PUBLISHER: Allied Market Research | PRODUCT CODE: 1538915
PUBLISHER: Allied Market Research | PRODUCT CODE: 1538915
The global bubble tea market was valued at $3,093.0 million in 2023, and is projected to reach $5,375.1 million by 2033, registering a CAGR of 5.9% from 2024 to 2033.
Bubble tea, popularly known as boba tea, is a Taiwanese drink invented in Tainan and Taichung in the 1980s. It is prepared with tea or milk as the base component. This tea is glazed with boba, which are soft, chewy, and gummy tapioca pearls extracted from cassava root. Other ingredients, such as jelly and fruit balls, are used to enhance the texture of the tea. Bubble tea is served in a hot or cold form, according to the preference of consumers and a fat straw is used through which the pearls can be easily eaten by consumers. The adoption of bubble tea has been quite high in developed regions such as the U.S., Canada, and Germany while emerging countries such as China, Brazil, and India have caught up quickly.
The global bubble tea market has witnessed significant growth over the years and is expected to grow at a steady pace during the forecast period. This is attributed to the growth in health awareness and the rise in adoption of bubble tea, owing to its health benefits and popularity among health-conscious consumers and the young generation.
Availability of bubble tea at lower prices and the introduction of additional healthy ingredients in it by different market players drive the global bubble tea market growth. In addition, rise in the number of vegan people helps to drive the growth of the market. However, excess sugar content in these drinks leads to health issues and is expected to restrict the market growth.
In addition, consumers have changed their preference toward organic beverages, due to the presence of artificial preservatives in bubble tea, which hampers the growth of the global bubble tea market. On the contrary, the introduction of various new flavors and blends and high demand among the young population for a variety of teas are expected to provide lucrative opportunities for market expansion.
The bubble tea market is segmented on the basis of flavor, base ingredient, component, end user, and region. On the basis of flavor, it is categorized into original flavor, coffee flavor, fruit flavor, chocolate flavor, milk flavor, and others. On the basis of base ingredient, it is divided into black tea, green tea, oolong tea, and white tea. On the basis of component, it is classified into flavor, creamer, sweetener, liquid, toppings, and others. On the basis of end user, it is segmented into generation Z, millennials, and generation X. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market include Lollicup USA, Inc., CuppoTee Company, Bubble Tea House Company, Ten Ren's Tea Time, Boba Box Limited, Sumos Sdn Bhd, Gong Cha USA, Boba Tea Company, Troika JC. (Qbubble), and Fokus Inc.
The other players operating in the global bubble tea market are Bubble Tea Supply Inc., ChaTime, CoCo Fresh, Quickly, Kung Fu Tea, Boba Loca, Happylemon, Share Tea, T Bun International, Fanale Drinks, Grand Chainly, and Huey-Yuhe Enterprise.
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