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Bubble Tea Market to Rise at 7.51% CAGR over 2023-2030; Expanding Range of Boba Tea Offerings to Augment Market Share

April 20, 2023 | Food & Beverages

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/bubble-tea-market-101564


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.


Competitive Landscape


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:



  • July 2020: Gelatissimo Pty Ltd. introduced a new brown sugar bubble milk tea across all 43 Gelatissimo stores in Australia.


List of the Companies Profiled in the Report:



  • Chatime Group (China)

  • Gong Cha (Taiwan)

  • Coco Fresh Tea & Juice (Taiwan)

  • Quickly (U.S.)

  • Xing Fu Tang (Taiwan)

  • Lollicup USA, Inc. (U.S.)

  • TIGER SUGAR (China)

  • Yummy Town (Cayman) Holdings Corporation (Happy Lemon) (Taiwan)

  • K.O.I. The Co, LTD. (Taiwan)


Further Report Findings



  • Asia Pacific, which was valued at USD 0.96 billion in 2022, had the highest bubble tea market share. The nations with the highest sales are anticipated to be Vietnam and Taiwan. To draw customers and increase their market share, manufacturers and business owners in the boba tea sector are opening their own cafes and restaurants. For instance, Chen Shucheng launched Meme Xpress, a new bubble milk tea franchise, in Singapore in September 2020.

  • The North America market emerged as the second-largest after Asia Pacific and is anticipated to hold onto that position for the duration of the projection period. The popularity of tea-based beverages is driving a modest increase in the consumption of this tea in North American nations. Meanwhile, the European market also saw a rise in pearl milk tea consumption around the same time as APAC countries.


Table of Segmentation
















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 7.51% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Type



  • Black Tea

  • Green Tea

  • Oolong Tea

  • White Tea



By Flavor



  • Fruit

  • Original

  • Chocolate

  • Coffee

  • Others



By Geography



  • North America (By Type, Flavor, and Country)

    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)



  • Europe (By Type, Flavor, and Country)

    • U.K. (By Type)

    • France (By Type)

    • Germany (By Type)

    • Spain (By Type)

    • Italy (By Type)

    • Russia (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, Flavor, and Country)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • ASEAN (By Type)

    • Rest of Asia Pacific (By Type)



  • South America (By Type, Flavor, and Country)

    • Brazil (By Type)

    • Argentina (By Type)

    • Rest of South America (By Type)



  • Middle East and Africa (By Type, Flavor, and Country)

    • South Africa (By Type)

    • U.A.E. (By Type)

    • Rest of Middle East & Africa (By Type)




Bubble Tea Market
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  • 2019-2022
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