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The global bubble tea market size was estimated to be worth USD 2.29 billion in 2022. The market value is slated to rise from USD 2.46 billion in 2023 to USD 4.08 billion by 2030, registering a 7.51% CAGR.
Fortune Business Insights™ presents this information in its latest report titled “Bubble Tea Market Size, Share & COVID-19 Impact Analysis, By Type (Black Tea, Green Tea, Oolong Tea, and White Tea), By Flavor (Original, Fruit, Chocolate, Coffee, and Others), and Regional Forecast, 2023 - 2030”.
Due to its distinctive recipe, the boba tea fad has gained popularity in other western nations, such as Canada and the U.K., and has continued to surge in its home region. The drink is now regarded as a mainstay. This well-liked sweetened tea is made with premium milk, tapioca pearls for sweetness, fruit powder, creamer, and sweeteners. In order to enhance Taiwan's presence in the food service industry, bubble milk tea has become a global cultural icon and represents Taiwan's culinary innovation.
COVID-19 Pandemic Caused Various Roadblocks for the Market
Government agencies were forced to impose stringent closures of eateries, farms, and factories in order to maintain safety precautions and implement social segregation as a result of the COVID-19 outbreak. Transport delays have resulted from this, and the operation of both supplies (tea estates) and demand for consumption points has come to a halt due to a staff shortage and a decrease in consumer visits to coffee shops during the lockdown. The Indian Tea Association 2020 claims that the lockdown in the tea-growing districts, which resulted in a reduction in crop size as well as difficulties in logistics and shipping, has caused an average increase in tea prices of 25%–40%.
Del Monte Foods Unveiled Joyba Bubble Tea Brand in October 2021
With the launch of its Joyba Bubble Tea brand in October 2021, Del Monte Foods joined the boba tea craze that has taken over the U.S. With this new service, the company claims that customers will no longer need to search for a nearby boba shop; instead, Joyba Bubble Tea will let them buy boba at certain Albertsons, Costco, Safeway, Circle K, and Target shops in the country.
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Rising Health Awareness to Drive Bubble Tea Consumption Significantly
Due to the ease of customization of healthy drinks like ginger tea and boba teas, customers are being encouraged to switch to them due to the development of lifestyle illnesses such as obesity and diabetes related to the busy lifestyles of consumers. Due to its versatility in terms of tea bases and toppings like jellies, fruit bits, syrups, and tapioca balls, milk tea is becoming a more popular specialty. Green tea-based milk tea has been shown in studies to be effective for reducing blood pressure and the risk of cancer. Due to the presence of diverse additions, such as yogurt, cream, fruit bits, and others, drinking bubble milk tea also helps the body's vitamin and mineral balance. The aforementioned factors propel the bubble tea market growth.
Major Players Focus on Launching New Boba Tea Flavors and Varieties
To meet the growing demand from consumers, top companies are profiting by enhancing the functionality of the ingredients in boba drinks. Businesses such as Lollicup U.S.A. Inc., Gong Cha, Chatime, and others have made investments in research and development to provide new tea varieties for a burgeoning market. Additional participants in the market include Troika J.C. (Qbubble), Boba Box Limited, Fokus Inc., Sumos Sdn Bhd, and Boba Tea Company. The leading companies in the sector are expanding their operations through franchising into various areas as a result of their strong client popularity and response rates.
Notable Industry Development:
List of the Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
CAGR of 7.51% from 2023 to 2030
Value (USD Billion)