Global Bubble Tea Market Research Report 2023
Global Bubble Tea Market Size By Type (Black Tea, Green Tea, Oolong Tea, White Tea), Component (Flavour, Creamer, Sweetener, Liquid, Tapioca Pearls, Others), Flavour (Fruit, Taro, Strawberry, Classic, Coffee), Toppings (Tapioca Pearls, Fruit Jellies, Popping Boba, Grass Jelly), Distribution Channel (Bubble Tea Shops, Cafés, Bubble Tea Chains, Online Delivery Platforms), And Region Global Market Analysis And Forecast, 2023-2030
Global Bubble Tea Market Synopsis
Global Bubble Tea Market size was reasonably estimated to be approximately USD 2573.66 Million in 2023 and is poised to generate revenue over USD 5182.9 Million by the end of 2030, projecting a CAGR of around 10.50% from 2023 to 2030.
Bubble tea, also known as boba tea or pearl milk tea, is a popular beverage that originated in Taiwan in the 1980s and has since gained global popularity. It is a unique and refreshing drink that typically consists of a tea base, milk or fruit flavors, and various toppings. The key characteristic of bubble tea is the addition of chewy tapioca pearls, which give the drink its distinct texture and name.
- To make bubble tea, tea is brewed and mixed with sweeteners like sugar or honey, and then combined with milk or fruit flavors such as strawberry, mango, or taro. The drink is often served cold or blended with ice. Toppings like tapioca pearls, fruit jellies, popping boba, or grass jelly are added to the beverage, providing additional texture and flavors.
- Bubble tea comes in a wide range of flavors and combinations, offering a variety of choices to suit different tastes. It has become a popular beverage among people of all ages, especially among young adults and tea enthusiasts. Bubble tea shops and cafes can be found in many countries, offering a diverse menu of bubble tea options.
- The Bubble Tea market is experiencing significant growth due to, changing consumer preferences and the demand for unique and exotic beverages has contributed to the increasing popularity of Bubble Tea. Its refreshing taste, variety of flavors, and customizable options appeal to a wide range of consumers, particularly among the younger demographic.
Source: Statista
According to the data presented in the graph, a survey conducted among bubble tea consumers in Singapore in 2020 revealed that taste was the primary consideration for 69 percent of respondents when purchasing bubble tea. Additionally, 61 percent of respondents mentioned that price played a role in their decision-making process. Singapore is known for its widespread popularity of bubble tea, with numerous shops offering an extensive range of flavors and the option to customize sugar levels. This indicates the strong demand and diverse preferences of bubble tea enthusiasts in Singapore.
Top Key Players Involved Are:
"Bobabox Ltd. (UK), Bubble Tea House Company (US), Fokus, Inc. (US), Gong Cha (Taiwan), Chatime Group (Taiwan), Coco Fresh Tea & Juice (Taiwan), Cuppotee (US), ChaTime (Taiwan), Lollicup USA, Inc. (US), Bubble Tea Supply, Inc. (US), Sumo's (M) SdnBhd (Malaysia), T Bun International (US), Quickly (Taiwan), Xing Fu Tang (Taiwan), Tiger Sugar (Taiwan), Yummy Town (Cayman) Holding Corporation (Happy Lemon) (Hong Kong), Ten Ren's Tea Time (Taiwan), K.O.I. The Co, LTD. (Taiwan), Troika JC (US), Boba Box Limited (UK), and Other Major Players."
Global Bubble Tea Market Trend Analysis
Expansion Of Bubble Tea Chains
The expansion of bubble tea chains is a significant driver of the global bubble tea market. This driver refers to the growth and establishment of well-known bubble tea brands and chains in various regions around the world. The expansion of these chains contributes to the increased availability and accessibility of bubble tea to a larger consumer base.
- One key aspect of the expansion is the globalization of established bubble tea chains. Well-known brands originating from countries like Taiwan, such as Gong Cha, Chatime, Coco Fresh Tea & Juice, and Xing Fu Tang, have expanded their operations internationally. They have opened franchise outlets or company-owned stores in different countries, introducing bubble tea to new markets and consumer segments.
- The expansion of bubble tea chains provides benefits for the market. it creates brand recognition and familiarity, as consumers associate these chains with high-quality bubble tea offerings. This helps build trust and encourages consumers to try bubble tea from these established brands.
- the expansion of bubble tea chains drives the global market by increasing brand recognition, ensuring consistent quality, and leveraging operational efficiencies. It plays a pivotal role in introducing bubble tea to new regions, fueling consumer demand, and establishing a strong market presence.
