According to the latest report by IMARC Group, titled "Bubble Tea Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global bubble tea market reached a value of US$
2.4 Billion in 2022. Bubble tea is generally prepared by using milk, tapioca pearls, fruits and fruit juices. It commonly consists of chewy tapioca pearls that are the key ingredient of bubble tea, which are prepared from tapioca flour extracted from cassava roots. These balls do not have a distinct taste but can easily absorb the flavor of the tea. The demand for bubble tea is rising across the globe due to the growing popularity of East Asian cuisines among the masses and the increasing consumption of coffee and tea as nootropic drinks, especially among young adults and the working population.
Global Bubble Tea Market Trends:
The global market is primarily driven by the changing dietary patterns of the masses. This is supported by the inflating disposable income levels of individuals and their shifting lifestyle preferences. Along with this, several leading players are heavily investing in the launching of various bubble tea flavors, including coffee, mango and passion fruit, which are gaining widespread prominence among the masses. In addition to this, the increasing penetration of social media, the easy availability of bubble tea in aesthetically attractive packaging and the advent of online delivery models are providing a boost to the market. Furthermore, numerous key players are focusing on rapid expansion strategies with multiple franchised stores across several countries, which are impacting the market growth favorably. Other factors, including the proliferation of quick-service restaurants (QSRs) serving customizable bubble tea with exotic flavors, the development of aggressive marketing strategies and promotional campaigns, and significant growth in the food and beverage industry, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 3.6 Billion by 2028, exhibiting a CAGR of
7.1% during 2023-2028.
- On the basis of the base ingredients, the market has been categorized into black, green, oolong and white tea.
- Based on the flavor, the market has been segmented into original, coffee, fruit, chocolate and other flavors.
- On the basis of the component, the market has been classified into flavor, creamer, sweetener, liquid, tapioca pearls and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Thailand and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Netherlands and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Boba Loca USA Inc., Bubble Tea Supply, CoCo Fresh Tea & Juice, Fanale Drinks, Fokus Inc, Huey-Yuhe Enterprise Co. Ltd., Kung Fu Tea, Lollicup USA Inc., Quickly Chapel Hill, Sharetea, and Troika J C Inc.
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