The global bubble tea market size hit USD 2.46 billion in 2023. The market valuation is expected to grow from USD 2.63 billion in 2024 to USD 4.78 billion by 2032 at a CAGR of 7.74%.

Due to its unique recipe, boba tea has become popular in other Western countries such as Canada and the U.K., from where it has now spread. In its home region, the trend has persisted in flourishing. Premium milk, tapioca pearls for sweetness, creamer, and sweeteners, together with fruit powder, are used to make this popular sweetened tea. A testament to Taiwan’s ability to innovate in the food service industry, bubble milk tea has become a symbol of world culture.

Fortune Business Insights™ presents this information in a report titled, “Bubble Tea Market, 2024-2032.”

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COVID-19 Impact:

Despite Initial Disruptions, Market Showed Robust Recovery in 2021 and After

Owing to the COVID-19 pandemic, establishments including eateries, farms, and industries were forced to shut down entirely in order to uphold safety regulations and impose social division. Transportation has been delayed as a result of a staffing shortage and a decrease in customers visiting coffee shops during the lockdown, which has stopped demand for consumption points and the operation of supply (tea estates). According to the Indian Tea Association 2020, the lockdown in the tea-growing regions has resulted in a decline in crop quantity as well as challenges with logistics and shipping, which has raised tea prices by an average of 25% to 40%.


Black Tea Segment to Witness Monumental Demand During 2023-2030

As more customers are becoming health-conscious worldwide, the black tea category is expected to rise at a considerable CAGR throughout the forecast period. Due to its potent antioxidant, anti-aging, and anti-diabetic qualities, black tea is heavily promoted. One of the key aspects that would support the expansion of this market segment is the increase in consumer preference for natural and organic food and beverage items. The green tea segment is anticipated to account for a sizable portion of the bubble tea market share, closely followed by black tea.

Fruit Flavor to Experience Increasing Popularity in the Coming Years

The market is divided into coffee, fruit, chocolate, original, and other taste categories. The market in 2019 was led by fruit flavor, which is more popular than other flavors. Lychee, mango, passion fruit, peach, plum, strawberry, avocado, banana, grape, kiwi, lemon, and other flavors are among the taste variations that are present in it. Due to its high nutritional content in comparison to other tastes, the high popularity of tea-based fruity beverages, and strong consumer preference, this market is predicted to increase significantly over the course of the forecast period. Due to the rising demand for beverages with chocolate as an ingredient across all age groups, the chocolate segment is predicted to develop at the quickest rate in the future years.

Report Coverage

The bubble tea market report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
  • Comprehensive insights into regional developments.
  • List of major industry players.
  • Key strategies adopted by the bubble tea market players.
  • Recent industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers and Restraints

Expanding Range of Boba Tea Offerings to Augment Market Share

Many factors, such as taste preferences, price, brand, and location accessibility, have an impact on the growing customer preferences for products in this century. Owing to these and other considerations, tea producers need to produce premium teas while taking consumer preferences into account. The taste, ease of availability, and continuous innovation of the classic tea recipe are the main factors contributing to the growing appeal of bubble milk tea.

Bubble milk tea has a significant market potential because of the diversity of boba teas available, including as fruit-flavored, green jasmine, and black tea-based milk teas. For example, in April 2022, three varieties of tapioca starch and konjac-based boba tea were released by Bubluv Inc., a startup company based in the United States. The bubble tea market is growing thanks to these causes.

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Regional Insights

Asia Pacific to Dominate As Consumers Explore New Beverage Options

With a market valuation of USD 0.96 billion in 2022, the Asia Pacific market held the largest share. Taiwan and Vietnam are expected to have the greatest sales figures. In the boba tea industry, manufacturers and business owners are opening their own cafés and restaurants in an attempt to attract customers and grow their market share. For example, in September 2020, Chen Shucheng introduced a new bubble milk tea business in Singapore called Meme Xpress.

After Asia Pacific, North America ranked second in terms of bubble tea market share, a position it is expected to maintain during the projected period. There has been a slight increase in the consumption of this tea in North American countries due to the growing popularity of tea-based beverages. Around the same period as APAC countries, there was an increase in the consumption of pearl milk tea in the European market.

Competitive Landscape

Key Players Bid to Launch Innovative Products to Keep Pace with Growing Consumer Popularity

Top players are making the most of the ingredients in boba drinks to suit the increasing demand from consumers. Businesses like Lollicup U.S.A. Inc., Gong Cha, Chatime, and others have invested in research and development to offer new tea kinds for a rising market. Other significant players in the market are Boba Box Limited, Fokus Inc., Sumos Sdn Bhd, Troika J.C. (Qbubble), and Boba Tea Company. Due to their high client popularity and response rates, the market’s main competitors are franchising their businesses into different places.

Key Industry Development:

October 2021: Del Monte launched Joyba Bubble Tea in selected outlets, including Costco, Circle K, Albertson’s, Target Stores, and Safeway.

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)
  • O.I. The Co, LTD. (Taiwan)

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