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The global bubble tea market size was valued at USD 1.89 Billion in 2018 and is projected to reach USD 3.49 Billion by the end of 2026, exhibiting a CAGR of 8.09% in the forecast period (2019-2026).
Coffee and tea are the traditionally consumed beverage products and modified tea product called bubble tea have gained immense popularity in recent years across the world especially in Southeast. It has various names associated with it such as boba tea, pearl milk tea, boba juice, bubble milk tea, or simply bubble tea. It is made using various ingredients.
The major ingredient is the tapioca pearls/balls that are added to the tea. These tapioca balls that are added to the tea are chewy and is a flavor addition. Bubble tea possesses various attributes such as it is low-fat in nature and had low-calorie content. Various components that are added include flavors, tapioca pearls, sweeteners, tea ingredients, cream, and water.
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The global bubble tea industry is expected to grow at a significant CAGR, owing to various health benefits associated with it such as it acts as an antioxidant. The black tea is consumed in large quantities when compared to the other types, owing to the presence of anti-inflammatory properties.
“Availability of Various Types and Flavors of Bubble Tea Provides more Options to the Consumer which caters the Growth of the Market”
There are various types and flavors of bubble tea available in the market, such as fruit-flavored bubble tea, green jasmine bubble tea, and black tea. The fruit-flavored bubble tea has various types such as fruit-flavored cream drink and sweetened fruit drink. The lactose-intolerant population are given an option to consume black bubble tea, green jasmine bubble tea, green bubble tea, and others. The availability of various types of bubble tea gives the consumer more options which is a marketing strategy that helps attract more consumers. Bubble tea outlets are also launching new flavors and formulations in order to attract consumers.
“Consumer Shift towards Healthy Alternatives such as Replacing Sugar is Expected to Aid in the Growth of the Bubble Tea Market”
Diseases associated with the consumption of sugar such as obesity and diabetes has led the consumers to make a shift towards sugar alternatives such as stevia, agave, and honey. These are types of natural sweeteners which are added to the bubble tea replacing sugar. Health-conscious people and the diabetic population prefer consuming these natural sweeteners when compared to sugar.
“Consumers Shift towards Natural and Organic Food Products to Drive the Demand for The Black Tea Type Segment”
The black tea type segment is projected to grow at a significant CAGR during the forecast period which is owing to the increased preference of health-conscious consumers in every region. Consumers are shifting towards natural and organic food products which is one of the major factors that help in the growth of this segment, as per the bubble tea market report. Followed by green tea, oolong tea is expected to hold the major percentage of the bubble tea market share.
According to NCBI, healthy and natural ingredients such as green tea helps prevent weight gain and also helps induce weight loss when consumed regularly. Green tea has shown long term energy inducing properties and has a positive effect on the regulation of body weight.
“Fruit Flavored Bubble Tea is Dominating the Bubble Tea Market”
Bubble tea is available in different flavors and most popular flavors include coffee, fruit, chocolate, classic/ original, and others. Among the various flavors, fruit flavor bubble tea is more popular and dominated the bubble tea market analysis in 2018.
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Fruit flavored bubble tea includes flavor variants such as lychee, mango, passion fruit, peach, plum, strawberry, avocado, banana, grape, kiwi, lemon, and others. The fruit flavored buble tea segment is expected to grow significantly throughout the forecast period due to its high nutritional value as compared to the other flavors, diversity in flavor, and high consumer preference.
"Asia Pacific is expected to hold the Largest Share due to Large Tea Consuming Population"
The origin and reinvention of bubble tea can be traced to Taiwan. Later on, it has quickly spread across countries of Asia Pacific in recent years. Currently, the Asia Pacific bubble tea market holds the largest share and is projected to grow at a CAGR of 10.07% during the forecast period.
Asia Pacific Bubble Tea Market Size, 2018
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Vietnam and Taiwan are projected to have the largest sales. Followed by Asia Pacific, North America is also expected to hold the second-largest market share throughout the forecast period. Countries in North America are slowly starting to drink this tea.
“Companies in the Industry are Aggressively Expanding Their Franchisees To Cater to the Growing Demand”
The manufacturers are capitalizing on improving the functionality of bubble tea ingredients to cater to the rising demand from the consumers. Companies such as Lollicup USA Inc., Gong Cha, Chatime, CuppoTee Company, and Bubble Tea House Company, have invested in research and development activities in order to offer new variants of the tea for a growing market. Other players operating in the bubble tea market growth are Boba Box Limited, Fokus Inc, Sumos Sdn Bhd, Troika JC. (Qbubble), Gong Cha, and Boba Tea Company.
The bubble tea industry players receiving a high level of popularity and response from the customers are franchising their business into different locations. For instance, Gong Cha founded in 2006 in Taiwan and with rapid expansion strategy, the company currently operates in 17 countries with more than 1,000 franchised stores. In January 2019, Chatime Malaysia Sdn Bhd in its five-year expansion plan revealed that the company intended to aggressively expand its footprint into the overseas market especially in India, U.S., Singapore, and Saudi Arabia.
Bubble tea is also called as bubble milk tea or boba tea. The base component that is used in the preparation of the tea is the tapioca pearls/balls. These tapioca pearls used in bubble tea is chewy in nature and helps add more flavor to the tea. There are various flavors that are added to the bubble tea, such as passion fruit, honeydew, mango, chocolate, ginger, strawberry, peach, plum, coffee, lychee, and other fruit flavors. It possesses various attributes such as anti-inflammatory properties, and antioxidant.
The report provides both quantitative and qualitative insights into the bubble tea market. A detailed bubble tea market analysis including size and growth rate for all the segments is conducted as well. The bubble tea industry is segmented by type and geography.
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Along with this, the report provides an elaborative analysis of the market dynamics such as drivers, restraints, opportunities, and the bubble tea market trends. A brief competitive landscape is provided. There are various key insights which are provided along with the report such as an overview of the industry, health benefits of bubble tea, recent developments in the industry which includes product launches, major mergers and acquisitions, regulatory scenario, trade analysis, and key industry trends.
Value (USD Million)
Fortune Business Insights says that the global bubble tea market was USD 1.89 Billion in 2018.
The global bubble tea market is projected to value at USD 3.49 Billion in 2026 due to the growing popularity of the product among health-conscious consumers.
The global bubble tea market is projected to grow at CAGR of 8.09% during the forecast period (2019-2026).
The U.S. bubble tea market is projected to account for a share of 18.7% in 2026.
The black tea segment is projected to lead the global bubble tea market during the forecast period.
Fruit flavor bubble tea is leading in the flavor segment of the global bubble tea market during the forecast period.
Health beneficial attributes of bubble tea such as low-fat in nature, low-calorie content, and presence of anti-inflammatory properties are the key driving factors for the bubble tea market.
Chatime, Gong Cha, Boba Loca, Kung Fu Tea, and Lollicup USA, Inc. are a few of the key players in the bubble tea market.
Expansion of franchisee stores, investments/ funding, new product launches are the key market trends that are driving the growth of the bubble tea market.
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