USA, Feb. 22, 2023 (GLOBE NEWSWIRE) --
Boba tea, or pearl milk tea, is another name for bubble tea, which has seen a surge in popularity in recent years, especially among the younger demographic. Bubble tea shops have sprung up in major cities from New York to Tokyo since their inception in the 1980s in Taiwan, where this sweet and refreshing drink was first created. According to a survey by JC Market Research, the worldwide bubble tea market is predicted to continue its growth trajectory in the future years, with a projected CAGR of 7.41% from 2023 to 2031.
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The analysis estimates that by 2031, the worldwide bubble tea industry would be worth $3.84 billion, up from an estimated $2.32 billion in 2023. Many causes, such as shifting tastes, rising incomes, and the proliferation of bubble tea franchises, are driving this expansion.
The rising demand for natural and organic beverages has been a major factor in the development of the bubble tea industry. Tea, milk, and fruit or other flavourings are the standard ingredients, however bubble tea can be tailored to each customer's preferences. Consumers who are concerned about their health are increasingly interested in beverages like bubble tea as alternatives to sugary sodas and other high-calorie drinks. The availability of sugar-free syrups and dairy-free or soy-based milk replacements at many bubble tea establishments has also contributed to the drink's growing popularity among health-conscious customers.
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Increases in the number of countries where people can buy bubble tea are also contributing to the industry's expansion. While bubble tea has been a hit in Asia for quite some time, it is just recently beginning to spread throughout the rest of the world. Koi, Gong Cha, and Chatime are just a few of the major chains that are increasing their footprint in these areas, while new, smaller establishments are also opening. Its expanded availability is fueling the rising demand for bubble tea and expanding the industry.
In addition to this, the rise in popularity of social media and the tendency towards "experiential dining" have been beneficial to the bubble tea industry. The colourful, attention-grabbing beverages have become a trend among young people, and many bubble tea outlets offer specialties that are made to be photographed and posted online. The result has been an uptick in interest in and consumption of bubble tea.
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Yet, there are still obstacles in the bubble tea industry despite the favourable developments. The rising popularity of alternative beverage types like coffee and smoothies is a major obstacle. The widespread use of plastic straws and cups to serve bubble tea has also raised environmental concerns. The expansion of the bubble tea industry could be hindered if consumers, aware of the problems, began to seek out more environmentally friendly options.
The worldwide bubble tea market, however, has a bright future. The market is forecast to expand in the next years on account of factors such as rising social media usage, rising availability, and shifting customer tastes. The bubble tea industry is set for long-term expansion as franchises enter new regions and provide more individualised and health-focused menu items.
Key Market Players:
Kung Fu Tea
Gong Cha
Boba Guys
BossenStore.com
Boba Tea Direct
KRISHNA FOOD INDIA
Bubble Tea Supply
Chatime
Chen En Food Product Enterprise
ShareTea
8tea5
Quickly
Empire Eagle Food
CoCo Fresh
Europe BoBoQ GmbH
ViVi Bubble Tea
Bobabox Limited
Bubble Tea House
Cuppotee
Fokus
Lollicup USA
Sumos (M) Sdn Bhd
Ten Rens Tea Time
The Bubble Tea Company
Troika JC
Fanale Drinks
HUEY-YUHE ENTERPRISE
Karat by Lollicup
Possmei international
Sunnysyrup Food
Sunwide Bubble Tea
Yen Chuan International
Global Bubble Tea Маrkеt Ѕеgmеntаtіоn:
By Base Ingredients
1. Black Tea
2. Green Tea
3. Oolong Tea
4. White Tea
By Flavors
1. Classic Flavor
2. Original Flavor
3. Coffee Flavor
4. Fruit Flavor
5. Chocolate Flavor
6. Other Flavors
By Components
1. Flavors
2. Creamer
3. Sweeteners
4. Liquids
5. Tapioca Pearls
6. Other Components
By Application
1. 18-25 years old
2. 26-35 years old
3. 36-45 years old
4. Other Groups
