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Low price of bubble tea, health benefits associated with it, and expanding retail market drive the growth of the global bubble tea market.
PORTLAND, OREGON, UNITED STATES, September 5, 2022 /EINPresswire.com / -- The bubble tea market size was valued at $2.4 billion in 2019 and is estimated to reach $4.3 billion by 2027, registering a CAGR of 7.80% from 2020 to 2027. In 2019, the black tea segment accounted for more than half of the share in the total bubble tea market and is expected to grow at a CAGR of 7.50% throughout the forecast period. North America is one of the prominent regions in the market that accounted for a sizeable share of the total market in 2019.
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Low price of bubble tea, health benefits associated with it, and expanding retail market drive the growth of the global bubble tea market. On the other hand, addition of artificial preservatives & color in bubble tea and rise in consumption of coffee curtail down the growth to some extent. However, introduction of new flavors and decrease in demand for carbonated drinks are expected to create new opportunities in the industry.
The leading market players analyzed in the global bubble tea market report include Share Tea, Fanale Drinks, ChaTime, CoCo Fresh, Huey-Yuhe Enterprise, Quickly, Kung Fu Tea, BobaLoca, Bubble Tea Supply Inc., Happylemon, T Bun International, and Grand Chainly. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their stand in the industry.
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COVID-19 scenario-
Complete lockdown hits the global tea industry quite badly. And, this operational issue is proven to be a serious challenge for the industry.
Also, some bubble tea shops like BobaJoy are not allowed to resume their business until the pandemic situation comes under control. However, the online sale of the product will continue to be allowed, provided it caters to all the mandatory norms issued to an F&B (Food & Beverage) establishment.
Based on base ingredient, the black tea segment has contributed to more than two-fifths of the global bubble tea market share in 2020, and is expected to rule the roost by 2027. The green tea segment, on the other hand, would manifest the fastest CAGR of 8.2% till 2027. The oolong tea and white tea segments are also evaluated in the market report.
Based on flavor, the fruit flavor segment has accounted for more than three-fifths of the global bubble tea market revenue in 2020, and is anticipated to lead the trail by the end of 2027. Simultaneously, the chocolate flavor segment would portray the fastest CAGR of 8.4% from 2020 to 2027. The other segments analyzed in the report take in original flavor and coffee flavor.
Based on geography, North America hasheld the major share in 2020, generating more than half of the global bubble tea market. At the same time, Europe would grow at the fastest CAGR of 8.7% throughout the forecast period. The other regions discussed in the report include Asia-Pacific and LAMEA.
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