Bubble tea is a widely consumed flavored beverage containing tea as the basic component, along with chewy tapioca balls. It originated in Taiwan and is known by various names such as pearl milk tea, bubble milk tea, boba juice, boba tea, or simply bubble tea. The bubble tea market is driven by cost-effective price and health benefits associated with bubble tea. However, the addition of artificial preservatives & color and presence of excess sugar in bubble tea restrain the market growth. The introduction of new flavors of bubble tea and decreases in demand for carbonated drinks provide opportunities for market expansion.
Bubble tea market was valued at $1,957 million in 2016, and is projected to reach $3,214 million by 2023, growing at a CAGR of 7.40% from 2017 to 2023. The black bubble tea segment accounted for more than 42% share of the global bubble tea market in 2016.
In 2016, North America and Asia-Pacific collectively accounted for more than 83% of the global bubble tea industry, in terms of value. This is due to the rapid gain in popularity of the bubble tea in these regions and its lower price. Europe is projected to grow at the highest rate, followed by Asia-Pacific, owing to increase in health benefits offered by consumption of bubble tea.
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Key Benefits for Stakeholders
• The report outlines the current trends and future scenario of the bubble tea market from 2017 to 2023 to understand the prevailing opportunities and the investment pockets.
• Major countries in each region are mapped according to individual market revenue.
• Porters Five Force’s model helps to analyze the potential of buyers & suppliers, and the competitive sketch of the market, which is expected to guide the market players to develop strategies accordingly.
• The key drivers, restrains, and opportunities and their detailed impact analyses are provided.
Bubble Tea Market Key Segments:
By Base Ingredient
• Black Tea
• Green Tea
• Oolong Tea
• White Tea
• Tapioca Pearls
• North America
• Lollicup USA Inc.
• CuppoTee Company
• Bubble Tea House Company
• Ten Ren’s Tea Time
• Boba Box Limited
• Sumos Sdn Bhd
• Gong Cha USA
• Boba Tea Company
• Troika JC
• Fokus Inc.
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