The bubble tea market is expected to show steady growth between 2020 and 2030. Despite a temporary phase of sluggish returns triggered by the unprecedented COVID-19 outbreak, Future Market Insights (FMI) hints at potential recovery across major cities no sooner does the coronavirus passes.
Before the pandemic crisis, coffee shops and cafes comprised one of the most fast growing segments in the food service sector, naturally giving impetus to the bubble tea market. Bubble tea, also popular around the world as boba tea or creamy bubble milk tea includes familiar basics of tea as the key ingredient besides chewy tapioca balls from which it earns the name pearl tea.
Based on type the bubble tea market covers white, green, and oolong tea citing the higher preference for plant-based ingredients among consumers. Impelled by their mindful approach towards health and wellness, producers are launching innovative flavors to offer low calorie bubble tea. This as per FMI will be a key game-changer enabling growth in the market.
Bubble tea market offers an immense scope for differentiation. This is not only attracting smaller players but some of the leading food chains are introducing various flavors in bubble tea to stay up-to-date as per consumer preferences. Capacity expansions undertaken by these behemoths will invariably give tailwinds to bubble tea sales.
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Future Market Insights offers a holistic overview of the global market in its report. It offers various interesting facts about the market and evaluates investment feasibility across key segments. Some of the key factors highlighted in the report are:
- Tracing back its origin to Taiwan, bubble tea will continue witnessing immense popularity in East Asia. FMI forecasts Asia Pacific to hold dominant share in the market
- Demand for fruit flavored bubble tea is expected to rise higher, giving impetus to the overall market
- Among teas available, black tea will continue leading the market thanks to consumer preferences for healthy beverages
“Availability of bubble tea in a plethora of flavors has helped the sales to pick up in the last few years. While chewy tapioca balls have lesser calorie count, they are soaked in sugar which makes them less healthier. Given the scenario manufacturers are expected to experiment with various flavors and healthier versions of bubble tea incorporating green tea and other exotic flavors to retain consumers,” said a lead analyst at FMI.
Who is winning?
The bubble tea is a highly competitive one, wherein manufacturers are looking at expanding their footprint to gain edge over rivals. Besides this, there is ample focus on product launches as well. In both front, market players are engaging in creating awareness about bubble tea. Many even underscore the various health benefits and antioxidant properties to give tailwinds to sales.
FMI profiles some of the leading companies operating in the bubble tea market. These include Chatime, OCOCO International Co., Ltd., Quickly Corporation, Gong Cha USA, Boba Guys, Inc., ZEEKEI GmbH, Sharetea, VIVI BUBBLE TEA, 8tea5, Kung Fu Tea, Ten Ren Tea, Inc., Lollicup USA, Inc., Tapioca Express, Inc., Boise Boba, and Woop Bubble Tea.
Get Valuable Insights into Bubble Tea Market
Future Market Insights, in its new report, presents an unbiased analysis of the global bubble tea market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. On the basis of product, the market can be segmented into milk tea, green tea, black tea, oolong tea, and earl grey tea. In terms of flavor, the market can be bifurcated into flavorless and flavored. Regionally, the market covers North America, Europe, Latin America, East Asia, South Asia & Pacific, and the Middle East & Africa.
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Bubble Tea Market: Key Research Findings
- Growing at a growth rate of over 8% annually, the bubble tea market will demonstrate impressive growth trends, backed by higher scope for versatile tea
- Future Market Insights (FMI) projects black tea to account for the lion’s share among products available in the market yet green tea is forecast to register a higher compound annual growth
- East Asia to remain dominant, with Taiwan and Thailand as production and consumption capitals
- Product launches to remain key strategies as market players seek to strengthen their foothold amid competition
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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