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The global bubble tea market size valued at USD 1.89 billion in 2018, is projected to reach USD 3.49 Billion by the end of 2026, exhibiting a CAGR of 8.09% during the forecast period (2019-2026).
Coffee and tea are traditionally consumed beverage products. A new tea-based drink called bubble tea has 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, and is made using various ingredients to enhance its taste.
The major ingredient is the tapioca pearls/balls that are added to the tea. These tapioca balls have a chewy texture and are used as a flavor additive. The bubble tea possesses various attributes such as it is low-fat in nature and has 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 its antioxidant properties. The black tea is consumed in large quantities when compared to the other types, owing to the presence of anti-inflammatory properties.
"Availability of Different Bubble Tea Flavors to Increase its Intake Among Consumers"
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 will increase its intake among consumers . Bubble tea outlets are also launching new flavors and formulations in order to attract consumers, thereby supporting the bubble tea market growth.
"Consumer Shift Towards Healthy Alternatives such as Replacing Sugar to Aid the Market Growth"
Diseases associated with the consumption of sugar such as obesity and diabetes has compelled consumers to shift towards sugar alternatives such as stevia, agave, and honey. These are types of natural sweeteners that are added to the bubble tea replacing sugar. Health-conscious people and the diabetic population prefer consuming these natural sweeteners when compared to sugar.
"Rising Preference towards Natural and Organic Food Products to Fuel Demand for Black Tea"
The black tea type segment is projected to grow at a significant CAGR during the forecast period. People around the world are increasingly becoming health-concious., thereby encouraging them to shift towards natural and organic food products which is one of the major factors responsible for the growth of black tea. Following black tea, other types such as green tea, oolong tea are expected to hold the major 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.
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"Fruit Flavored Bubble Tea is Dominating the Bubble Tea Industry"
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 the most popular and dominated the bubble tea market in 2018. 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 bubble 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 Bubble Tea Market Size, 2018
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"Asia Pacific to Hold the Largest Share Owing 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. As per the analysis, Vietnam, Taiwan and bubble tea market Singapore are projected to have the largest sales. Following Asia Pacific, North America is also expected to hold the second-largest market share throughout the forecast period. People in North American countries have slowly started to drink this tea.
"Companies will Focus on Expansion to Cater to the Growing Demand"
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 tea variants for a growing market. Other players operating in the bubble tea market 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 antioxidants.
An Infographic Representation of Bubble Tea Market
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The report provides both quantitative and qualitative insights into the bubble tea market. A detailed analysis of the market size and growth rate for all the segments is conducted as well. The bubble tea industry is segmented by type and geography.
Along with this, the report provides an elaborative analysis of the market dynamics such as drivers, restraints, opportunities, and trends in the bubble tea market. A brief competitive landscape is provided. There are various key insights that 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 scenarios, 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 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 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 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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