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Report Overview: Bubble Tea MarketThe global bubble tea market size was USD 1.9 billion in 2020 and is expected to register a compounded annual growth rate (CAGR) of 7.8% from 2021 to 2027. Rising consumption of tea and coffee as nootropic drinks among students and working-class population is a key factor for the market growth. Moreover, zero fat and low calorie contents of such beverages are propelling the demand further. The rising popularity of various kinds of hot beverages is also likely to boost the demand for bubble tea, thereby augmenting the market growth. In addition, health experts recommend that moderate consumption of such drinks boosts concentration and improves brain function. Bubble tea is gaining popularity owing to its distinct taste and availability of various flavors, such as fruits, chocolate, coffee, and simple classic. These beverages are prepared with ice, sugar, and flavored syrups. Rising preference for tea, coffee, and other hot beverages over carbonated drinks is projected to boost the demand for bubble tea. On the other hand, the market may experience sluggish growth over the next few years on account of the recent breakdown of Coronavirus (COVID-19), which has resulted in the lockdown of major cities across the globe.
Product Insights: Bubble Tea MarketBlack tea held the largest market share of more than 45% in 2019 and is expected to maintain dominance over the forecast period 2021-2027. This growth is attributed to the authentic natural flavor of black tea. Moreover, the drink helps reduce the blood sugar level and bad cholesterol and improve gut health. It also acts as an excellent source of antioxidants. On the other hand, the green tea product segment is anticipated to witness the fastest CAGR of 8.1% from 2021 to 2027. The growth can be attributed to the rising awareness about the health benefits associated with the consumption of green tea. Flavor Insights Fruit flavor segment accounted for the maximum market share of more than 37% in 2019 and is expected to maintain the leading position over the forecast period. Availability of various fruit flavors, such as strawberry, passion fruit, mango, pineapple, cantaloupe, watermelon, avocado, coconut, grape, lychee, peach, honeydew, kiwi, and banana, is the key factor driving the segment growth. Coffee is anticipated to be the fastest-growing flavor segment registering a CAGR of 8.2% from 2020 to 2027 owing to rising demand for coffee as a healthy energy drink. European and Scandinavian countries, in particular, are the major consumers of coffee. In 2017, Norway was the largest consumer with a consumption of 12 kg coffee per capita per year.
Regional Insights: Bubble Tea MarketAsia Pacific was the largest regional market in 2019 and accounted for a share of over 35%. Bubble tea was first served and introduced in Taiwan. Thailand is one of the major consumers and according to the ASEAN Post, in December 2019, the average consumption of bubble tea in the country was six cups per person per month. Europe is anticipated to be the fastest-growing regional market from 2020 to 2027 owing to increasing demand for healthy hot beverages. U.K., Germany, and Italy are some of the major contributors in the European regional market. North America is also estimated to experience steady growth over the next few years.
Key Companies & Market Share Insights: Bubble Tea MarketMajor companies are focusing on expanding their global presence. In addition, key market players are launching new varieties of flavors and tea options to gain a competitive advantage. For instance, in June 2019, Malaysia-based ‘Secret Recipe’, a famous restaurant chain, launched new bubble tea flavors including boba signature fruit tea, boba brown sugar milk tea, and boba kopi-C. Some of the prominent players in the global bubble tea market include:
Key companies Profiled: Bubble Tea Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global bubble tea market report on the basis of product, flavor, and region:
- Bobabox Ltd.
- Bubble Tea House Company
- Fokus, Inc.
- Gong Cha
- Lollicup USA, Inc.
- Bubble Tea Supply, Inc.
- T Bun International
- Ten Rens Tea Time
- Troika JC.
Product Outlook (Revenue, USD Million, 2016 - 2027)
Flavor Outlook (Revenue, USD Million, 2016 - 2027)
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market | read more...