New York, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Overview
The Global Bubble Tea Market size is expected to reach USD 2.8 billion by 2024 and is further anticipated to reach USD 5.8 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 8.4% from 2024 to 2033.
The global bubble tea marketplace is swiftly expanding due to factors that includes growing consumer demand for unique beverages, rising disposable incomes, and the drink's developing recognition beyond the Asia Pacific. Flavored bubble tea, specifically fruit varieties, dominates the marketplace, driven by health perceptions. Intense competition in this market fosters innovation, with Asia Pacific leading because of cultural ties and key players. Growth opportunities abound, promising a dynamic landscape of flavor and market growth.
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Important Insights
- Market Size: The market size is expected to reach a market value of USD 5.8 billion in 2033, from its base value of USD 2.8 billion in 2024 at a CAGR of 8.4%.
- Market Definition: The global bubble tea market offers a variety of tea-based drinks with tapioca pearls and other toppings, serving diverse customer preferences.
- By Type Analysis: Flavored bubble tea is projected to dominate the segment with a 29.0% market share by the end of 2024.
- By Base Ingredients Analysis: Black tea is expected to show its dominance in the base ingredient segment with the highest market share in 2024.
- By flavor Analysis: Fruit-flavored bubble tea is anticipated to dominate the flavor segment with 43.2% of the market share in 2024.
- Regional Analysis: Asia Pacific is expected to dominate the global bubble tea market with 39.2% of the market share in 2024.
Latest Trends
- Flavor Innovation & Customization: The bubble tea marketplace is diversifying with flavors like taro, matcha, chocolate, and numerous fruits. Customization alternatives, together with specific flavorings, toppings, and sweetness levels, boost consumer engagement and satisfaction.
- Health-Conscious Choices: Consumers are increasingly looking for more healthy bubble tea alternatives wealthy in antioxidants and vitamins. Popular choices include fruit-flavored, low-calorie, and sugar-free bubble teas.
Bubble Tea Market: Competitive Landscape
The bubble tea market is fiercely competitive and rapidly expanding at very fast pace, with established international manufacturers like Gong Cha and Chatime, alongside rising startups which include BUBLUV. Innovation flourishes, with a focal point on healthier options like low-calorie RTD bubble tea. Major players in this market like Del Monte Foods and Baskin Robbins are entering the fray, at the same time as online retailing and strategic partnerships intensify competition, driving continuous evolution in flavors and ingredients.
Some of the prominent market players:
- Chatime Group
- Gong Cha
- Yummy Towns Holdings Corporation
- O.I The Co. Ltd
- Bobabox Ltd.
- T Bun International
- Troika J C
- Fokus Inc
- Lollicup USA Inc.
- The Bubble Tea Company
- Ten Ren’s Tea Time
- Bubble Tea House Company
- Cuppotee
- Other Key Players
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Bubble Tea Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 2.8 Bn |
| Forecast Value (2033) | USD 5.8 Bn |
| CAGR (2024-2033) | 8.4% |
| Leading Region in terms of Revenue Share | Asia Pacific |
| Percentage of Revenue Share by Leading Region | 39.2% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2024 – 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Type, By Base Ingredients, By Flavor |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Regional Analysis
Asia Pacific is projected to command 39.2% of the global bubble tea marketplace in 2024, owing to cultural resonance, a youthful populace, rising disposable incomes, and urbanization. With a sturdy network of bubble tea shops and the presence of essential brands like Gong Cha and Chatime, the area sustains its dominance. Integration of order tech and revolutionary marketing ensures accessibility, bolstering the Asia Pacific's management within the global bubble tea landscape.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
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Market Analysis
Flavored bubble tea, projected to hold over 29.0% of the market share in 2024, dominates because of its numerous services and adaptability. Its wide range of flavors, from fruity to specific options like taro and matcha, caters to various consumer tastes. The innovation in taste combos maintains the market dynamic, attracting new and repeat customers. Health-aware customers appreciate the nutritional benefits of fruit-flavored options, at the same time strategic promotions and influencer collaborations extend their attraction, ensuring their market dominance.
Bubble Tea Market Segmentation
By Type
- Flavored Bubble Tea
- Creamer Bubble Tea
- Sweetener Bubble Tea
- Jelly Bubble Tea
- Tapioca Pearls Bubble Tea
- Others
By Base Ingredients
- Black Tea
- Green Tea
- Oolong Tea
- White Tea
By Flavor
- Fruit Flavor
- Mango
- Strawberry
- Lychee
- Peach
- Others
- Original Flavor
- Coffee Flavor
- Chocolate Flavor
- Matcha Flavor
- Others
Growth Drivers
- Bubble tea's cultural significance in Taiwan and Asia drives global growth. Brands like Gong Cha and Chatime are expanding in North America, Europe, and beyond, highlighting its international appeal.
- Growing disposable incomes and urbanization, especially in developing regions, boost bubble tea demand. This demographic shift supports the proliferation of bubble tea shops and diverse flavors.
Restraints
- High sugar and calorie content in traditional bubble tea recipes can deter health-conscious consumers. Healthier formulations are essential for sustained market growth.
- Supply chain challenges where sourcing high-quality ingredients and maintaining consistency in tapioca pearls can pose challenges. Supply chain stability is crucial for product quality and affordability.
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Growth Opportunities
- Regions like Africa and South America offer significant growth potential. Establishing a presence in these areas can capture new consumer bases and increase global market share.
- Introducing health-oriented options such as low-calorie, sugar-free, and organic bubble tea presents growth opportunities. Expanding flavor varieties and innovative ingredients can attract a wider audience. Ready-to-drink (RTD) products can cater to convenience-driven consumers.
Recent Developments in the Global Bubble Tea Market
- August 2023: Frazy, a café-quality custom beverage start-up, launched Frazy Boba Tea, adding six new boba flavors to their Frazy Bottles line.
- June 2023: JOYBA's 'Real Tea, Real Milk' campaign, in partnership with Netflix's Ginny & Georgia star, aims to promote enjoying real tea with real milk.
- January 2023: Gong Cha opened its first store in Portugal, managed by franchisee Amelle Morisot, following its European debut in 2019.
- September 2022: Gong Cha opened an outlet at the Merrion Centre in Yorkshire, creating at least 20 jobs, and enhancing local Chinese food and beverage offerings.
- April 2022: BUBLUV, Inc., introduced a healthier Ready-To-Drink (RTD) bubble tea with less than 50 calories and no added sugar.
- May 2022: Baskin Robbins launched 'Tiger Milk Bubble Tea', featuring brown sugar tapioca pearls, available for a limited time in spring and summer.
- April 2022: Chatime opened its first outlet in Blanchardstown, Dublin, offering a variety of authentic Taiwanese bubble tea flavors, with plans for a second outlet in Cork City.
- March 2022: Gong Cha announced plans to expand in the US, adding 60 new outlets over five years in Louisiana, Colorado, and Michigan.
- April 2022: Del Monte Foods launched 'Joyba', a bubbly beverage brand with flavors like coffee, strawberry, cherry, and lemonade.
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