USD 2.52 billion
Bubble Tea Market Size, Share, Growth Analysis, By Base Ingredient(Black tea, green tea, oolong tea, and white tea), By Flavours(Original flavor, fruit flavor, coffee flavor, chocolate flavor), By Component(Flavor, creamer, sweetener, liquid), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30G2026 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
95
|Figures:
76
Bubble Tea Market Insights
Bubble Tea Market size was valued at USD 2.52 billion in 2019 and is poised to grow from USD 2.75 billion in 2023 to USD 5.42 billion by 2031, growing at a CAGR of 8.9% in the forecast period (2024-2031).
Bubble tea is gaining traction in developing markets due to its increasing popularity. While emerging nations, for example, China, Brazil, and India are making rapid progress, developing nations such as the U.S., Canada, and Germany have a higher preference for this tea. In addition, the increasing consumption of healthy beverages such as green tea, black tea, oolong tea, and white tea by consumers as well as their increasing health consciousness is driving the market growth. Additionally, the market is growing due to the increasing consumption of flavored bubble tea by the younger generation. The market has grown significantly because of dynamic advertising and celebrity endorsements. In addition, it is becoming more and more popular due to its distinctive taste in various flavors including fruit, chocolate, and coffee. Ice, sugar, and flavoring syrups are added to these drinks when they are served. Increasing preference for tea, coffee, and other hot beverages compared to carbonated beverages is expected to boost the demand for the product.
There are many restrictions and hurdles that need to be overcome that will hamper the expansion of the market. During the forecast period, growth is expected to slow down due to factors including the trend of coffee consumption and the sugar content of these beverages which may lead to health problems. However, the continued development of technology, the advice of health professionals, and the unrealized potential to expand the market, have boosted market growth.
US Bubble Tea Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Black Tea
Fastest Growth
Black Tea
Growth Rate
8.9% CAGR
Global Bubble Tea Market ($ Bn)
Country Share for North America Region (%)
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Bubble Tea Market Segmental Analysis
Global bubble tea market is segmented on the basis of base ingredient, flavours, component and region. By base ingredient, the market is segmented into black tea, green tea, oolong tea, and white tea. By flavours, market is segmented into original flavor, fruit flavor, coffee flavor, chocolate flavor. By component, market is segmented into flavor, creamer, sweetener, liquid, tapioca pearls, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Bubble Tea Market Analysis by Base Ingredient
The black tea segment is the largest contributor to the market and is projected to grow at a CAGR of 7.7% during the forecast period. Black tea is known as a dietary source of antioxidant compounds. It contains many antioxidant components including carotenoids and tocopherols, as well as minerals such as Cr, Mn, Se, or Zn and some phytochemicals. These nutrients help the body get rid of free radicals, which can damage or change cells. In addition, the ingredients in black bubble tea protect against cancer, diabetes, obesity, and other chronic diseases. The market is expanding as a result of these health benefits of black bubble tea.
Green tea is the second largest segment. Bubble tea is a favorite diet drink for health-conscious people. The body's physical performance is improved, and green tea accelerates the fat-burning process. In addition, green tea's ability to kill germs can improve dental health and reduce the risk of mouth infections, fueling the growing demand for the drink. Additionally, as consumers become more health conscious, the demand for the product with green tea as the base ingredient increases, driving market growth.
Bubble Tea Market Analysis by Flavours
The fruit flavor segment holds the largest share of the market and is projected to grow at a CAGR of 8.2% during the forecast period. Bubble tea comes in a variety of fruit flavors, including avocado, banana, cantaloupe, coconut, grapefruit, green apple, jackfruit, kiwi, lemon, pineapple, and watermelon. Vegetarians and health-conscious people prefer different flavors of bubble tea. As a result, the demand for fruit-flavored bubble tea increases along with the number of vegetarian and health-conscious consumers, leading to growth of the market.
The chocolate flavor segment is the second largest. Chocolate stimulates the brain while reducing physical stress. Chocolate-flavored drinks are growing to appeal to people of all ages. Chocolate-flavored bubble tea also benefits the heart and reduces body fat. Increasing consumer demand for chocolate-flavored beverages and the health benefits of both chocolate and bubble tea are expected to drive market growth.
Global Bubble Tea Market By Type
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Bubble Tea Market Regional Insights
North America held the largest market share in 2021. People all over the world drink a lot of tea. The range of flavors in bubble tea appeals to younger consumers. The market is expanding due to the increasing number of stores and companies in this sector. Additionally, the growth of the market in North America is fueled by new flavor developments and increasing appeal among consumers of all age groups. The United States is the country that has contributed the most to the market expansion in North America. The majority of people in the US drink this tea with chocolate flavoring and coffee. The per capita consumption of tea has been increasing over the years due to healthy drinks and people's busy lifestyles. Additionally, due to the health benefits of drinking green and black bubble tea, these beverages are most popular in Canada and Mexico.
The Asia Pacific is the fastest growing region and is expected to grow at a CAGR of 8.4% during the forecast period. Due to its usage, the demand for the product in Asia-Pacific has grown tremendously over time. China, Japan, India, South Korea, Taiwan, and Australia are among the countries contributing the most to the growth of the sector. The high penetration rate of packaged and unpackaged bubble tea in Asia-Pacific, the expansion of product lines of established manufacturers, and population growth drive the bubble tea market. Major regional players are continuously investing in marketing and advertising initiatives to increase brand awareness and market impact, leading to growing market prospects.
