The Bubble Tea Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bubble Tea Global Market Report 2024, The bubble tea market size has grown strongly in recent years. It will grow from $2.89 billion in 2023 to $3.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to cultural influence, youth appeal and trendiness, variety and customization, social media and marketing, health-conscious consumer shift..
The bubble tea market size is expected to see strong growth in the next few years. It will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to menu diversification, celebrity and influencer endorsements, mobile ordering and delivery, sustainability initiatives, specialty and premiumization.. Major trends in the forecast period include specialty and limited edition offerings, health and wellness focus, customization and personalization, sustainability initiatives, fusion and experimentation..
The increase in tea consumption is expected to propel the bubble tea market going forward. Tea is a beverage created by pouring hot water over dried and chopped leaves and sometimes blossoms, most notably from the Camellia sinensis plant. Tea has long been a popular beverage across the world, and its popularity has increased rapidly in recent years due to its numerous health advantages and adaptability. With rising popularity of tea, customers are expected to seek for new and novel tea-based beverages, such as bubble tea. As more individuals seek out this distinctive and refreshing beverage, this trend is projected to fuel development in the bubble tea market. Furthermore, the rise of specialty tea shops and the availability of online ordering has made it easier than ever for consumers to discover and enjoy bubble tea. For instance, according to the Tea Association of the USA Inc. a US-based authority on tea states that, the American tea market expanded. The overall amount of tea imported is up more than 8% as of September, with black tea imports exceeding those of the previous year by more than 9%. Additionally, the International Tea Committee (ITC), a UK-based organization, reports that tea consumption has increased 113% to 6.7 million metric tons in 2022, more than doubling in the previous 20 years. Therefore, a rise in the consumption of tea will drive the bubble tea market.
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The bubble tea market covered in this report is segmented –
1) By Type: Black Tea, Green Tea, Oolong Tea, White Tea, Other Types
2) By Flavor: Original, Fruit, Coffee, Chocolate, Other Flavors
3) By Component: Flavor, Creamer, Sweetener, Liquid, Tapioca Pearls, Other Components
Product innovation is a key trend gaining popularity in the bubble tea market. Companies operating in the bubble tea market are coming up with innovative types of bubble tea to gain a major market position. For instance, in October 2021, Del Monte Foods a US-based food production and distribution company, launched its newest innovation, JoybaTM Bubble Tea to provide a new, distinctive, and enjoyable experience that also tastes wonderful, we produced a blast of fruity, exploding boba that provides surprising textures. It has no artificial flavors or sweeteners and is non-GMO, BPA-free, and gluten-free. Each 12-ounce cup features real fruit tastes infused in a variety of teas such as green tea, black tea, and hibiscus tea, which is caffeine-free.
The bubble tea market report table of contents includes:
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