Bubble Tea Market Size To Grow At A CAGR In The Forecast Period
The ‘Global Bubble Tea Market Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global bubble tea market size, assessing the market on the basis of its segments like type, flavour, and major regions.
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 7.5%
|Growth Rate CAGR||7.5%|
|Major Players||Dama Foods International Co., Ltd, Lollicup USA Inc., Fokus Inc., Cuppo Tee Company Limited, Sumo’s (M) Sdn Bhd, and Huey-Yuhe Enterprise Co., Ltd., among others.|
The global bubble tea market is expected to register growth in the span of the forecast period on account of the increasing consumption of coffee and tea as nootropic drinks among the working-class population and students. Such drinks include ingredients called nootropics which are compounds that increase cognitive functions including motivation, memory, concentration as well as learning capabilities. The taste, texture, and social media popularity of these beverages are further driving the market demand.
The surging popularity and preference for different types of hot beverages is also expected to fuel the demand for bubble tea. Moreover, health experts suggest that moderate usage of nootropic drinks improve brain function and concentration which is likely to positively influence the market growth of bubble tea across the globe.
Rapid urbanisation along with increasing disposable income among consumers and the growing beverage industry is anticipated to boost the market growth of bubble tea in the upcoming years due to changing tastes and preferences of consumers.
Bubble Tea Industry Definition and Major Segments
Bubble tea is known by various names like bubble milk tea, pearl milk tea, boba juice, or boba tea. It is a well-known drink made with simple ingredients, comprising of tea combined with chewy tapioca seeds. The drink can be created in different forms by adding fruit jellies as well as syrups. Its flavours completely differ based on the ingredients that are added to the beverage.
By type, the market is classified into:
Based on flavour, the market is segmented into:
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Bubble Tea Market Trends
With social media influencers and consumers regularly posting their colourful beverages on social media, the bubble tea market demand is likely to propel and gain more consumer traction. The aggressive celebrity endorsements along with advertising is likely to push forward the market growth across the region over the upcoming years.
Geographically, the Asia Pacific region is projected to witness significant growth in the bubble tea market share over the forecast period. This is due to the high popularity of bubble tea across the region as it was first introduced in Taiwan. Bubble tea took online foodies by storm, ultimately making the drink a worldwide phenomenon.
Meanwhile, the Europe region is likely to register considerable growth in the market for bubble teas. This is on account of the rise in the demand for hot beverages across the region, especially in countries like Germany, Italy, and the United Kingdom.
Key Market Players
The major players in the global bubble tea market report are:
- Dama Foods International Co., Ltd
- Lollicup USA Inc
- Fokus Inc
- Cuppo Tee Company Limited
- Sumo’s (M) Sdn Bhd
- Huey-Yuhe Enterprise Co., Ltd
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players. The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.