Introduction of Diversified Product Portfolio to Help Bubble Tea Market Reach USD 5.5 billion by 2028

SkyQuest Technology Consulting Pvt. Ltd.

The bubble tea market reached USD 3.5 billion in 2021 and is predicted to cross USD 5.5 billion by 2028, growing at a 7.6% CAGR during the forecast period (2022–2028).

Westford, USA, Jan. 09, 2023 (GLOBE NEWSWIRE) — The growing popularity of tea and coffee as nootropic liquids among students and working-class people is one of the key drivers for the industry’s expansion. In addition, such beverages’ zero-fat and low-calorie contents are gaining preference among the health-conscious population, eventually driving up product demand. As per SkyQuest’s research insights, youngsters ages 20 to 29 are the prime consumer of bubble tea. If there’s one trend worth noticing, bubble tea is likely to gain more preference among women than men. In the United States, 95% of women have tried bubble tea, as opposed to 81% of men. Moreover, one serving of tea includes 34 grams of sugar, around 68% of the recommended sugar intake by the World Health Organization.

Rising Consumption of Bubble Tea among Health Conscious Population to Fuel Product Sales

Consumers started finding the health benefits of bubble tea, an excellent energy source that boosts the immune system. In addition, the availability of different bubble tea flavors with a variety of base ingredients, such as oolong tea, white tea, black tea, and others, is estimated to further drive the market growth. SkyQuest’s market insights show that the bubble tea industry saw a 6% CAGR over the last five years. Such remarkable performance equates to a 35% total growth over the period, which is impressive. Primarily driven by the millennial demand for sweet and customizable dessert drinks and the interest in new and exciting cuisines, this trend looks set to continue.

The US region is expected to emerge as a lucrative market pocket due to the increasing presence of key market players and the growing popularity of alternative beverages. In addition, Thailand and Singapore are anticipated to witness massive demand for bubble tea amid an influx of foreign brands.

SkyQuest’s survey of the bubble tea market is one of its most comprehensive surveys. We surveyed over 1,200 bubble tea users to get an accurate representation of the market. As a result, the survey results are highly detailed and provide valuable insights into the world of Bubble Tea.

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Black Tea Segment to Register Lucrative Growth Rate in the Bubble Tea Market

According to SkyQuest’s market insights, over 150 million people in the US drink tea on any given day, and around 82% of all tea consumed is black tea. Furthermore, the US is expected to witness significant growth due to the increasing development and inventions of different types of tea. Therefore, increasing demand for tea and non-alcoholic beverages in the US is predicted to boost the bubble tea market growth. The drink has achieved immense popularity in the United States, Australia, and Europe and shows no signs of slowing down, with new bubble tea stores popping up on every street corner around the world.

The market analysis reveals that significant worldwide expansion in the food and beverage sector is one of the primary drivers driving the market’s favorable outlook. Restaurants and cafés offering quick service, fast food, and casual dining are increasingly experimenting with bubble tea flavors to present their customers with novel beverage varieties. The market research report on the bubble tea market covers regional market analysis, which helps to find the prevailing opportunities in the respective regions. Such insights allow market participants to focus on the target region and look for business expansions to increase revenues.

Fruit Flavors to Emerge as the Most Dominant Sub-Segment in the Bubble Tea Market

SkyQuest estimates that the fruit flavors sub-segment of the bubble tea market is anticipated to acquire a dominant market share and surpass $2,635.7 million by 2028, with an impressive CAGR. This growth can be mainly owed to a variety of fruit flavors available in bubble tea that enhance the taste and endure juicy, natural taste to the bubble tea. In addition, customers have a wide range of options to choose the fruit flavor of their choice. These aspects are estimated to drive the growth of the fruit flavors sub-segment during the forecast period.

The introduction of new flavors and blends and the strong demand for a range of teas among the youthful population are likely to provide profitable opportunities for market development. The market report allows market participants to identify promising segments and sub-segments. Such details are necessary to devise future strategies for new product launches and business expansions. The market report features the list of players who are the leading performers in the respective segments and also highlights the key strategies implemented to gain a competitive edge.

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Key Trends and Developments in the Bubble Tea Market

  • Gon Cha increased their bubble tea portfolio by introducing new flavors such as the Chocolate Lava Series and reintroducing the popular Little Star Jelly Series. The Heart Shaped Jelly bubble tea, Strawberry Milk Tea, and Strawberry smoothie flavors are all part of the series.

  • As the global bubble tea market expands, Chatime, Taiwan’s largest bubble tea brand with over 1,200 locations in 50 crucial places worldwide, is planning a massive development campaign focusing on the United States territory.

  • The chocolate flavor segment is likely to expand with high exposure, thanks to an increase in its appeal across all age groups for all flavored beverages and a rise in consumer knowledge of the health advantages of chocolate.

The latest report on the bubble tea market provides accurate information and cutting-edge analysis necessary to formulate an ideal business plan and define the path for rapid growth for all industry players involved. With this information, stakeholders will be more capable of developing new strategies focusing on market opportunities that will benefit them, making their business endeavors profitable.

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Prominent Players in Bubble Tea Market

  • Chatime Group (Taiwan, China)

  • Gong Cha (Taiwan, China)

  • Bubble Tea Supply Inc. (Hawaii, United States)

  • Quickly (Taiwan, China)

  • CoCo Fresh Tea & Juice (Taiwan, China)

  • Tiger Sugar Korea (Seoul, South Korea)

  • Kung Fu Tea (New York City, United States)

  • Lollicup USA, Inc. (United States)

  • Boba Loca USA Inc. (United States)

  • Happy Lemon (United Kingdom)

Related Reports in SkyQuest’s Library:

Global Decaf Coffee Market

Tea Market

Ready-To-Drink Tea Market

Global Butterfly Pea Flowers Market

Global Dietary Fibers Market

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