The global bubble tea market reached a value of almost USD 2.2 billion in the year 2018. The industry is further expected to grow at a CAGR of 7.5% between 2019 and 2024 to reach a value of almost USD 3.4 billion by 2024.
The global bubble tea market is expected to witness a heathy growth in the forecast period aided by its increasing penetration across the globe. The Asia Pacific is the leading regional market for bubble tea. Within Asia, countries like Taiwan, People's Republic of China, Hong Kong, South Korea, the Philippines, and Singapore are the major market for the beverage. Taiwan is a significant market in the region as the beverage was designed in the country in the 1980s. The market for the drink is also growing in Asian countries like Malaysia and Vietnam. Other emerging markets of bubble tea are Europe and North America, with the UK and the US being the significant markets for the drink in these regions, respectively.
The overall increase in tea production and consumption is expected to aid the growth of the bubble tea market. Between 2007 and 2016, the tea output witnessed an annual growth of 4.4%, with China contributing significantly to the growth. The growth of the tea industry in China in the ten-year period was aided by the growth of its economy and a robust rise in its domestic consumption. In 2016, the country accounted for over 40% of the global tea output. The consumption of tea is also projected to grow globally, especially in the countries where the drink is traditionally produced. In the forecast period, black tea consumption is expected to witness a robust growth and is projected to witness an annual increase of 2.5% in the coming five years. With increasing preference for innovative and healthier forms of the beverage growing across the globe, the bubble tea market is expected to witness a healthy growth in its market in the coming years. In mature tea markets like the Europe, innovation and expansion of the product will particularly propel the overall tea industry forwards. In the US, where the market growth of the beverage is being driven by the millennial and baby boomer population, the industry for the bubble tea is expected to witness a robust growth supported by the rising consumption of all varieties of tea.
Properties and Applications
Bubble tea, also known as pearl milk tea, bubble milk tea, boba tea, or boba juice, is a popular beverage made with the basic ingredient of tea to which chewy tapioca seeds are added. It can be made in various combinations by adding fruit jellies and syrups. Flavours entirely vary according to the ingredients added to the bubble tea. It can be available in the original bubble tea flavour, fruit flavour, coffee or chocolate flavours, among others. The tea variety used as a base in the product can be:
The green bubble tea is a popular choice and represents an integral part of the global industry for bubble tea since the segment provides a range of wellness advantages including the prevention and reduction of health problems like cancer, cardiovascular diseases, and cholesterol. The variety also aids in improving metabolism and losing weight, along with, minimising the risk for type II diabetes, and Alzheimer and Parkinson’s disease.
The report also covers the regional markets of the product like North America, Europe, the Middle East, and Africa, the Asia Pacific, and LATAM.
The varieties of flavours and texture of the product is driving the global bubble tea market. With major players seeking to introduce more innovative forms of bubble tea, the market is further expected to grow. The rapidly growing urbanisation is further aiding the bubble tea industry growth. As more and more countries are now offering this tea, which is adding to its rising demand, the industry is being further propelled forward. Th rising middle class is also driving the industry growth due to its cost-effectiveness.
As people are seeking healthier and organic products, the bubble tea market is expected to further grow in the coming years.Higher penetra tion of the product along with expansion of its markets to newer regions is also aiding the industry. With people moving away from carbonated drinks and the implementation of sugary beverage taxes across multiple countries, globally, the global bubble tea industry is expected to be further propelled forward as it is perceived as a healthier option. The claimed health benefits of bubble tea include the improved immune system, heart health, improved energy level, and prevention of cancer. It is also being preferred over carbonated drinks due to its antioxidants content.
The report gives a detailed analysis of the following key players in the global bubble tea market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.
2 Research Methodology
3 Executive Summary
3.1 Market Overview
3.2 Key Demand Drivers
3.3 Key Players
3.4 Supply Market Changes
4 Global Bubble Tea Market Outlook
5 Global Bubble Tea Market
5.1 Global Bubble Tea Market Analysis
5.1.1 Figure: Global Bubble Tea Historical Market (2014-2018) & Forecast (2019-2024)
5.1.2 Chart: Global Bubble Tea Market Breakup by Type
5.1.3 Figure: Global Bubble Tea Market Breakup by Type: Historical Market (2014-2018) & Forecast (2019-2024)
5.1.4 Chart: Global Bubble Tea Market Breakup by Flavour
5.1.5 Figure: Global Bubble Tea Market Breakup by Flavour: Historical Market (2014-2018) & Forecast (2019-2024)
5.1.6 Chart: Global Bubble Tea Market Breakup by Region
18.104.22.168 North America
22.214.171.124 Asia Pacific
126.96.36.199 Middle East and Africa
5.1.7 Figure: Global Bubble Tea Market Breakup by Region: Historical Market (2014-2018) & Forecast (2019-2024)
188.8.131.52 North America
184.108.40.206 Asia Pacific
220.127.116.11 Middle East and Africa
5.2 SWOT Analysis
5.3 Value Chain Analysis
5.4 Porter’s Five Forces Analysis
5.4.2 Buyer’s Power
5.4.3 Supplier’s Power
5.4.4 New Entrants
5.4.5 Degree of Rivalry
6 Global Bubble Tea Price Analysis
6.1 North America Historical Price Trends (2014-2018) & Forecast (2019-2024)
6.2 Europe Historical Price Trends (2014-2018) & Forecast (2019-2024)
6.3 Asia Pacific Historical Price Trends (2014-2018) & Forecast (2019-2024)
6.4 LATAM Historical Price Trends (2014-2018) & Forecast (2019-2024)
6.5 Middle East and Africa Historical Price Trends (2014-2018) & Forecast (2019-2024)
7 Manufacturing Process
7.1 Detailed Process Flow
7.2 Operations Involved
7.3 Mass Balance
8 Cost Analysis
8.1 Land, Location and Site Development
8.3 Plant Machinery
8.4 Cost of Raw Material
8.9 Other Capital Investment
9 Competitive Landscape & Supplier Analysis
9.1 Dama Foods International Co., Ltd
9.2 Lollicup USA Inc.
9.3 Fokus Inc.
9.4 Cuppo Tee Company Limited
9.5 Sumo's (M) Sdn Bhd
9.6 Huey-Yuhe Enterprise Co., Ltd.
10 Events and Developments
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