Bubble Tea Market Outlook 2031
The global bubble tea market size was valued at USD 2.29 Billion in 2022 and is anticipated to reach USD 4.39 Billion by 2031, expanding at a CAGR of 7.51% during the forecast period, 2023-2031. Bubble tea, also known as pearl milk tea, bubble milk tea, boba juice, boba tea, or simply boba, is a tea-based beverage that was created in the 1980s in Tainan and Taichung.
Most bubble tea recipes include a fruit or milk-based tea base, as well as chewy tapioca balls, also known as bubbles, pearls, or boba. Fruit or syrup flavors are common in ice-blended beverages, which have a slushy texture. The drink comes in a range of flavors and incorporates a number of different components.
Bubble milk tea with tapioca and bubble milk green tea with tapioca are the two most preferred types in the market. Bubble tea is highly consumed in developed nations such as the US, Canada, and Germany, but it is swiftly catching up in emerging markets, such as China, Brazil, and India.
Bubble Tea Market Trends, Drivers, Restraints and Opportunities
- Growing consumer awareness of the health benefits of teas such as green tea, black tea, oolong tea, and white tea is driving the market expansion.
- Rising flavored bubble tea consumption among the younger generation has assisted the expansion of the bubble tea market.
- Dynamic advertising and celebrity endorsements have aided in the bubble tea industry's globalization.
- Rapid urbanization, rising disposable income, and changing consumer tastes, particularly in emerging nations, is propelling the market growth.
- Increasing concerns regarding obesity and diabetes can restraint the growth of the market.
- Bubble tea has a distinct taste profile and texture due to the inclusion of tapioca pearls, providing customers with an experience that is difficult to duplicate at home.
- This factor is expected to increase the footfall in cafes with bubble tea, spurring the market growth.
Scope of Bubble Tea Market Report
The report on bubble tea market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Bubble Tea Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Ingredients (Black Tea, Green Tea, Oolong Tea, and White Tea), Flavors (Original Flavor, Coffee Flavor, Fruit Flavor, Chocolate Flavor, and Others), and Components (Flavor, Creamer, Sweetener, Liquid, Tapioca Pearls, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Bobabox Limited, Bubble Tea House Company, Sumo's (M) SdnBhd, Ten Ren's Tea Time, Lollicup USA, Inc., The Bubble Tea Company, Troika JC, Cuppotee, Fokus Inc., and Gong Cha
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Bubble Tea Market Insights
Ingredients Segment Analysis
Based on ingredients, the market can be segmented into black tea, green tea, oolong tea, and white tea. The black tea segment is expected to expand at a rapid rate during the forecast period. This can be attributed to the rising preference for bubble tea with black tea as a base ingredient.
On the other hand, the green tea segment is expected to grow at a high CAGR during the forecast period, owing to the growth in the number of health-conscious consumers around the world.
Fllavor Segment Analysis
On the basis of flavors, the market can be segregated into original flavor, coffee flavor, fruit flavor, chocolate flavor, and others. The fruit flavor segment is expected to register a high CAGR during the forecast period.
This growth rate is attributed to a shift in consumer taste toward healthier and flavored beverages. The chocolate flavor segment, on the other hand, is expected to grow at a healthy rate due to a growth in consumer awareness of cocoa's health benefits and an increase in its attractiveness across all age groups.
Component Segment Analysis
In terms of components, the market can be fragmented into flavor, creamer, sweetener, liquid, tapioca pearls, and others. The liquid segment is anticipated to account for a significant market share during the forecast period.
This is owing to the wide range of options available, such as blending different liquid flavors and syrups. The sweetener segment is expected to grow at a robust rate due to rise in global demand for sweet beverages.
Regional Outlook
On the basis of regions, the global bubble tea market can be segregated into Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America. North America is estimated to account for a major market share and is anticipated to exhibit a high CAGR during the forecast period.
This is attributed to a rise in consumer awareness about healthy lifestyle and a greater acceptance of healthy beverages among health-conscious consumers. Furthermore, the preference for bubble tea is aided by customers' increased expenditure on healthy beverages.
The market in Europe, on the other hand, is expected to grow at a high CAGR during the forecast period due to strong advertising and celebrity brand backing, as well as increased bubble tea awareness in the region.
Segments
Ingredients
- Black Tea
- Green Tea
- Oolong Tea
- White Tea
Flavors
- Original Flavor
- Coffee Flavor
- Fruit Flavor
- Chocolate Flavor
- Others
Components
- Flavor
- Creamer
- Sweetener
- Liquid
- Tapioca Pearls
- Others
Regions
- North America
- Asia Pacific
- Europe
- Middle East and & Africa
- Latin America
Key Players
Competitive Landscape
The key players in this market include Bobabox Limited, Bubble Tea House Company, Sumo's (M) SdnBhd, Ten Ren's Tea Time, Lollicup USA, Inc., The Bubble Tea Company, Troika JC, Cuppotee, Fokus Inc., and Gong Cha.
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