Demand in the bubble tea market is expected to reach US$ 2.3 Bn in 2021. Looking forward, Future Market Insights (FMI) expects the global bubble tea market size to reach US$ 5.5 Bn by 2031, exhibiting growth at 8.8% CAGR for 2021-31.
Bubble tea is made using black tea, green tea, oolong tea, or white tea. It has a milk base and includes chewy tapioca balls or boba and fruit jelly.
Sales of bubble tea or pearl milk tea is growing in response to the high demand for healthier alternatives to carbonated drinks. With demand forecast to grow at an impressive pace, the overall bubble tea market will represent 2% of sales registered in the tea industry in 2021.
It is frequently sold at a low price to introduce customers to several flavors and encourage them to establish a bubble tea habit over time. Many brands add fruits and jellies to their bubble tea to cater to the dynamic consumer preference.
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Key Highlights
Global bubble tea market is estimated to reach US$ 2.3 Bn in 2021. In terms of the base ingredient, black tea, which will represents over 36% of the market by 2031, will remain dominant through the forecast period. On the basis of flavour, bubble tea market is segmented into original and flavored. In 2021, the flavoured bubble tea segment will represent 67.2% of the market. East Asia holds dominance in the global bubble tea market. Within East Asia, China will represent the largest market share. Within North America, the U.S. will hold dominance, accounting for a little over76% of bubble tea sold in the region.
Social Media Influencing Choices of Customers, Especially Among Youth
Social media is full of advertisements, news, and other impactful visuals. Brands often use social media to target their consumers. Restaurants use social media to promote their drink specials and happy hours. Additionally, social media is where parties and get-togethers are organized. Because social media is such an integral part of people’s lives, it can also influence the way they drink.
It is unique platform where in that bubble tea brands can target consumers and create relationships with their audience. Users are often asked to “like” brands, to attend their events, and share photos of themselves using their products. In other words, social media is the perfect environment for bubble tea to be displayed, viewed, bought, and sold. Hence focus on social media penetration is expected to grow among market players.
Who is Winning?
Companies operating in the bubble tea market are focusing on expanding their footprint in developing markets. For instance:
In 2017, Chatime was launched in Mumbai, India by Alchemist Foods Ltd from Taiwan. The store catered to provide freshly brewed bubble tea while penetrating the local beverages market Chatime Malay stated in January 2019 that it was planned to grow its presence aggressively into Singapore, the United States, India and Saudi Arabia as part of their five-year expansion strategy
Some of the leading companies offering bubble tea are Gong Cha, Kung Fu Tea, Lollicup USA, Tiger Sugar, Sharetea, Boba Guys, Tapioca Express, Cha Time, Tea Ren’s Tea Time, YiFang Bubble Tea, CoCo Fresh Tea & Juice, DaBoba, Happy Lemon, Quickly, Cojiitii, and othes.
Bubble Tea Market by Category
By Base Ingredient:
- Black Tea
- Green Tea
- Oolong Tea
- White Tea
- Others
By Flavour:
- Original
- Flavored
- Nut-Flavoured
- Chocolate
- Fruit
- Honey
- Mocha
- Coconut
- Caramel
- Vanilla
By Sugar Content:
- Regular
- Reduced Sugar/Sugar Free
By Format:
- Ready-to-Drink (RTD)
- Instant Mixes
By Toppings:
- Pearl
- Grass Jelly
- Coconut Jelly
- Red Bean
- Multiple/Others
By Distribution Channel:
- Direct (B2B)
- Indirect (B2C)
- Hypermarket/Supermarket
- Convenience Stores
- Grocery Retailers
- Grocery Retailers
- Wholesale
- Other Store based Retailing
- Online Reatailing
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Key Questions Answered in the Report
What is the bubble tea market size?
The global bubble tea market size is expected to reach US$ 2.3 Bn in 2021. By 2031, the market value is poised to surpass US$ 5.5 Bn at 8.8% CAGR.
What is the most popular bubble tea flavor?
Chocolate bubble tea, followed by nut-flavored bubble tea is most popular in the market.
What are the key trends shaping the bubble tea market?
High demand for flavored beverages derived from natural ingredients is encouraging flavor innovation in the bubble tea market. Consequently, some of the leading bubble tea brands are emphasizing on frequent product launches, which is expected to remain key trend in the market.
How was post-COVID bubble tea market performance?
Despite supply chain disruptions witnessed amid COVID-19, the bubble tea market registered 7.5% year on year growth in 2021.
What is the North America bubble tea market outlook?
The bubble tea market in North America will grow by 7.6% CAGR between 2021 and 2031.
What is the Europe bubble tea market outlook?
The Europe bubble tea market will register growth at 7.6% CAGR through 2031.
About 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, the global financial capital, and has delivery centers in the 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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