What is the global market size of Bubble Tea Market?

Global Bubble Tea Market size was valued at USD 2.52 billion in 2021 and is poised to grow from USD 2.75 billion in 2022 to USD 5.42 billion by 2030, growing at a CAGR of 8.9% in the forecast period (2023-2030).

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 News

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 Market Report Snapshots

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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).

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. 'Chatime Group', 'Gong Cha', ' Coco Fresh Tea & Juice ', ' Koi Thé ', ' Tiger Sugar ', ' Heytea ', ' Ten Ren Tea ', ' Sharetea ', ' Happy Lemon ', ' Vivi Bubble Tea ', ' TP Tea ', ' Ding Tea ', ' Presotea ', ' Chun Shui Tang ', ' Comebuy ', ' Boba Guys ', ' The Alley ', ' OneZo Tapioca ', ' Biju Bubble Tea Bar ', ' Bober Tea '

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.

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.

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.

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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

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