Farmington, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The Global Bubble Tea Market Size Was Valued At 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 2030, Exhibiting A CAGR Of 7.40% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. As a result, the demand for bubble tea is lower than expected in all areas compared to before the pandemic. Our research shows that the world market will grow 2.76 percent less in 2020 than it did in 2019.
Bubble Tea kept getting more and more popular in the area where it began. It then spread to other western countries like Canada and the U.K., where it is now a mainstay because of its unique recipe. This popular sweet tea is made with high-quality milk, tapioca pearls, fruit powder, creamer, and sweeteners. Bubble milk tea has become a worldwide cultural icon. It shows how Taiwan is trying to improve its reputation in the food service business by coming up with new food ideas. Nextrends Asia 2021 showed, among other things, that from 2018 to 2021, Taiwan's exports of the raw materials, packaging, and machinery used to make pearl milk tea went up by 330%. Also, the growth of gastronomic tourism, the rise of health-conscious people, and the impact of social media have all helped the country's potential to grow.
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Recent Developments:
- April 2022: BUBLUV, a New York-based startup, introduced better boba alternatives nationwide. The drink is essentially keto-friendly and gluten-free and comes in three flavors: Black Milk Tea with Tapioca Pearls, Matcha Soy Latte with Tapioca Pearls, and Passionfruit Oolong Guava with Tapioca Pearls.
- May 2022: Barroco by Café De Bangkok offers boba tea in approximately 21 flavors, including cotton candy and Japanese sweet potato, to meet consumer demand. The café also serves exciting Thai bubble tea served with cream cheese.
Segment Overview
Type Insights:
More people are buying black tea because it is good for them. This is good for the market.
During the period covered by the forecast, the segment of black tea is expected to grow at a high CAGR. This is because people in every part of the world who care about their health like black tea more and more. People are told to drink black tea because it has powerful anti-aging, anti-diabetes, and antioxidant properties. More and more people are buying natural and organic food and drinks. One of the most important things that will help this market segment grow is this.
The segment for black tea is expected to have the biggest share of the market, followed by the segment for green tea. NCBI says that eating healthy, natural ingredients like green tea on a regular basis can help prevent weight gain and cause weight loss. Green tea has been shown to help people keep their weight in check and give them more energy over time.
Flavour Insights:
Fruit Flavour Segment is Dominating It has a lot of support from customers.
The market is split up into coffee, fruit, chocolate, original, and other flavours. The most popular flavour is fruit, and this part of the market dominated in 2019. It comes in flavours like lychee, mango, passion fruit, peach, plum, strawberry, avocado, banana, grape, kiwi, lemon, and more. This segment is expected to grow a lot over the next few years because it has a higher nutritional value than other flavours, consumers prefer it, and tea-based fruity drinks are very popular.
People of all ages want more drinks with chocolate in them, so the chocolate segment is expected to grow the most in the coming years. Milk tea that tastes like chocolate is very popular. Mixing chocolate powder with milk makes it taste better. Aside from this, coffee flavour is also expected to have a large market share over the next few years because coffee is becoming more popular as a healthy drink.
Regional Outlook:
In 2021, the Asia-Pacific market was worth USD 0.90 billion and had the largest share. Countries like Vietnam and Taiwan are likely to sell the most. Manufacturers or business owners in the boba tea industry are opening their own restaurants or cafes to attract customers and strengthen their presence on the market. In September 2020, Chen Shucheng opened a bubble milk tea franchise called Meme Xpress in Singapore.
North America has the second-largest share of the bubble tea market, after Asia and the Pacific. This is likely to stay the same during the forecast period. Tea-based drinks are becoming more popular, so people in North America are slowly drinking more of this tea. Also, there are more boba stores in the U.S. and Canada now that people are more interested in drinks with no or little alcohol. Because of this, the market has grown even more.
The market for pearl milk tea grew in both Asia and Europe around the same time. In 2009, boba drink factories for brands like CHATIME and Bubbolitas opened for the first time. Since then, the market has continued to go up. For example, the first Italian bubble tea chain, Frankly, grew by about 148% in June 2022 compared to June 2021 thanks to a crowdfunding campaign. Because the campaign made so much money, it will go on for longer. Because of this, the company wants to add more products and build up its brand. These kinds of projects make the huge growth potential of the companies even bigger.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 7.40% from 2023 to 2030. |
| Revenue Forecast by 2030 | 3.78 Billion |
| By Type | Black Tea, Green Tea, Oolong Tea, White Tea, Other |
| By Flavour | Fruit, Original, Chocolate, Coffee, Others |
| By Companies | 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) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
People are becoming more interested in teas with strong, new flavours. This is a big trend.
