The global bubble tea market was valued at USD 2.46 billion in 2023 and is expected to grow from USD 2.63 billion in 2024 to USD 4.78 billion by 2032, reflecting a CAGR of 7.74% during the forecast period. In 2023, Asia Pacific led the market with a 42.68% share.
Bubble tea, originating in Asia, has seen consistent popularity in its home region before expanding into Western markets such as Canada and the U.K. The beverage has become a staple, celebrated for its distinctive composition. Crafted with premium milk, sweetened tapioca pearls, creamer, fruit powder, and additional sweeteners, bubble tea is more than just a drink—it represents Taiwan’s culinary innovation and its prominent role in the global food service industry.
This information is derived from the report “Bubble Tea Market, 2024-2032” by Fortune Business Insights™.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/bubble-tea-market-101564
List of the Companies Profiled in the Report:
- Chatime Group (China)
- Gong Cha (Taiwan)
- Coco Fresh Tea & Juice (Taiwan)
- Quickly (U.S.)
- Xing Fu Tang (Taiwan)
- Lollicup USA, Inc. (U.S.)
- TIGER SUGAR (China)
- Yummy Town (Cayman) Holdings Corporation (Happy Lemon) (Taiwan)
- O.I. The Co, LTD. (Taiwan)
Segmentation:
Black Tea Segment Positioned for Remarkable Growth (2023–2030)
The black tea segment is projected to experience significant growth during the forecast period, driven by increasing global health awareness. Renowned for its antioxidant, anti-aging, and anti-diabetic properties, black tea appeals to health-conscious consumers. This growth is further supported by the rising demand for natural and organic food and beverage products. Although green tea is expected to dominate a substantial portion of the bubble tea market, black tea is emerging as a strong contender in terms of consumer popularity.
Fruit Flavors to Lead Market Momentum
The bubble tea market is segmented by flavor, encompassing categories such as coffee, fruit, chocolate, original, and others. In 2019, fruit flavors led the market, surpassing other categories in popularity. This segment offers a variety of options, including lychee, mango, passion fruit, peach, and kiwi, among others. With high nutritional value and growing demand for tea-based fruity beverages, the fruit flavor segment is set for robust growth. Meanwhile, the chocolate flavor category is expected to expand rapidly, driven by increasing consumer interest in chocolate-infused beverages across diverse demographics.
Report Coverage:
The report provides:
- Key growth drivers, restraints, opportunities, and challenges impacting the market.
- Detailed insights into regional trends and developments.
- A comprehensive list of major industry players.
- Analysis of key strategies employed by market participants.
- Coverage of recent developments, including product launches, partnerships, mergers, and acquisitions.
Drivers and Restraints:
Broadening Range of Boba Tea Varieties to Boost Market Growth
Consumer preferences are influenced by taste, price, brand reputation, and availability. Tea manufacturers are focusing on high-quality products that cater to these evolving demands. The growing popularity of bubble milk tea stems from its appealing taste, convenience, and innovative recipes.
The market showcases a diverse portfolio, including fruit-infused blends, green jasmine tea, and black tea variations, signaling strong growth potential. For instance, U.S.-based startup Bubluv Inc. introduced three innovative boba tea flavors in April 2022, utilizing tapioca starch and konjac to appeal to modern tastes. Such developments are pivotal in driving the bubble tea industry’s expansion.
Regional Insights:
Asia Pacific Leads Market, Driven by Consumer Exploration of Novel Beverages
In 2022, Asia Pacific dominated the bubble tea market, valued at USD 0.96 billion. Taiwan and Vietnam are primary contributors to regional sales. To attract consumers, manufacturers and entrepreneurs are opening dedicated bubble tea cafes and restaurants. For example, Chen Shucheng launched the Meme Xpress franchise in Singapore in September 2020.
North America holds the second-largest market share, propelled by the increasing popularity of tea-based beverages. Europe also exhibits rising demand for pearl milk tea, mirroring trends in Asia Pacific.
Competitive Landscape:
Leading Players Focus on Innovation to Meet Growing Demand
Major players in the bubble tea market are investing in product innovation and ingredient functionality to cater to evolving consumer tastes. Companies such as Lollicup U.S.A. Inc., Gong Cha, and Chatime are at the forefront of these efforts, introducing new tea varieties.
Other key contributors, including Boba Box Limited, Fokus Inc., Sumos Sdn Bhd, Troika J.C. (Qbubble), and Boba Tea Company, are expanding their franchise networks in response to increasing demand. These strategic expansions are further bolstered by positive market feedback and strong customer interest.
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Key Industry Development:
October 2021: Del Monte introduced Joyba Bubble Tea, making it available at select retail outlets such as Costco, Circle K, Albertson’s, Target, and Safeway. This launch highlights Del Monte’s efforts to expand its product portfolio and tap into the growing bubble tea market.
