Moreover, increase in disposable income and economic growth in advanced & emerging economies support the market growth. Ice-blended versions are usually mixed with fruit or syrup, resulting in a slushy consistency. The average volume per person in the Tea segment is expected to amount to 0.68kg in 2023. A typical serving of bubble tea at a chain might cost $3 to $5 for a 16- to 20-ounce cup. Statista. Manufacturers are capitalizing on improving the functionality of boba drinks ingredients to cater to the rising demand from consumers. NEWARK, Del, July 26, 2022 (GLOBE NEWSWIRE) -- The global bubble tea market is projected to reach a value of US$ 5.5 Bn by 2031, with sales growing at a robust CAGR of 8.8% for the forecast period . Bubble tea brands expected to produce novel and unique products over the forecast period. Pearls or boba color varies depending on the additives added to the tapioca and this segment is one of the most trending bubble tea across the world. The ICC World Test Championship final will be played in The Oval, London from June 7 to 11, where the conditions are pacer-friendly. The out-of-home market, also called on-trade market, away-from-home market or HORECA encompasses all sales to hotels, restaurants, catering, cafs, bars and similar hospitality service establishments. A. The U.S. market is anticipated to register a prolific CAGR of 12.4% over the forecast period. Bubble tea first appeared in Thailand ten years ago, but since has gone out of market trend, staged a strong comeback, and established itself in the region. It is expected to be the fastest growing segment owing to consumers' inclination towards the convenience offered. The market for Hot Drinks is structured into retail sales for at home consumption and on-premise or foodservice sales for out-of-home consumption. Kenya is one of the main global tea exporters and as a result, it is no surprise that Kenyans love their tea, in particular black tea, though in 2022, fruit/herbal tea registered the highest current value growth. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022. 5. Rank Country/Region Tea consumption 1 Turkey: 3.16 kg (6.96 lb) . Which is the leading segment based on the product type in the market? However, excess sugar content in these drinks leading to health issues and trend of coffee consumption are expected to restrict the market growth. Australia: 0.75 kg (1.65 lb) 17 The research report includes quantitative and qualitative insights into the market. A study conducted by the Tea Board of India revealed some interesting consumption patterns among Indian tea drinkers: About 80% tea drinkers in India consume it either with or before breakfast . 3. The bubble tea market was valued at $2.4 billion in 2019 and is estimated to reach $4.3 billion by 2027, registering a CAGR of 7.80% from 2020 to 2027. In addition, as Europe is not highly indulged in tea production and mostly relies on other regions for the supply of tea, it somehow limits the market growth. The Middle East & Africa showcases a slower growth as pearl milk tea is consumed as a social drink or as a gesture of hospitality. Industrial Alcohol Market Volume: The global industrial alcohol market size is set to be valued at US$ 110.3 Bn in 2022 and it is expected to grow at a CAGR of 7.6% from 2022 to 2032. 2. This is likely due to its naturally sweet flavor and all of the different varieties of teas that are available. 01 The first bubble tea came out in the early 1980s. Consumption declines with age. According to the bubble tea market share, based onflavor, the fruit flavor segment was the most prominent segment accounting for the highest share in the bubble tea market, in 2019. The report covered all the points and was very detailed. Each . Let's assume that the daily maintenance calories for an average adult man are 2,500 kcal, and for an average adult . This can be attributed to change in preference of consumers toward healthy beverages and better taste. For instance, in June 2022, Frankly, the first Italian bubble tea chain, witnessed a massive increment of around 148% compared to the previous years via a crowdfunding campaign. The Bubble Tea Club Kit has everything you need to make delicious homemade bubble tea. The green tea segment was the highest contributor to the market, with $16,362 million in 2019, and is estimated to reach $26,110 million by 2027, at a CAGR of 9.8% during the forecast period. Studies showed that green tea-based milk tea is proven to be beneficial for lowering blood pressure and the risk of cancer. All rights reserved. Many Thai people drink bubble tea daily, and in many cases may drink multiple cups per day. This growth is fueled by the perceived health benefits of green tea. 13. Originally created in Taiwan in the 1980s, bubble tea has quickly exploded in popularity. info@pearllemongroup.com. 9. Elementary school children would look forward to buying a cup of refreshing tea after a long, hard day of work and play. On the basis of flavor, it is categorized into original flavor, coffee flavor, fruit flavor, chocolate flavor, and others. Such challenges cumulatively hamper the growth potential of the global market. In-depth analysis and the bubble tea market size and segmentation assists in