People from all over the world talk about Bubble Tea because it is becoming more popular and is different from other drinks. Consumers are becoming more interested in new drinks with bold flavours and are willing to try out different flavours. This keeps their attention and helps the market grow. Bubble milk tea has become a symbol of Gen Z because more young people than any other age group drink it. For example, a study by the "Business Times Newspaper" found that Southeast Asia spent about USD 3.7 billion in August 2021 to meet the growing demand from young people for "milk tea" and other similar new drinks. Also, a study by the finance startup Momentum Works and the payment startup Qlub found that Indonesia had the best bubble milk tea market in all of Southeast Asia. Aside from this, the fact that bubble tea is low in fat and calories and has many health benefits, such as a high antioxidant value, makes it more popular on both the domestic and international markets.
Driving Factors:
For growth, it's important to have a wide range of products that appeal to younger people.
More and more people choose products based on how they taste, how much they cost, what brand they are, and how easy they are to get to. Because of all of these things, it's important for companies to make high-quality teas that meet the needs of customers. Bubble milk tea is becoming more and more popular because it tastes good, is cheap, and the basic tea recipe is changed all the time. Bubble milk tea has a big market potential because it comes in many different types and flavours, such as fruit-flavored, green jasmine, and black tea-based milk teas. For example, in April 2022, a U.S. company called Bubluv Inc. started selling bubble tea made with tapioca starch and konjac in three flavours: black milk tea with tapioca pearls, matcha soy latte with tapioca pearls, and oolong guava with tapioca pearls.
Also, the companies are aware that lactose intolerance is becoming more common and are working to make lactose-free bubble milk tea for people who need it. For example, in April 2020, Chatime, a company that makes bubble tea, started selling teas made with oat milk for people who can't have lactose. These teas include Chatime Pearl Milk Tea and Grass Jelly Roasted Milk Tea. There are different kinds of milk tea, so people can choose which one they want. These new product lines are also a way to attract a lot of customers from all over the world through marketing. Also, the growth has been helped by the fact that millennial are now more interested in these kinds of products because they want high-quality teas with unique flavours.
The fact that people are looking for healthier options will help growth.
People who have a lot going on in their lives are more likely to have health problems like diabetes and obesity. Because of this, they have started drinking healthier drinks like ginger tea and boba teas, which are easy to change. Milk tea is becoming more popular because it is easy to make your own with different tea bases and toppings like jelly, fruit bits, syrups, and tapioca balls. Studies have shown that green tea milk tea can help lower blood pressure and the chance of getting cancer. Bubble milk tea also helps keep the right balance of vitamins and minerals in the body because it has yoghurt, cream, fruit bits, and other things in it. The National Library of Medicine published a study in 2022 that says chewing tapioca pearls can raise the levels of C-protein (CRP) and calcium (Ca) in the saliva. Milk tea is also becoming more popular in the Middle East and Africa, just like it is in the U.S. and Asia. In September 2021, for example, a lot of new bubble tea shops opened in Dubai. By opening more boba milk tea shops, companies like Koi The Co, Moge Tee, and M.A.D. Modern Asian Desserts grew their business in the country.
Restraining Factors:
Growth will be slowed by the fact that there are other drinks with caffeine.
Even though there is a growing demand for these new types of tea drinks, the growth of the market is threatened by the wide availability of other caffeinated and traditional drinks, like coffee and chocolate, and by the fact that Western countries drink a lot of coffee. Coffee and tea are the most popular and well-liked nootropic drinks all over the world. A lot of people need these drinks with caffeine to get going in the morning. The growth of the global market is also slowed by the fact that there are good alternatives that offer similar benefits, such as unsweetened tea, coconut water, teas with fruit added, and others. Also, they depend a lot on Asian countries like Taiwan to get raw materials like tapioca balls, which slows down production and changes how they run their business as a whole. All of these issues make it harder for the global market to grow.
Key Segments Covered:
Top Market Players:
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), and others.
By Type
- Black Tea
- Green Tea
- Oolong Tea
- White Tea
- Others
By Flavour
- Fruit
- Original
- Chocolate
- Coffee
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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