The global bubble tea market is projected to observe prominent growth over the forecast period, owing to the rising popularity and health benefits associated with the consumption of bubble tea. By flavor, the chocolate flavor sub-segment is estimated to witness fastest growth. Regionally, the North America market is anticipated to dominate in the global industry by 2028.
New York, USA, June 15, 2021 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global bubble tea market is estimated to generate a revenue of $4,552.9 million by 2028, and grow at significant CAGR of 7.4% over the forecast period (2021 to 2028). As per our analysts, the rising popularity of bubble tea owing to its delicious taste and various health benefits such as helps in boosting immunity, weight loss process, and others is the major factor expected to foster the growth of the global bubble tea market in the coming years. Moreover, the introduction of new bubble tea flavors including fruit flavors like apple, banana, kiwi, watermelon, lychee, and others are anticipated to create huge growth opportunities in the global market by 2028. On the contrary, the rise in number of people consuming coffee due to its several health benefits is estimated to restrict the market growth in projected timeframe.
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Impact of COVID-19 on the Industry
The COVID-19 pandemic has impacted the global bubble tea market in a negative way. The unexpected decline in the market growth can be attributed to complete lockdown and ban on import-export across various countries. In addition, the global supply chain disruptions and the implications of the governments on closure of cafes, farms, restaurants, production unit, and factories to maintain social distancing measures led to a drop in sales and demand for bubble tea. However, many governments across the globe are taking measures to expand the bubble tea business across various countries, which is predicted to help the market sustain during the pandemic.
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Black Tea Sub-segment to Hold Largest Market Share
By base ingredient, the black tea sub-segment is estimated to account for majority of market share and generate a revenue of $1,864.8 million by 2028. This is mainly due to various health benefits associated with the consumption of black tea as a base ingredient in bubble tea, such as increasing alertness, improving metabolism, boosting energy, improving heart health, and others.
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Chocolate Flavor Sub-segment to Witness Fastest Growth
By flavor, the chocolate flavor sub-segment is projected to register fastest growth and generate $345.6 million during the forecast period. The rapid growth of this sub-segment is mainly owing to growing popularity of chocolate flavor with tea and its various health benefits like relieving physical stress and stimulating the functioning of brain.
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Liquid Sub-segment to be Most Profitable
By component, the liquid sub-segment is estimated to dominate the global industry and surpass $1,703.4 million during the forecast period. This growth is mainly because the combination of bubble tea with liquid flavors such as black tea, green tea, oolong tea, and others is increasing across the globe as liquid bubble tea can be combined with various fruit juices & syrups.
North America Region to Dominate in the Industry
By region, the North America market for bubble tea accounted for $1,429.3 million in 2020 and is projected to attain a leading position in the global industry by 2028. The dominance of this region is majorly due to the rapid growth in consumption of tea and the availability of various flavors in bubble tea such as fruit, coffee, chocolate, original, and other flavors.
Prominent Market Players
• Kung Fu Tea
• Bobabox Limited
• Bubble Tea House Company
• Gong Cha
• Sumo's (M) Sdn Bhd
• Ten Ren's Tea Time
• The Bubble Tea Company
• ViVi Bubble Tea
These players are implementing numerous strategies to gain a competitive edge in the global industry. For instance, in April 2020, Bubble Tea Supply Inc., a European Bubble tea wholesale that ships goods & supplies shops throughout the Europe, launched bubble tea in its ‘Bubble Tea Club’ of various flavors such as classic milk, green apple, mango, lychee, fruity flavor with honey dew, and Thai tea, along with 14 different toppings flavors.
Further, the report presents several aspects of these major players such as business & financial performance, latest developments, key strategic moves, SWOT analysis, and product portfolio. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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