The Brainy Insights estimates that the US$2.6 billion (2022) bubble tea market will reach US$6.2 billion by 2032, per the research firm’s new report.
According to the research firm, the bubble tea industry has had enormous growth throughout the years and is still growing rapidly.
Globally, the bubble tea market has grown to be a multibillion-dollar business, and the market is expected to increase as a result of factors such as rising consumer demand, new product development, globalization, and the growing interest in Asian food and drinks.
Key Insights on the Bubble Tea Market
The Asia Pacific region is anticipated to expand at the fastest compound annual growth rate (CAGR) of 10.6 percent over the projection period.
Taiwan is where bubble tea was originally consumed and introduced, and one of the biggest drinkers of bubble tea is Thailand, where each person had six cups of bubble tea on average monthly in December 2019, according to the ASEAN Post. The usage of social media by consumers and influencers also increased product demand for bubble tea in this region.
The fruit flavor segment dominated the market in 2022 with a market share of 38.1 percent, and the market for bubble tea has a significant fruit flavor category that provides consumers with a variety of delicious and pleasant alternatives. For those who enjoy bubble tea, fruit flavors are popular because they give the traditional tea-based drink a fruity touch. Bubble tea establishments frequently develop unique taste combinations by combining several fruits or using complimentary flavors in addition to solitary fruit flavors. For instance, passion fruit and peach might be mixed for a bitter and sweet taste, while strawberries and mango can be mixed for a tropical flavor. These inventive pairings satisfy the needs of customers who are looking for unique and fascinating flavor experiences.
In the bubble tea market, the green tea segment is expected to expand at the fastest CAGR of 10.6 percent over the projected period. This is due to the abundance of nutrients in green tea that are known to promote good health, and these product advantages will accelerate the segment's growth by increasing interest and demand.
Bubble Tea Market Dynamics and Opportunity
In recent years, the bubble tea business has grown significantly. Bubble tea makers and merchants, in fact, have reacted to consumer demand for healthier options by giving a greater selection of ingredients and customizing possibilities.
Many bubble tea businesses now offer low-sugar or sugar-free versions, as well as alternate milk options such as almond or soy milk. These healthier options have attracted health-conscious customers, expanding the bubble tea customer base.
The emergence of new e-commerce and online platforms – like TikTok – have allowed bubble tea enterprises to access more consumers and increase sales, benefiting retailers and tea businesses alike.
For bubble tea businesses, establishing a strong online presence – which includes social media marketing, e-commerce and delivery services – may assist customer with reach beyond physical shop locations. Engaging clients via digital media may also help increase brand recognition and customer loyalty, while staying competitive in the market.
Some of the major players operating in the bubble tea market, according to The Brainy Insights, are: ChaTime, Lollicup USA, Bubble Tea Supply, T Bun International, Ten Ren’s Tea Time, Troika JC, Bobabox Ltd., Bubble Tea House Company, Fokus and Gong cha.
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen.
To learn more about The Brainy Insight’s report on bubble tea, visit TheBrainyInsights.com.
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