Global Bubble Tea Market By Region
- Largest
- Fastest
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Bubble Tea Market Dynamics
Bubble Tea Market Drivers
Availability of Wide Range of Products
- The market offers wide varieties and flavors, including fruit-flavored, green jasmine, and black tea. There are many types of fruit-flavored creams, including sweetened fruit drinks and fruit-flavored cream drinks. People who are lactose intolerant get black, green jasmine, and other types of tea. With the availability of many varieties of boba tea, consumers have additional options. This marketing strategy helps in bringing in more customers. It is also introducing new flavors and formulas to attract customers. Millennials' need for premium tea varieties with distinctive flavor options has also drawn them to such items, which has contributed to the growth of the market.
Consumers turn to healthier options for growth
- Due to increased sugar intake leading to diseases such as obesity and diabetes, consumers are turning to sugar substitutes such as stevia, agave, and honey. This type of natural sweetener is used to replace or reduce the amount of sugar in boba tea. These natural sweeteners are preferred by diabetics and health-conscious people over sugar. Due to their beneficial properties like antioxidants, anti-inflammatory, and anti-carcinogenic, consumers choose such products.
Bubble Tea Market Restraints
Availability of other caffeinated beverages
- The wide availability of other caffeinated beverages such as coffee and trends in coffee consumption in western countries hamper the growing demand for tea as an innovative beverage. The demand for coffee has increased as more people are including coffee in their diet as an energy booster and ready-to-eat beverage to fit into their busy lifestyles. An additional dose of creative coffee is available in a variety of practical coffee ranges, including cold brew, snap chilled, nitro cold brew, and effervescent canned coffee. This has really increased the interest of the customers. Additionally, the proliferation of coffee flavors such as butterscotch, hazelnut, caramel, and vanilla will hamper global consumption growth.
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Bubble Tea Market Competitive Landscape
The global bubble tea market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share.
For example, In August 2019, TA Associates (a private equity firm) announced an investment in Gong Cha Group (a Taiwanese bubble and milk tea company), indicating a high-growth business opportunity for products.
In June 2019, Secret Recipe launched a new series of boba tea flavours, including boba caramel milk tea, boba brown sugar with milk, boba milk tea, boba brown sugar milk tea, boba kopi-C, boba signature fruit tea, boba cham, and boba midnight blue.
Bubble Tea Market Top Player’s Company Profiles
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Coco Fresh Tea & Juice
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Koi Thé
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Heytea
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Ten Ren Tea
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Sharetea
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Happy Lemon
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Vivi Bubble Tea
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TP Tea
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Ding Tea
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Presotea
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Chun Shui Tang
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Comebuy
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Boba Guys
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The Alley
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OneZo Tapioca
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Biju Bubble Tea Bar
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Bober Tea
Bubble Tea Market Recent Developments
- In March 2022, Gong's, the bubble tea brand with more than 1,670 outlets, will accelerate its US expansion by signing three new master franchisees (MFs) and granting territory rights for the states of Louisiana, Colorado, and Michigan. The deals are expected to add another 60 outlets to the brand's US footprint over five years. There are more than 150 Gong Cha restaurants in New York, New Jersey, Texas, California, and others, spread across 11 other states and Washington, DC. New Orleans will welcome its first all-new store in the spring of 2022.
- In April 2020, Bubble Tea Supply Inc. announced the availability of bubble tea in its Bubble Tea Club, which features 14 other topping flavours in addition to the traditional milk, mango, green apple, lychee, and Thai tea Fruity flavour with honeydew flavours.
- In January 2019, Chatime Malaysia Sdn Bhd announced in its five-year business strategy that the company aimed to aggressively expand its footprint into the foreign bubble tea market in Singapore, the United States, India, and Saudi Arabia.
Bubble Tea Key Market Trends
- An important trend in the bubble tea market is the introduction of new flavors. The market players have included a variety of flavors, from sweet flavors like peach and strawberry to other flavors like almond and chocolate, giving consumers plenty of choices. The introduction of different flavors is helping to attract customers who enjoy different flavors. For example, the quick-service restaurant McDonald's Corp. introduced two new bubble tea flavors in June 2021, a malty, chocolate Ovaltine flavor, and an aromatic matcha flavor.
Bubble Tea Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global bubble tea market analysis, by base ingredient segment, the black tea segment is the largest contributor to the market and is projected to grow at a CAGR of 7.7% during the forecast period. By flavour segment, the fruit flavour segment holds the largest share of the market and is projected to grow at a CAGR of 8.2% during the forecast period. North America held the largest market share in 2021. The growth of the market in North America is fuelled by new flavour developments and growing appeal among consumers of all age groups. The United States is the country that has contributed the most to the expansion of the market in North America. Asia Pacific is the fastest-growing region and is expected to grow at a CAGR of 8.4% during the forecast period. Due to its use, the demand for the product in Asia-Pacific has increased greatly over time. The high penetration rate of packaged and unpackaged bubble tea in Asia-Pacific, product line expansion of established manufacturers, and population growth drive the market. However, the continued development of technology, advice from healthcare professionals, and the unrealized potential to expand the market has potential for market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 2.52 billion |
| Market size value in 2031 | USD 5.42 billion |
| Growth Rate | 8.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Bubble Tea Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Bubble Tea Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Bubble Tea Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bubble Tea Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bubble Tea Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Bubble Tea Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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