Bubble Tea Market to Reach $5.3 billion Globally, by 2032 at 6.3% CAGR: Allied Market Research

Changes in consumer preferences have played a pivotal role in the remarkable growth of the bubble tea market. One of the key indicators of shifting preferences is the rise in demand for diverse flavors and innovative concoctions.

PORTLAND, Ore., Nov. 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Bubble Tea Market By Flavor (Original Flavor, Coffee Flavor, Fruit Flavor, Chocolate Flavor, Others), By Base Ingredient (Black Tea, Green Tea, Oolong Tea, White Tea), By Component (Flavor, Creamer, Sweetener, Liquid, Tapioca Pearls, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032. According to the report, the Bubble tea Market was valued at $2.9 billion in 2022 and is estimated to reach $5.3 billion by 2032, exhibiting a CAGR of 6.3% from 2023 to 2032.

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Prime determinants of growth

Change in consumer preferences has played a pivotal role in the remarkable growth of the bubble tea market. One of the key indicators of shifting preferences is the rising demand for diverse flavors and innovative concoctions. However, health and safety regulations in the bubble tea market have become increasingly stringent, impacting its growth in several ways. 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 rise in adoption of bubble tea, owing to its health benefits and popularity among health-conscious consumers and young generation.

Report coverage & details:

The fruit flavor segment to maintain its leadership status throughout the forecast period

On the basis of flavor, the fruit flavor segment held the highest market share in 2022, accounting for more than three-fifths of the global bubble tea market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to availability of various bubble tea fruit flavors in the market, which include avocado, banana, cantaloupe, coconut, grape, green apple, jackfruit, kiwi, lemon, pineapple, and watermelon. Such type of bubble tea flavors is preferred by health-conscious and vegan people. The chocolate flavor segment is the fastest-growing segment and is projected to manifest the highest CAGR of 6.6% from 2023 to 2032. The market for chocolate-flavored bubble tea has undergone robust growth in modern years, driven by a convergence of key trends.

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The liquid segment to maintain its lead position throughout the forecast period

On the basis of base ingredients, the black tea segment held the highest market share in 2022, accounting for two-thirds of the global bubble tea market revenue, and is estimated to maintain its leadership status throughout the forecast period. Black tea is considered a dietary source of antioxidant nutrients. It is a rich source of antioxidant nutrients such as carotenoids, tocopherols, and minerals such as Cr, Mn, Se, or Zn, and certain phytochemical compounds. The green tea segment is the fastest-growing segment and is projected to manifest the highest CAGR of 6.7% from 2023 to 2032. Green tea increases fat burning and improves the physical performance of the body. In addition, green tea can kill bacteria, which improves dental health and lowers the risk of oral infection, leading to a rise in its demand.

The liquid segment to maintain its lead position throughout the forecast period

On the basis of component, the liquid segment held the highest market share in 2022, accounting for more than two-thirds of the global Bubble tea market revenue, and is estimated to maintain its leadership status throughout the forecast period. There has been a rise in popularity of the combination of bubble tea with different liquid components such as black tea, green tea, fruit juice, coffee, and juice syrups among consumers across the globe, which boosts the growth of the bubble tea market. However, others segment is the fastest-growing segment and is projected to manifest the highest CAGR of 7.9% from 2023 to 2032. Consumers are always eager to welcome new recipes, flavors, tastes, and structure in beverages. In past decade, the concept of food/drinks customization has impacted positively on the food and beverage industry. Components such as fruit pulp, jelly chocolate crush, and Choco chips are added to serve new flavors or types of bubble tea, which is anticipated to boost market growth.

Asia-Pacific to maintain its dominance by 2032

The Asia-Pacific region held the highest market share in 2022, accounting for more than two-thirds of the global Bubble tea market revenue and is estimated to maintain its leadership status throughout the forecast period. Moreover, Asia-Pacific region is projected to manifest the highest CAGR of 7.4% from 2023 to 2032. High penetration rate of packaged and unpackaged bubble tea in Asia-Pacific, expanding product range by established manufacturers, and growth in population drive the bubble tea market.

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Leading Market Players:

• CUPPO TEE COMPANY LIMITED
• BUBBLE TEA HOUSE COMPANY
• BOBA BOX LIMITED
• SUMO'S (M) SDN BHD
• GONG CHA GLOBAL LTD
• KF TEA FRANCHISING LLC
• CHATIME GLOBAL LLC
• TP TEA
• TBAAR INC.

The report provides a detailed analysis of these key players in the global bubble tea market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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