New York, USA, Aug. 16, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global bubble tea market is projected to register a revenue of $4,552.9 million at a CAGR of 7.4% during the forecast period from 2021 to 2028, increasing from $2,595.8 million in 2020. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the growing popularity of bubble tea due to its delicious taste and various health benefits are the major factors expected to accelerate the growth of the global bubble tea market over the forecast period. Bubble tea contain carbohydrates and this is the reason it is the primary source of energy for brain and heart muscles. Besides, the introduction of new bubble tea flavors such as different fruit flavors including banana, kiwi, apple, watermelon, lychee, and others are predicted to generate lucrative growth opportunities for the market by 2028. However, the increase in consumption of coffee may hinder the market growth in the coming years.
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Impact of COVID-19 on the Industry
This is majorly owing to the complete lockdown across various countries, ban on import-export, and travel restriction that has led to severe economic consequences. Besides, the disruptions in supply chain and the non-availability of raw materials have led to delay in the manufacturing process. However, the initiatives taken by governments across various countries to expand the bubble tea business is helping the market to recover.
Black Tea Sub-segment to be Most Profitable
By base ingredient, the black tea sub-segment is projected to account for dominating market share and surpass $1,864.8 million by 2028. Black tea is rich in antioxidants and offers various health benefits such as boosting energy, increasing alertness, improving metabolism, and many more. This factor is driving the growth of the sub-segment.
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Chocolate Sub-segment to Witness Fastest Growth
By flavor, the chocolate sub-segment valued for $181.9 million in 2020 and is anticipated to grow at the fastest rate during the forecast period. The chocolate flavor bubble tea is becoming extremely popular as it provides various health benefits such as relieving physical stress, stimulating the functioning of brain, and reduces the risk of heart diseases.
Liquid Sub-segment to Hold the Largest Market Share
By component, the liquid sub-segment accounted for $930.2 million in 2020 and is projected to account for the majority of market share over the forecast period. This is mainly due to the growing demand for combination of bubble tea with various liquid flavors such as oolong tea, green tea, black tea, and others. In addition, liquid bubble tea can be combined with various syrups and fruit juices, which is estimated to propel the sub-segment’s growth in the analysis period.
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North America Region to be Most Dominant
By region, the North America market for bubble tea accounted for $1,429.3 million in 2020 and is expected to subjugate in the global industry during the forecast period. The dominance of this region can be attributed to the rapid growth in consumption of tea and various flavors that are available in bubble tea such as original, fruit, coffee, chocolate, and other flavors. Besides, the decrease in the demand for carbonated drinks and the growing popularity of tea-based fruity beverages is estimated to boost the demand for bubble tea in the North America region by 2028.
Prominent Market Players
• Kung Fu Tea
• Bobabox Limited
• Bubble Tea House Company
• Cuppotee
• Gong Cha
• ShareTea
• Sumo's (M) Sdn Bhd
• Ten Ren's Tea Time
• The Bubble Tea Company
• ViVi Bubble
These players are implementing numerous strategies to gain a leading position in the global industry.
For instance, in June 2019, Secret Recipe, the leading and largest café chain in Malaysia, launched a series of bubble tea comprising of different flavors including Boba milk tea, Boba brown sugar with milk, Boba signature fruit tea, Boba midnight blue, and others.
Further, the report presents several aspects of these major players such as business & financial performance, latest developments, key strategic moves, SWOT analysis, and product portfolio. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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