The projection term is expected to see a CAGR of 8.8% for the worldwide bubble tea market. In 2022, the market is expected to be worth US$2.50 billion. By the year 2032, it is expected that the market for bubble tea would have grown to a high of US$ 5.82 billion. The specialists at Future Market Insights have calculated a historical CAGR of 7.1% for the relevant market.
The market for bubble tea is expanding quickly as a result of emerging economies and consumers’ increasing inclination to drink healthful beverages including white tea, green tea, oolong tea, and black tea.
According to Future Market Insights’ research, every retailer and manufacturer has a lot of freedom when it comes to introducing their own bubble tea variants with a variety of toppings and creating a brand identity. Bubble tea businesses are utilising the chance to be more inventive and wow their clientele rather than letting competition hinder them.
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FMI has analyzed that Influencers and bloggers have been helpful in reawakening consumer interest in the bubble tea trend. Bubble tea sales are influenced by the speed at which information goes about, its promotion, and brand visibility. Brands are seeking new strategies that can be used to create an engaging experience, especially since bubble tea is a beverage that can be made with a variety of appeals, flavors, and textures.
Key Takeaways from Bubble Tea Market
- The market for bubble tea is expected to expand at volume CAGRs of 9.3% and 8.6% in South Asia and East Asia, respectively, through 2032.
- On the basis of the base ingredient, green tea holds an approximate volume share of 38% in 2022.
- Global consumption of bubble tea is estimated to reach 475,501 tons by the end of 2032.
- Based on flavor, demand for flavored bubble tea in Latin America is expected to be valued at US$ 83.6 Mn in 2022.
- Asia Pacific is projected to dominate the bubble tea market with a CAGR of 10.7% during the forecast period.
- On the basis of distribution channels, the online retail segment is anticipated to expand at a volume CAGR of 11.9%.
- Value of the bubble tea market in North America is currently US$ 307.1 Mn.
“Installation of Kiosks and Vending Machines would provide the key manufacturers with an upper hand to gain considerable profits, along with a focus on the establishment of cafes and restaurants across the globe to provide new, innovative flavors– Says an FMI Analyst
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Competition Landscape in the Bubble Tea Market
Leading industry companies are expected to make constant advancements in diversifying the flavors of bubble tea. The recommendation from health experts, and untapped potential in emerging markets offer beneficial growth opportunities for bubble tea. Significant market players are anticipated to invest in R&D initiatives for improvising the properties, flavors, and slushiness of the bubble to improve their competitiveness during the forecast period.
Gong Cha, Lollicup USA Inc., Fokus Inc., Sumo’s Sdn Bhd, Qbubble Troika J C Inc. are some key players in the combat boot market.
Recent Developments in the Bubble Tea Market:
- In 2019, Secret Recipe joined the bubble tea bandwagon. A series of bubble tea flavors such as boba brown sugar with milk, boba caramel milk tea, boba milk tea, boba brown sugar milk tea, boba kopi-C, boba midnight blue, boba signature fruit tea, and boba cham were released.
- In August 2019, TA Associates announced an investment in Gong Cha Group considering high-growth business opportunities for products.
Key Segments in the Bubble Tea Market
By Base Ingredient:
- Black Tea
- Green Tea
- Oolong Tea
- White Tea
- Others
By Sugar Content:
- Regular
- Reduced Sugar/Sugar-Free
By Toppings:
- Pearl
- Grass Jelly
- Coconut Jelly
- Red Bean
- Multiple/Others
By Distribution Channel:
- Direct (B2B)
- Indirect (B2C)
- Online Reatailing
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Frequently Asked Questions
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About Future Market Insights (FMI)
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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