Global Bubble Tea Market
As stated in our extensive report; the Global Bubble Tea Market accounted for USD 2.7 Billion in the year 2021.
Due to its distinctive formulation, boba tea has become a fixture. It has continued to grow in popularity in its home region and other western nations like Canada and the U.K. This much-liked sweetened tea is created with premium milk, tapioca pearls, creamer, and sweeteners, as well as fruit powder. Furthermore, 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. For instance, Nextrends Asia 2021 showed a jump in Taiwan’s exports of the raw materials, packaging, and machinery used to make pearl milk tea, which increased by 330% from 2018 to 2021. Additionally, the rise in food tourism, the number of people who value their health, and the influence of social media on people’s lives all contributed to the potential growth.
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Key factors influencing Bubble Tea Market Growth
The growth of the global Bubble Tea market can be attributable to the following:
- Several variables, including taste preferences, price, brand, and location accessibility, influence the expanding consumer preferences for items in this era. Due to these factors, tea manufacturers must create high-quality teas while considering consumer preferences.
- The rise in popularity of bubble milk tea is mostly ascribed to its flavor, accessibility, and ongoing reinvention of the traditional tea formula. Due to the wide variety of boba teas it offers, including fruit-flavored, green jasmine, and black tea-based milk teas, bubble milk tea has considerable market potential.
- For instance, in April 2022, a U.S.-based start-up company named Bubluv Inc. released Bubble Tea with tapioca starch and konjac in three flavours: oolongguava, matcha soy latte, and black milk tea with tapioca pearls.
- Additionally, businesses are paying attention to the rising rates of lactose sensitivity and are attempting to make lactose-free bubble milk tea options available to people. For instance, in April 2020, the Bubble Tea brand Chatime introduced oat milk-based beverages for consumers who are lactose intolerant, including Chatime Pearl Milk Tea and Grass Jelly Roasted Milk Tea.
- There are many options for consumers to choose from, thanks to the availability of several varieties of milk tea. These most recent product lines also serve as a marketing plan to draw in a sizable consumer base on a global scale.
- Additionally, the millennial generation’s turn toward these goods as a result of their desire for premium tea kinds with distinctive flavorings has contributed to the industry’s expansion.
- Customers are being encouraged to switch to healthier drinks like ginger tea and boba teas due to their ease of customization as a result of the development of lifestyle disorders like obesity and diabetes-related with the hectic lifestyle of consumers.
- Due to its versatility in terms of tea bases and toppings like jams, fruit bits, syrups, and tapioca balls, milk tea is becoming more and more popular. Green tea-based milk tea has been shown in studies to be beneficial for reducing blood pressure and the risk of cancer.
- Due to the numerous inclusions, including yoghurt, cream, fruit bits, and others, bubble milk tea drinking also helps the body’s vitamin and mineral balance. Chewing tapioca pearls can raise salivary C-protein (C.R.P.) and calcium (Ca) levels, according to a study that was published in the National Library of Medicine in 2022.
- The popularity of milk tea is rapidly expanding among people living in the Middle East and Africa in addition to the United States and Asia. For instance, Dubai saw the development of numerous new tea shops providing Bubble Tea all around the nation in September 2121. By introducing diverse boba milk tea locations, brands like Koi The Co, Moge Tee, and M.A.D. Modern Asian Desserts grew their business in the nation.
Asia Pacific Region to Lead the Market
Asia Pacific Bubble Tea market is getting more significant with maximum market share during the forecast period. The nations with the highest sales are anticipated to be Vietnam and Taiwan. To draw customers and strengthen their market position, manufacturers or business owners in the boba tea sector are launching their own restaurants or cafés. For instance, Chen Shucheng launched Meme Xpress, a new bubble milk tea franchise, in Singapore in September 2020.
North America’s Bubble Tea market share emerged as the second-largest after Asia Pacific and is anticipated to hold onto that position for the projection period. The popularity of tea-based beverages is driving a modest increase in the consumption of this tea in North American nations. In addition, due to the shift in customer tastes toward non-alcoholic and low-alcohol beverages, there have also been more boba shops opening in the United States and Canada, which has further fueled the market’s expansion.
Wide product selection available to attract the younger generation and consumer shift toward healthier alternatives, among other things, positively influence the overall Bubble Tea market.
Some of the key players in the Global Bubble Tea Market include- Bobabox Limited (UK), Bubble Tea House Company (US), Cuppotee (Taiwan), Fokus Inc. (Taiwan), Gong Cha (UK), Lollicup USA Inc. (US), Sumo’s (M) Sdn Bhd (Malaysia) and others.