment in the forecast period.
Component: Liquid Sub-segment to Generate the Highest Revenue
The liquid sub-segment is expected to generate the highest revenue and surpass $1,703.4 million by 2028. There is an increasing trend of mixing bubble tea with liquid flavors such as black tea, oolong tea, green tea, etc. This trend is projected to become the main growth contributor of this sub-segment.
Region: Market in the North America Region to be the Most Profitable
The bubble tea market in North America region is anticipated to have the largest market share as well as be the fastest growing market. It is predicted to register a revenue of $2,432.3 million by 2028. The increase in consumption of various flavors of bubble tea such as coffee, fruit, chocolate, etc. is expected to be the primary growth driver of the market in this region. Additionally, decline in demand for carbonated drinks and increase in consumption of tea-based fruity beverages is predicted to augment the growth rate of this market.
Dynamics of the Market
Drivers: Health benefits associated with bubble tea has led to an increase in its demand which is expected to drive the market in the forecast timeframe. Along with this, product launches by key market players of the bubble tea market are anticipated to boost the market in the analysis period.
Opportunities: Introduction of new bubble tea flavors such as banana, kiwi, apple, etc. is predicted to offer numerous growth opportunities to the market in the 2021-2028 timeframe. Moreover, strategic acquisitions by major market players are anticipated to further boost the bubble tea market.
Restraints: However, according to market analysts, the rise in coffee consumption might become a restraint in the growth of the market.
Inquire here for More Insights of key Company's Development Strategic Report@ https://www.researchdive.com/purchase-enquiry/4743
Finally, this comprehensive report also summarizes many crucial facets of the bubble tea market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
Related Trending Article Links:
- Global Bubble Tea Market to Rise at a CAGR of 7.4% and Surpass $4,552.9 Million by 2028, Owing to New Bubble Tea and Flavor Launches
- A Guide to Choose your First Bouncy, Chewy Refreshment—Bubble Tea