The Existence of Untapped Regional Markets
The existence of untapped regional markets presents a significant opportunity for the growth of the global bubble tea market. Untapped regional markets refer to regions or countries where bubble tea has yet to establish a significant presence or where the market is relatively underdeveloped.
- Expanding into untapped regional markets allows bubble tea brands to introduce their products to new consumer bases and tap into previously unexplored customer segments. By entering these markets, companies have the opportunity to create awareness, generate curiosity, and build a loyal customer following.
- Untapped regional markets often offer a fresh market landscape with fewer competitors, providing an advantageous position for early entrants. This enables companies to establish themselves as pioneers and market leaders, helping to shape consumer preferences and create demand for bubble tea.
- In conclusion, targeting untapped regional markets offers the opportunity for bubble tea brands to expand their global footprint, establish a strong market presence, and cater to the unique preferences of consumers in these markets. It fuels the growth of the global bubble tea market by unlocking new opportunities for expansion and creating a broader consumer reach.
Segmentation Analysis of The Global Bubble Tea Market
Global Bubble Tea Market segments cover the Type, components, flavors, toppings, and distribution channel. By Flavour, the Fruit flavor segment is Anticipated to Dominate the Market Over the Forecast period.
- Fruit flavors are indeed dominating the global bubble tea market when it comes to flavor preferences. Fruit-flavored bubble tea has gained widespread popularity and holds a prominent position in the market.
- There are several reasons why fruit flavors have become dominant in the bubble tea market. Firstly, fruit flavors offer a refreshing and vibrant taste profile that appeals to a wide range of consumers, particularly those seeking a light and fruity beverage option. Flavors such as strawberry, mango, passion fruit, lychee, and peach are commonly found in fruit-flavored bubble teas, providing a burst of natural sweetness and tanginess.
- Furthermore, fruit flavors provide versatility and variety in the bubble tea market. They can be combined with other flavors, such as green tea or milk tea, to create unique and enticing combinations. This allows for customization and appeals to consumers with diverse taste preferences.
Regional Analysis of The Global Bubble Tea Market
Asia Pacific is Expected to Dominate the Market Over the Forecast Period.
- Bubble tea has its origins in Taiwan, which is located in the Asia Pacific region. As a result, bubble tea holds significant cultural significance in many Asian countries, including Taiwan, China, South Korea, Japan, and Southeast Asian nations. The long-standing popularity and deep-rooted consumer preference for bubble tea in these countries contribute to the dominance of the Asia Pacific region in the global market.
- Moreover, The Asia Pacific region has a substantial population, with countries like China and India having the largest populations in the world. This vast consumer base creates a strong demand for bubble tea products and fuels market growth.
- Furthermore, Bubble tea has been popular in the Asia Pacific region for several decades, allowing for the establishment of well-known brands and developed market infrastructure. This includes the presence of numerous bubble tea chains, dedicated bubble tea shops, and a wide range of flavors and variants to cater to diverse consumer preferences.
Covid-19 Impact Analysis on Global Bubble Tea Market
- Many bubble tea shops and establishments were temporarily closed or experienced reduced operations due to lockdowns and social distancing measures imposed to control the spread of the virus. This led to a decline in sales and revenue for the industry. Additionally, supply chains were disrupted, causing challenges in sourcing ingredients and supplies necessary for bubble tea production.
- With restrictions on in-person dining, bubble tea shops adapted by focusing on takeout and delivery services. This shift allowed them to continue serving customers while complying with safety guidelines. Many shops implemented online ordering systems and partnered with food delivery platforms to reach consumers at home.
- The pandemic resulted in changes in consumer behavior and preferences. Concerns over health and safety led to a greater emphasis on hygiene and contactless transactions. Some consumers also became more health-conscious and sought out healthier beverage options, impacting the demand for bubble tea.
Top Key Players Covered in The Global Bubble Tea Market
- Bobabox Ltd. (UK)
- Bubble Tea House Company (US)
- Fokus, Inc. (US)
- Gong Cha (Taiwan)
- Chatime Group (Taiwan)
- Coco Fresh Tea & Juice (Taiwan)
- Cuppotee (US)
- ChaTime (Taiwan)
- Lollicup USA, Inc. (US)
- Bubble Tea Supply, Inc. (US)
- Sumo's (M) SdnBhd (Malaysia)
- T Bun International (US)
- Quickly (Taiwan)
- Xing Fu Tang (Taiwan)
- Tiger Sugar (Taiwan)
- Yummy Town (Cayman) Holding Corporation (Happy Lemon) (Hong Kong)
- Ten Ren's Tea Time (Taiwan)
- O.I. The Co, LTD. (Taiwan)
- Troika JC (US)
- Boba Box Limited (UK) and Other Major Players.
