Pune, India, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The global bubble tea market size was USD 2.17 billion in 2021. The market is projected to grow from USD 2.29 billion in 2022 to USD 3.78 billion by 2029, exhibiting a CAGR of 7.40% during the 2022-2029 period. This information is provided by Fortune Business Insights, in its report titled, “Bubble Tea Market, 2022-2029.”
Report Coverage:
The report presents a systematic study of the market segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the bubble tea market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key bubble tea players and their prominent strategies to stay in the dominating position.
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List of Key Players Mentioned in the Report:
- Chatime Group (China)
- Gong Cha (Taiwan)
- Coco Fresh Tea & Juice (Taiwan)
- Quickly (U.S.)
- Xing Fu Tang (Taiwan)
- Lollicup USA, Inc., (U.S.)
- TIGER SUGAR (China)
- Yummy Town (Cayman)
- Holdings Corporation (Happy Lemon) (Taiwan)
- O.I. The Co, LTD. (Taiwan)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 7.40% |
| 2029 Value Projection | USD 3.78 Billion |
| Base Year | 2021 |
| Bubble Tea Market Size in 2021 | USD 2.17 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 201 |
| Segments Covered | By Type, By Flavor, By Geography |
| Bubble Tea Market Growth Drivers | Availability of a Wide Range of Products for Enticing Younger Generation to Boost Growth |
Segments:
Shift of Consumers Toward Black Tea Due to its Health-Imparting Properties Boosts Market's Performance
Based on type, the market is segregated into black tea, green tea, oolong tea, and white tea. The black tea segment is projected to grow at a significant CAGR during the forecast period owing to its increased preference by health-conscious consumers across every region.
Fruit Segment is Dominating Backed by High Consumer Preference
By flavor, the market is classified into coffee, fruit, chocolate, original, and others. Among various flavors, the fruit flavor is more popular and this segment dominated the market in 2019 due to its high nutritional value as compared to other flavors.
Based on region, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Drivers and Restraints:
Availability of a Wide Range of Products for Enticing Younger Generation to Boost Growth
The expanding consumer preferences for items in this era are influenced by a number of variables, including taste preferences, price, brand, and location accessibility. Due to all of these factors, tea manufacturers must create high-quality teas while considering consumer preferences. The rise in popularity of bubble milk tea is primarily attributed to its flavor, affordability, and ongoing reinvention of the traditional tea recipe. Given that it is available worldwide and comes in a variety of flavors, including fruit-flavored, green jasmine, and black tea-based milk teas, bubble milk tea has a sizable market potential.
COVID-19 Impacts:
Rising Cost of Raw Materials and Transportation Due to the Pandemic Plummeted Growth
Due to the COVID-19 outbreak, businesses, including restaurants, farms, and factories had to close down completely to maintain safety protocols and institute social segregation. Transportation has been delayed as a result, and the functioning of both supplies (tea estates) and demand for the consumption points came to a halt due to manpower shortage and decrease in customer visits to coffee shops during the lockdown.
Regional Insights:
Asia Pacific to Lead Backed by the Presence of Entrepreneurs in the Industry
The highest bubble tea market share is held by Asia Pacific, which reached USD 0.09 billion in 2021. The nations with highest sales are anticipated to be Vietnam and Taiwan. To draw customers and strengthen their market position, manufacturers or business owners in the boba tea sector are taking the risky step of opening their own restaurants or cafes.
The market in North America, which came in second place after Asia Pacific, is anticipated to stay put for the duration of the forecast period. The popularity of tea-based beverages is driving a gradual increase in the consumption of this tea in North American nations.
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Competitive Landscape:
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview on Parent/ Related Market
- Overview on the Global Tea Market
- Overview on the Availability of Raw Materials Required in the Production of Bubble Tea
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities due to COVID-19
- Overview on Parent/ Related Market
- Global Bubble Tea Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Black Tea
- Green Tea
- Oolong Tea
- White Tea
- By Flavor
- Fruit Flavor
- Original Flavor
- Chocolate Flavor
- Coffee Flavor
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type
TOC Continued…!
Key Industry Development:
May 2022: To meet customer demand, Barroco by Café De Bangkok offers about 21 different flavors of boba tea, including Cotton Candy and Japanese Sweet Potato. The café also serves a tantalizing Thai Bubble Tea with cream cheese.
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