determining the prevailing bubble tea market opportunities. Tapioca balls or "pearls" are often added to the concoction as well. Thailand leads in . A. If you have an adventurous palette, we highly recommend trying as many different flavors as you can to find the one that will be your favorite! Followed by black tea, the green tea segment is expected to hold a major percentage of the market share. How much is the global bubble tea market worth? Bubble tea can be found on every continent today, except for Antarctica, of course! Over 95% of females in the united states have tried bubble tea, while 81% of males . It should be no surprise then that sugar is a primary ingredient in the drink. That number increases when you go up in size to 469 calories and only gets worse as you add in more toppings or extra flavors. Bubble tea, also known as Boba or Boba tea, is rapidly becoming one of the worlds favorite beverages. Looking forward to work together in the future, It has been a delightful experience working with you guys. The Asia Pacific market held the largest share and was valued at USD 0.90 billion in 2021. Bubble tea is drunk by millions of people around the world every single day, even in countries that you might not expect! Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-12310, Explore FMIs Extensive Coverage on Food and Beverage Domain. We value them as a research company worthy of building long-term relationships., Well done Fortune Business Insights! Bubble tea . Over 90% of the tea consumed is Black Tea, about 5% Green Tea, 1% Oolong Tea and the balance flavored, scented, or mixed teas. Bubble tea has a milk base and includes ingredients like chewy tapioca balls, or fruit jelly and boba. However, since the ease of lockdowns, governments have proposed several initiatives and strategies to help the companies in recovering the losses across the globe. The market is projected to grow from USD 2.29 billion in 2022 to USD 3.78 billion by 2029, exhibiting a CAGR of 7.40% during the forecast period. Asia Pacific Bubble Tea Market Size, 2021 (USD Billion), To get more information on the regional analysis of this market, Request a Free sample. By component, it is classified into flavor, creamer, sweetener, liquid, tapioca pearls, and others. Request a Free sample to learn more about this report. This popular sweetened tea is made up of high-quality milk and tapioca pearls, along with fruit powder, creamer, and sweeteners. Apart from the U.S. and Asian countries, the trend of milk tea is also extensively growing amongst individuals residing in the Middle East and Africa. European countries are just starting to understand the bubble tea craze, and with new dessert products in the making, the only way for this industry to go is up. October 26, 2021 13:00 ET | Source: Fortune Business Insights. For instance, Nextrends Asia 2021 displayed a surge in Taiwans exports of pearl milk teas base ingredients (raw materials, packaging and machinery, and others) which was an increment of 330% as compared to 2018. In 2020, China dominated the tea market with 78.7 billion US dollars of revenue. Tartrazine Market Trend: Global tartrazine market is projected to reach a valuation of US$ 120 Mn in 2022, with demand growing at a 7.0% CAGR over the forecast period. A. drinking tea; and the expansion of new products and flavourings, such as ready-to-drink tea, premium tea, and herbal and fruit fusions.15-19 In addition, demand for green tea is expected to outpace demand for black tea.4,12,19 The considerable expansion of sustainable tea products is also worth noting. Coffee and tea are the most consumed as well as socially accepted nootropic beverages across the world, and many consumers are highly dependent on such caffeinated drinks before starting their day. https://www.grandviewresearch.com/industry-analysis/bubble-tea-market, https://foodinstitute.com/focus/survey-millennials-gen-z-big-fans-of-bubble-tea/, https://youthinsight.com.au/brands/more-girls-aware-of-bubble-tea-than-boys/, https://www.cnn.com/travel/article/taiwan-bubble-tea-origins/index.html, https://www.duluthnewstribune.com/8-things-you-might-not-know-about-bubble-tea-and-other-unexpected-holidays-this-week, https://www.fortunebusinessinsights.com/industry-reports/bubble-tea-market-101564, https://www.organicfacts.net/health-benefits/herbs-and-spices/bubble-tea.html, https://chinamarketadvisor.com/what-is-boba-and-why-is-it-so-popular/, https://theaseanpost.com/article/southeast-asias-bubble-tea-craze, https://www.worldteanews.com/Insights/millennials-and-gen-z-drive-21st-century-tea-preferences, https://www.honestfoodtalks.com/bubble-tea-flavors-boba-toppings/, https://www.healthline.com/nutrition/boba-cancer, https://mtalvernia.sg/education/whats-in-my-bubble-tea/, Tea thats infused with milk or another liquid, Artificial sweetener like stevia or sugar (more on this below), Special straws designed to make the best bubbles possible. This can be attributed to the availability of various options such as combination of various liquid flavors and syrups. Need to talk to an expert? More people are discovering and enjoying bubble tea every year, however, so these figures may soon change as people age and continue to enjoy their favorite