Pune, India, June 16, 2021 (GLOBE NEWSWIRE) — The global bubble tea market size is estimated to reach USD 3.39 billion by the end of 2027. It stood at USD 2.02 billion in 2019 and is expected to showcase a decent CAGR of 7.2% during the forecast period. This information is shared by Fortune Business Insights™, in its report, titled, “Bubble Tea Market, 2020-2027.” The rising trend for consuming fancy beverage among the youth is expected to lead the bubble tea market growth in the foreseeable future.
Moreover, the producers in the market have introduced new variants of boba tea to attract millennials and expand their user base. For example, in October 2020, Chatime launched brand new beverage options that provide endless customization options to fulfil the demand of their customers. The refurbished menu included dairy-free bubble tea launch prior this year, which comprises of oat milk. This enabled customers to order popular milk teas in vegan-friendly option or milk based. They also offer sugar level customization or completely replace sugar with honey as a sweetener. Additionally, they also introduced cereal-infused bubble tea as strategic planning for the partnership with Kellogg’s.
List of Top 10 Players Profiled in the Bubble Tea Market Report are:
- Chatime Group (Taiwan, China)
- Bubble Tea Supply Inc. (Hawaii, United States)
- Gong Cha (Taiwan, China)
- CoCo Fresh Tea & Juice (Taiwan, China)
- Quickly (Taiwan, China)
- Kung Fu Tea (New York City, United States)
- Tiger Sugar Korea (Seoul, South Korea)
- Boba Loca USA Inc. (United States)
- Lollicup USA, Inc. (United States)
- Happy Lemon (United Kingdom)
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Permission for Online Delivery Services to Help Market Survive during COVID-19
The WHO declared coronavirus as a pandemic in 2019 and since then the scenario for maximum sectors have changed. Due to the government imposition of lockdowns, many companies were forced to shut down. Also, supply-chain management was seen to be disrupted among many industries. However, the food and beverage industry managed to sustain decently amid the pandemic.
According to government rules, dine-in facility at the restaurants was banished, instead online food delivery services were permitted. For example, in August 2020, Zomato reported that around 10% dine-out restaurants in India have shut down whereas 30% restaurants are currently not functioning owing to COVID-19. However, food delivery has mainly improved as the restaurants offering delivery services are operational at 70% that of pre-pandemic levels. This is expected to boost the market growth in the long term.
The report presents a systematic study of the bubble tea market segments and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
On the basis of type, the global bubble tea market is categorized into black tea, green tea, oolong tea, and white tea. Among these types, black tea is the leading segment as of 2019 with a share of 41.70%. This is on account of the major shift observed in the market as people are adopting healthy and organic beverage options.
Based on flavor, the market is further classified into original, fruit flavor, chocolate flavor, and coffee flavor. In terms of region, it is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Drivers and Restraints
Rising Health Consciousness among People to Boost Market Growth
Lifestyle conditions such as obesity and diabetes which are likely to be caused by the surged consumption of processed sugar has resulted in a prime shift among consumers and have replaced sugar with sweeteners such as stevia, honey, and agave. These are the available organic sweeteners that can be added to the boba tea to avoid or lower the sugar consumption. People who are aware about their physical health and the diabetic people favour buying natural sweeteners over sugar. Consumers majorly opt for such products as their benefits are proven scientifically. These are rich in antioxidants, anti-inflammatory, and anti-carcinogenic. Therefore, their presence in bubble tea is likely to boost the market growth.
Asia Pacific to Lead in the Market Backed by Presence of Innovating Country in this Region
Asia Pacific region holds the largest bubble tea market share and is predicted to grow at a CAGR of 10.07% in the upcoming years. It stood at USD 823.90 million as of 2019. The growth is owing to the factor that boba was innovated first in Taiwan, which is an Asian country. This gives the Asia Pacific region the control of the global market shares.
North America is projected to hold the second-largest share in the foreseeable future. Leading countries in the North American and European region are seen to surging the intake of boba gradually, owing to the increasing trend of tea-based fruit flavored beverages. Additionally, there has been an upsurge in boba cafes in the countries such as the U.S and the UK, which has majorly contributed to the growth of the bubble tea market.
New Product Launches by Key Companies to Spur Market Growth
Prominent players have adopted effective strategies over the years to control the market. Various strategies such as mergers, acquisitions, partnerships have been seen among several companies. One such effective strategy is launching products to gain maximum user base. For example, in June 2019, Secret Recipe launched a chain of numerous bubble tea flavours or commonly known as boba, such as kopi-C, caramel milk tea, milk tea, boba Cham, signature fruit tea, brown sugar milk tea, and boba midnight blue.
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Key Industry Development
January 2021: Gong Cha to launched pandan-flavored soy pudding boba tea at the Jewel Changi Airport. It has additionally joined forces with Singaporean-based toy store ActionCity to rejoice the 25th anniversary of the Japanese toy character To-fu Oyako.
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