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Pages: 228
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Feb 2018 | 4495 Views
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Author's :
Yash Doshi & Gunjan Jeet Sharma
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Tables: 112
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The Global Bubble Tea Market was valued at $1,957million in 2016, and is projected to reach $3,214million by 2023, growing at a CAGR of 7.40% from 2017 to 2023. Bubble tea is known by various names such as pearl milk tea, bubble milk tea, boba juice, boba tea, or simply bubble tea. It is made using tea as the base component, while the addition of chewy tapioca balls leads to better experience to this beverage. Bubble tea is available in different flavors with different flavored tapioca balls. It possesses attributes such as low-fat and low calorie content, rich in antioxidants, and anti-inflammatory and anti-carcinogenic properties. Some of the most common flavors preferred by users in bubble tea include honeydew, lychee, mango, passion fruit, peach, plum, strawberry, coffee, ginger, chocolate, and taro, with fruit flavor being the dominant, followed by chocolate and original flavor bubble tea.
Manufactures of this ready-to-drink beverage have maintained its cost-effectiveness, thus driving the bubble tea market. Furthermore, the addition of fruits & jellies to the bubble tea along with the benefits of tea supplements the growth. However, addition of preservatives, artificial color, and excess sugar to this tea hamper this market growth. Moreover, the availability of substitute products, such as coffee, and trend of coffee consumption restrain this growth. However, introduction of new flavors with regards to this tea presents a major opportunity for market expansion.
The global bubble tea market is segmented on the basis of base ingredient, flavor, component, and geography. Based on base ingredient, the market is divided into black tea, green tea, oolong tea, and white tea. On the basis of flavor, it is classified into original flavor, coffee flavor, fruit flavor, chocolate flavor, and others. Components included in this report are flavor, creamer, sweetener, liquid, tapioca pearls, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in this market are 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. (Qbubble), and Fokus Inc.
Bubble Tea Market Share, by Geography
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The Asia-Pacific bubble tea market is witnessing a rapid growth rate, as bubble tea has gained popularity due to its low price, enhanced taste, and availability of novel and varied flavors. In addition, rapid urbanization and growth of ready-to-drink beverages in the region drive the market growth.
Global Bubble Tea Market, by Base Ingredient
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The green tea bubble tea segment is estimated to be the most lucrative segment, and it accounts for a major proportion of the global bubble tea market, as it offers health benefits such as prevents variety of cancers & cardiovascular diseases, lowers cholesterol, enhances metabolism, helps in weight loss, and reduces risk of type II diabetes as well as Alzheimer’s & Parkinson’s diseases.
Global Bubble Tea Market, by Flavor
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The fruit flavor bubble tea segment is estimated to be grow at a rapid rate during the forecast period, due to its high consumer preference, diversity in flavor, and high nutritional value as compared to other flavors.
Key Benefits for Stakeholders
Bubble tea is a widely consumed flavored beverage that contains tea as the basic component in addition to chewy tapioca balls. The chewy tapioca balls are referred to as “pearls” or “boba” by which it gets its name as pearl milk tea and boba tea. The tapioca balls have different flavors, thus enhancing the experience of drinking bubble tea. Bubble tea has rapidly gained popularity the Asia-Pacific region, with gradual expansion across the European and North American regions. The introduction of new flavors in different regions across the globe, such as coffee flavored bubble tea in the North American region, has helped the bubble tea market growth.
Bubble tea is trending in the beverage industry, as it offers diverse flavors to choose from and possesses antioxidant, anti-inflammatory, and anti-carcinogenic properties. The low price of bubble tea coupled with enhanced flavor has helped it to gain considerable market share in beverage industry globally. A wide range of bubble tea and related products are sold through various retail channels such as hypermarkets, supermarkets, convenience stores, discounters, forecourt retailers, and grocery stores. These stores act as global marketing tools, thus assists in building an impressive premium image and increasing brand exposure of bubble tea products.
Furthermore, the carbonated drinks sale is projected to decrease in the next few years, owing to increased awareness among people regarding the health hazards caused by carbonated drinks. These factors indicate that increase in consumption of bubble tea and decrease in popularity of carbonated drinks represent opportunities for the bubble tea market expansion during analysis period.
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