drink. Moreover, the availability of suitable alternatives, such as unsweetened tea, coconut water, fruit-infused teas, and others, offering similar benefits, hamper the global market growth. The consumption of bubble milk tea also improves the balance of vitamins and minerals in the human body due to the presence of various inclusions such as yogurt, cream, fruit bits, and others. Pearl Lemon Boba Unit 4 Building, 250 North End Rd, London SW6 1NJ, United Kingdom. Statista. Bubble milk teas surge in popularity is mainly attributed to taste, affordability, and the rising reinvention of the basic tea recipe. Today, millennials, zennials, and gen z account for the vast majority of the countrys bubble tea consumption. Coffee shop. Sometimes they are blended with ice to give them a more slushy-like consistency. 8. Because of its proximity to Taiwan, where bubble tea was created, China quickly became a fan of the sweet beverage. Lycopene Food Colors Market Growth: The overall demand for lycopene food colors is slated to grow at a prolific CAGR of 10.7% during the forecast 2022-2032, totaling US$ 257 Mn by 2032. This can be attributed to the rise in awareness regarding healthy lifestyle and higher adoption of healthy beverages by health-conscious consumers. The global bubble tea market size was valued at USD 2.17 billion in 2021. Bubble tea is also known as (Zhen Zhu Nai Cha) directly translates to pearl milk tea, but is also known as boba tea in . The players in the bubble tea market have adopted acquisition as their key development strategy to increase profitability and improve their position in the bubble tea market. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: The Hot Drinks market segment, Tea, consists of black tea, green tea and mate sold in tea bags or as loose-leaf tea. The chocolate segment is projected to have the fastest growth in the coming years due to increasing demand for chocolate-based drinks from every age group. Based on the distribution channel, online retailing is expected to exhibit a CAGR of 11.9%. It includes flavor variants such as lychee, mango, passion fruit, peach, plum, strawberry, avocado, banana, grape, kiwi, lemon, and others. 10. Asia Pacific is expected to dominate the market during the forecast period. South America is anticipated to grow in terms of sales volume of the products in the coming years. Between 2021 and 2028, the global tea market is expected to grow at a CAGR of 6.6%. Moreover, as per researches conducted by different reputed organizations, tea is proven to prevent different type of cancers, lower cholesterol, help boost immunity, facilitate weight loss, and prevent neurological diseases.This indicates that the health benefits associated with bubble tea are anticipated to drive the overall market. Chewy tapioca balls or different flavored jellies are then added to give bubble tea the fun, chewy texture that it is known for! The Tea segment in Australia is projected to grow by 2.61% (2023-2025) resulting in a market volume of US$1.47bn in 2025. . The market value of the bubble tea market is anticipated to reach a high of US$ 5.82 billion by the year 2032. Heycha and Yicha both have similar-sounding names and include refreshing fruit teas as part of their star offerings. Italy's economy contracted by 0.1 per centquarter-on-quarter in the final three months (Q4) of last year, thecountry's National Institute of Statistics (ISTAT) said.On a year-on-year basis, gross domestic product (GDP) in the quarterincreased by 1.4 per cent, against the originally estimated 1.7 percent, reports Xinhua news agency citing ISTAT . With bubble teas sudden increase in popularity, it should be no surprise that the industry is only expected to keep growing. The other players operating in the global bubble tea market are Bubble Tea Supply Inc., ChaTime, CoCo Fresh, Quickly, Kung Fu Tea, BobaLoca, Happylemon, Share Tea, T Bun International, Fanale Drinks, Grand Chainly, and Huey-Yuhe Enterprise. Various key insights presented in the report are an overview of related markets, competitive landscape, recent industry developments such as mergers & acquisitions, regulatory scenario in critical countries, and key bubble tea industry trends. Remarkable job and great efforts by your research team. If you love bubble tea and are looking for a make your own bubble tea kit, this is the place! Gong Cha, Kung Fu Tea, Lollicup USA, Tiger Sugar, Sharetea, Boba Guys, Tapioca Express, Cha Time, Ten Rens Tea Time, YiFang Bubble Tea, CoCo Fresh Tea & Juice, DaBoba, Happy Lemon, Quickly, Cojiitii, and others are some of the manufacturers of bubble tea profiled in the full version of the report. Bubble tea made a rise in popularity in 2018 with a 3000% increase in orders from Southeast Asia. In this era, the growing consumer preferences for products depend on various factors such as choice of taste, price, brand, and location accessibility. December 17, 2022. Whether youre feeling something sweet, fruity, and refreshing, something soothing and tea-like, or a slushy smoothie like-drink, bubble tea has you covered. The manufacturers or entrepreneurs in the boba tea industry are venturing upon the launch of their own restaurants/cafes to attract consumers and fortify their market presence.