Bubble Tea Market Demand to Surge with Rising Popularity of Unconventional Flavors at 8.8% CAGR through 2031: FMI
Future Market Insights (FMI) in its recent market analysis on the global bubble tea market covers noteworthy developments across segments of the market including base ingredient, flavor, sugar content, format, toppings, and distribution channels. The study also offers insights into growth drivers, opportunities, threats, and restraints in the bubble tea market.
DUBAI, UAE, Dec. 1, 2021 /PRNewswire/ -- The global bubble tea market size is expected to total US$ 2.3 Bn in 2021, as per a recent market survey by Future Market Insights (FMI). Exhibiting a robust 8.8% CAGR, total sales of bubble tea are projected to reach US$ 5.5 Bn by 2031.
Growing demand for healthy alternatives to carbonated beverages is spurring demand for bubble tea and pearl milk tea. Consumers are seeking beverages made from natural ingredients, to keep the interest intact, demand for unconventional flavors is on the rise.
In response to this, beverage makers are launching unique flavors of bubble tea such as honeydew and mint with different shapes such as heart-shaped jelly bubbles. These efforts to enhance the flavor profile and visual appeal of beverages are expected to drive sales of bubble tea.
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Growing penetration of social media is also driving the inclination towards bubble tea. Due to growing popularity and continuous trend on social media, consumers are shifting from conventional beverages to innovative formats. This trend is projected to continue in the forthcoming years, therefore augmenting the growth in the market.
Besides this, growing awareness regarding the health benefits of tea among millennials is driving their interest in bubble tea. Tea is a nootropic beverage, packed with antioxidants and anti-inflammatory benefits.
Bubble tea is emerging as an innovative format for tea consumption, which in turn is fueling sales of bubble tea in numerous cafes, fast food chains, and restaurants.
As per FMI, the U.S. is expected to emerge as a lucrative pocket in the North America bubble tea market, owing to the presence of key market players and growing popularity of alternative beverages. Singapore and Thailand are anticipated to experience high demand for bubble tea amid an influx of foreign bubble tea brands.
"Growing demand for plant-based beverages is compelling beverage makers to launch bubble tea with milk alternatives such as oat milk. This trend is expected to bode well for the market in the forthcoming years. Further, increasing availability of bubble tea at vending machines and kiosks across high-traffic locations will continue pushing sales through 2031," says an FMI analyst.
Key Takeaways:
- In terms of base ingredient, demand for green tea is expected to gain traction at an impressive 11.4% CAGR through 2031.
- Based on sugar content, the reduced sugar/sugar-free bubble tea segment is anticipated to account for over 26% of the total market share.
- Sales of pearl toppings are expected to account for more than 35% of the total bubble tea market share over the forecast period.
- In terms of distribution channels, sales of bubble tea through online retailing are projected to grow at a 11.9% CAGR through 2031.
- The U.S. bubble tea market is anticipated to expand at a 12.4% CAGR over the forecast period.
- China bubble tea market is projected to grow at 7.5% CAGR through 2031.
- Demand for bubble tea in Thailand is expected to accelerate at 8.7% CAGR over the assessment period.
- Singapore will emerge as a lucrative pocket, with sales of bubble tea growing at a 10.7% CAGR through 2031.
Prominent Drivers:
- Availability of DIY-bubble tea kits and ready-to-drink bubble tea variants on online retail channels will continue boosting sales of bubble tea.
- Emergence of franchise stores in emerging markets such as India and Brazil is expected to push sales of bubble tea.
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Competitive Landscape
Key bubble tea players are capitalizing on growing trend of organic and natural ingredients in beverages by launching innovative bubble teas. This is expected to provide a competitive edge to market players in the forthcoming years. For instance:
- In February 2021, Gon Cha expanded its bubble tea portfolio by adding innovative options such as the Chocolate Lava Series, and the return of the popular Little Star Jelly series in April. The series includes Heart Shaped Jelly bubble tea, Strawberry Milk Tea, and Strawberry smoothie flavors.
- In April 2020, Bubble Tea Supply Inc. launched its first bubble tea with a range of flavors including traditional milk, green apple, mango, lychee, and honeydew accompanied with over 14 toppings.
Leading players operating in bubble tea market profiled by FMI include:
- Gong Cha
- Kung Fu Tea
- Lollicup USA
- Tiger Sugar
- Sharetea
- Boba Guys
- Tapioca Express
- Cha Time
- Tea Ren's TeaTime
- YiFang Bubble Tea
- CoCo Fresh Tea & Juice
- DaBoba
- Happy Lemon
- Quickly
- Cojiitii
- Others
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More Insights on FMI's Bubble Tea Market
The latest market study on the bubble tea market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global bubble tea market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
Base Ingredient:
- Black Tea
- Green Tea
- Oolong Tea
- White Tea
- Others
Flavour:
- Original
- Flavored
- Nut-Flavored
- Chocolate
- Fruit
- Honey
- Mocha
- Coconut
- Caramel
- Vanilla
Sugar Content:
- Regular
- Reduced Sugar/Sugar-Free
Format:
- Ready-to-Drink (RTD)
- Instant Mixes
Toppings:
- Pearl
- Grass Jelly
- Coconut Jelly
- Red Bean
- Multiple/Others
Distribution Channel:
- Direct (B2B)
- Indirect (B2C)
- Hypermarket/Supermarket
- Convenience Stores
- Grocery Retailers
- Grocery Retailers
- Wholesale
- Other Store-based Retailing
- Online Retailing
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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Key Questions Covered in Bubble Tea Market Report
- The report offers detailed insights into bubble tea market demand outlook for 2021-2031.
- The market study also highlights projected sales growth for bubble tea market between 2021 and 2031.
- Bubble tea market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Bubble tea market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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