Newark, June 01, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2.6 billion in 2022 bubble tea market will reach USD 6.2 billion by 2032. The bubble tea industry has had enormous growth throughout the years and is still growing rapidly. Globally, it has grown to be a multibillion-dollar business. The market is expected to increase as a result of factors such as rising consumer demand, new product development, globalization, and the growing acceptance of Asian food and drinks.
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Key Insight of the Bubble Tea Market
Asia Pacific is anticipated to expand at the fastest CAGR of 10.6% over the projection period.
Asia Pacific is expected to grow at the fastest CAGR of 10.6% over the forecast period. Taiwan is where bubble tea was originally consumed and introduced. One of the biggest users is Thailand, where each person had six cups of bubble tea on average monthly in December 2019, according to the ASEAN Post. The usage of social media by consumers and influencers has increased product demand in this region.
In the bubble tea market, the fruit flavor segment dominated the market in 2022 with a market share of 38.1%.
The fruit flavor segment dominated the market in 2022 with a market share of 38.1%. The market for bubble tea has a significant fruit flavor category that provides consumers with a variety of delicious and pleasant alternatives. For those who enjoy bubble tea, fruit flavors are popular because they give the traditional tea-based drink a fruity touch. Bubble tea establishments frequently develop unique taste combinations by combining several fruits or using complimentary flavors in addition to solitary fruit flavors. For instance, passion fruit and peach might be mixed for a bitter and sweet taste, while strawberries and mango can be mixed for a tropical flavor. These inventive pairings satisfy the needs of customers looking for unique and fascinating flavor experiences.
In the bubble tea market, the green tea segment is expected to expand at the fastest CAGR of 10.6% over the projection period.
The green tea segment is expected to expand at the fastest CAGR of 10.6% over the projection period. Due to the abundance of nutrients in green tea that are known to promote good health, these product advantages will accelerate the segment's growth during the projected period. Green tea also contains polyphenols, which are organic substances that have a number of health advantages, including the ability to reduce inflammation and aid in the fight against cancer. Additionally, green tea taste has less caffeine than coffee, but still enough to have an impact. Additionally, it contains L-theanine, an amino acid that helps to enhance brain function.
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Market Dynamics
Driver
In recent years, the bubble tea business has grown significantly. Bubble tea makers and merchants have reacted to consumer demand for healthier options by giving a greater selection of ingredients and customizing possibilities. Many businesses now offer low-sugar or sugar-free versions, as well as alternate milk options such as almond or soy milk. These healthier options have attracted health-conscious customers, expanding the bubble tea customer base.
Opportunity
The emergence of e-commerce and internet platforms allows bubble tea enterprises to access more consumers and increase sales. Establishing a strong online presence, which includes social media marketing, e-commerce, and delivery services, may assist customers to reach beyond physical shop locations. Engaging clients via digital media may help increase brand recognition and customer loyalty.
Some of the major players operating in the bubble tea market are:
• ChaTime
• Lollicup USA, Inc.
• Bubble Tea Supply, Inc.
• T Bun International
• Ten Ren’s Tea Time
• Troika JC
• Bobabox Ltd.
• Bubble Tea House Company
• Fokus, Inc.
• Gong Cha
Key Segments cover in the market:
By Flavor
• Coffee
• Fruit
• Strawberry
• Taro
• Classic
By Type
• Black Tea
• Green Tea
• Oolong Tea
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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