NEWARK, Del, July 26, 2022 (GLOBE NEWSWIRE) -- The global bubble tea market is projected to reach a value of US$ 5.5 Bn by 2031, with sales growing at a robust CAGR of 8.8% for the forecast period of 2021-2031. The market was expected to reach a valuation of US$ 2.3 Bn by the end of 2021. Accelerated demand for healthier beverage alternatives to carbonated drinks coupled with shifts in consumer preferences is fueling market growth for bubble tea.
Bubble tea has a milk base and includes ingredients like chewy tapioca balls, or fruit jelly and boba. It is made using green tea, white tea, black tea, or oolong tea. Bubble tea is also known as pearl milk tea. The demand for bubble tea is predicted to grow at an impressive rate.
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Apart from being a healthier alternative, becoming a trending beverage, especially among younger consumers, has also aided market growth for bubble tea. The option to customize your bubble tea, availability at most cafes, restaurants, convenience, and grocery stores as well as the variety offered has contributed to the market growth.
Changes in consumers’ tastes and preferences have fostered growth for the bubble tea market over the forecast period. Bubble tea’s distinct flavor, easy product availability, and numerous varieties offered will help the market to flourish.
“Bubble tea’s growing appeal to a younger demographic coupled with its popularity as a nootropic beverage will likely supplement the sales of the tea in the market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Bubble tea brands expected to produce novel and unique products over the forecast period.
- Versatility in flavor, health benefits, and social media trends drive the market.
- The U.S. market is anticipated to register a prolific CAGR of 12.4% over the forecast period.
- The Asia Pacific bubble tea market is expected to flourish with multiple market opportunities.
- China is projected to exhibit a 7.5% CAGR.
- Thailand will emerge as a lucrative market over the forecast period with a CAGR of 8.7%.
- Singapore market is forecasted to grow at a CAGR of 10.7%.
- Based on the base ingredient, green tea will lead the market growth over the forecast period.
- By sugar content, reduced sugar/sugar-free category will gain traction over the forecast period.
- Online retailing is predicted to register an 11.9% CAGR.
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Competitive Landscape
Gong Cha, Kung Fu Tea, Lollicup USA, Tiger Sugar, Sharetea, Boba Guys, Tapioca Express, Cha Time, Ten Ren’s Tea Time, YiFang Bubble Tea, CoCo Fresh Tea & Juice, DaBoba, Happy Lemon, Quickly, Cojiitii, and others are some of the manufacturers of bubble tea profiled in the full version of the report.
Key players in the global bubble tea market are focusing on releasing novel and unique flavors of bubble tea. These organizations are focusing on product innovation and targeting the millennial consumer as the group is known for its willingness to experiment with new flavors.
More Insights into the Bubble Tea Market Report
In its latest report, FMI offers an unbiased analysis of the global bubble tea, providing historical data from 2016 to 2020 and forecast statistics for the period 2021-to 2031. To understand the global market potential, growth, and scope, the market is segmented based on base ingredients (black tea, green tea, oolong tea, white tea, others), flavor (original, flavored (nut-flavored, chocolate, fruit, honey, mocha, caramel, vanilla, coconut), sugar content (regular, reduced sugar/sugar-free) format (ready-to-drink, instant mixes), toppings (pearl, grass jelly, coconut jelly, red bean, multiple/ others), distribution channel (direct (B2B), indirect (B2C) (hypermarket/ supermarket, convenience store, grocery retailers, wholesale, other store-based retailing), online retailing), and region.
Bubble Tea Market Regional Analysis
As per the latest report by FMI, the U.S. bubble tea market is expected to register a 12.4% CAGR during the forecast period. Awareness about health issues and their relation to meat consumption has resulted in a shift towards vegan and plant-based diets. This, along with the rise in dairy alternatives is fueling market growth of bubble tea in the U.S.
China bubble tea market is forecasted to grow at a 7.5% CAGR. China is a major bubble tea manufacturer. Due to widespread popularity and prevailing trends as well as the presence of many bubble tea manufacturers in this region, the bubble tea market in China is expected to continue to flourish over the forecast period.
Bubble tea first appeared in Thailand ten years ago, but since has gone out of market trend, staged a strong comeback, and established itself in the region. The bubble tea market in Thailand is predicted to register an 8.7% CAGR. Due to social media, bloggers documenting their “bubble tea experience”, and other factors, bubble tea stores continue to flourish and expand their offerings in this region.
The bubble tea market in Singapore has a long history and is expected to exhibit a prosperous future with a CAGR of 10.7% over the forecast period. After experiencing a downfall due to fierce market competition in 2003, the bubble tea market was revived in 2007 with the entry of several foreign brands.
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Bubble Tea Market Segmentation Analysis
According to the recent report by FMI, based on base ingredient type, the green tea segment is expected to dominate the market over the forecast period. The segment is expected to display an 11.4% CAGR, and account for more than 38% of the global market share. This growth is fueled by the perceived health benefits of green tea.
Reduced sugar/ sugar-free bubble tea will gain traction over the assessment period. As more and more consumers become aware of the negative effects of sugar consumption, the sugar-free or reduced sugar segment of bubble tea is expected to gain popularity. The segment will depict a robust 11.8% CAGR and account for more than 26% of the market share.
By the toppings segment, pearls are anticipated to grow at a prolific CAGR of 10.3% with more than 35% of the global market share. Pearls or boba color varies depending on the additives added to the tapioca and this segment is one of the most trending bubble tea across the world.
Based on the distribution channel, online retailing is expected to exhibit a CAGR of 11.9%. It is expected to be the fastest growing segment owing to consumers' inclination towards the convenience offered.
Bubble Tea Market by Category
By Base Ingredient:
- Black Tea
- Green Tea
- Oolong Tea
- White Tea
- Others
By Flavour:
- Original
- Flavored
- Nut-Flavoured
- Chocolate
- Fruit
- Honey
- Mocha
- Coconut
- Caramel
- Vanilla
By Sugar Content:
- Regular
- Reduced Sugar/Sugar Free
By Format:
- Ready-to-Drink (RTD)
- Instant Mixes
By Toppings:
- Pearl
- Grass Jelly
- Coconut Jelly
- Red Bean
- Multiple/Others
By Distribution Channel:
- Direct (B2B)
- Indirect (B2C)
- Hypermarket/Supermarket
- Convenience Stores
- Grocery Retailers
- Grocery Retailers
- Wholesale
- Other Store based Retailing
- Online Retailing
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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