Key Industry Developments in The Global Bubble Tea Market
In January 2020, Tiger Sugar revealed plans for expanding its business operations in South Korea. The focus of this expansion is to introduce their popular boba brown sugar milk tea, referred to as "heukdang," to the Korean market. To facilitate this growth, the company intends to launch approximately 15 new franchise stores across the country.
In May 2022, Barroco by Café De Bangkok responded to customer demand by introducing a diverse range of boba tea options. With a selection of approximately 21 flavors, including unique varieties like cotton candy and Japanese sweet potato, they aim to satisfy the preferences of their clientele.
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Global Bubble Tea Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2021 |
Market Size in 2022: |
USD 2573.66 Mn. |
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Forecast Period 2023-30 CAGR: |
10.50% |
Market Size in 2030: |
USD 5182.9 Mn. |
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Segments Covered: |
By Type |
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By Component |
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By Flavour |
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By Toppings |
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By Distribution Channel |
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By Region |
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Global Bubble Tea Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2021 |
Market Size in 2022: |
USD 2573.66 Mn. |
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Forecast Period 2023-30 CAGR: |
10.50% |
Market Size in 2030: |
USD 5182.9 Mn. |
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Segments Covered: |
By Type |
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By Component |
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By Flavour |
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By Toppings |
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By Distribution Channel |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the Report: |
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Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Type
3.2 By Component
3.3 By Flavour
3.4 By Toppings
3.5 By Distribution Channel
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
Frequently Asked Questions
What would be the forecast period in the Global Bubble Tea Market research report?
The forecast period in the Global Bubble Tea Market Research Report is 2023-2030.
Who are the key players in the Global Bubble Tea Market?
Bobabox Ltd. (UK), Bubble Tea House Company (US), Fokus, Inc. (US), Gong Cha (Taiwan), Chatime Group (Taiwan), Coco Fresh Tea & Juice (Taiwan), Cuppotee (US), ChaTime (Taiwan), Lollicup USA, Inc. (US), Bubble Tea Supply, Inc. (US), Sumo's (M) SdnBhd (Malaysia), T Bun International (US), Quickly (Taiwan), Xing Fu Tang (Taiwan), Tiger Sugar (Taiwan), Yummy Town (Cayman) Holding Corporation (Happy Lemon) (Hong Kong), Ten Ren's Tea Time (Taiwan), K.O.I. The Co, LTD. (Taiwan), Troika JC (US), Boba Box Limited (UK), and other key players.
What are the segments of the Global Bubble Tea Market?
The Global Bubble Tea Market is segmented By Type, Components, Flavours, Toppings, Distribution Channel, and region. By Type, the market is categorized into Black Tea, Green Tea, Oolong Tea, and White Tea. By Components, the Market is Categorized into Flavour, Creamer, Sweetener, Liquid, Tapioca Pearls, And Others. By Flavour, the market is categorized into B Fruit, Taro, Strawberry, Classic, and Coffee. By Toppings, the Market is Categorized into Tapioca Pearls, Fruit Jellies, Popping Boba, and Grass Jelly. By Distribution Channel, the market is categorized into Bubble Tea Shops, Cafés, Bubble Tea Chains, and Online Delivery Platforms. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia Pacific (China; India; Japan; South Korea; Malaysia; Thailand; Vietnam; The Philippines; Australia; New-Zealand; Rest of APAC), Middle East & Africa (Turkey; Bahrain; Kuwait; Saudi Arabia; Qatar; UAE; Israel; South Africa), South America (Brazil; Argentina; Rest of SA)
What is the Global Bubble Tea Market?
The global bubble tea market refers to the worldwide industry that produces and sells bubble tea, a popular beverage made from tea, milk, sweeteners, and tapioca pearls. It encompasses various players, including bubble tea shops, cafes, and manufacturers. The market is characterized by a wide range of flavors, customization options, and different types of bubble tea, catering to diverse consumer preferences. The global bubble tea market is driven by factors such as increasing consumer demand, innovative product offerings, and expanding market penetration across different regions.
How big is the Global Bubble Tea Market?
Global Bubble Tea Market size was reasonably estimated to be approximately USD 2573.66 Million in 2023 and is poised to generate revenue over USD 5182.9 Million by the end of 2030, projecting a CAGR of around 10.50% from 2023 to 2030.
