Bubble Tea Market To Reach $5.42 Billion By 2030 | CAGR 8.9%

Bubble Tea Market Growth & Trends

The global bubble tea market size is expected to reach USD 5.42 billion by 2030, registering a CAGR of 8.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to be significantly impacted by the shift in customer choice from carbonated drinks to hot, zero-fat beverages like bubble tea. Moreover, the increasing adoption of hot beverages as a nootropic or mind relaxation drinks among the working-class population and college students across the globe is expected to offer new avenues for the market over the forecast period. In the past few years, the preference for hot drinks instead of carbonated beverages has increased owing to various health side effects due to high consumption.

Moreover, these products offer a large number of health benefits, which makes them the best beverage attractive for health-conscious consumers. The Asia Pacific region dominated the industry in 2022 owing to the high product consumption in countries including Taiwan, China, and Thailand. In addition, according to the ASEAN Post, which was published in December 2019, each person drank six cups of bubble hot beverages on average each month, in Thailand. This shows the product’s popularity in the country.The key players are increasing their customer reach by launching restaurant chains across the globe. For instance, in September 2019, The Alley, a renowned Taiwanese restaurant chain, inaugurated its first restaurant in New York City. Thus, an increasing number of restaurantchains specializing in bubble hot beverages is anticipated to boost market growth over the forecast period.

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Bubble Tea Market Report Highlights

• The black tea segment held the largest revenue share in 2022 and is expected to maintain its dominance over the forecast period owing to its natural flavor

• Green product is anticipated to be the fastest-growing segment from 2023 to 2030 owing to their various health benefits and popularityas a healthy drink

• The fruit flavor was the largest product segment in 2022 and is expected to maintain dominance over the forecast period. There is a wide variety of fruit flavors, such as strawberry, mango, passion fruit, pineapple, cantaloupe, watermelon, avocado, coconut, grape, lychee, peach, honeydew, kiwi, and banana, available in the market

• Asia Pacific was the largest region in 2022. A strong consumer base in countries including China, Thailand, and Taiwan is expected to retain the region’s dominance throughout the forecast period

Bubble Tea Market Segmentation

Grand View Research has segmented the global bubble tea market on the basis of type, flavor, and region:

Bubble Tea Type Outlook (Revenue, USD Million, 2017 - 2030)

• Black Tea

• Green Tea

• Oolong Tea

• White Tea

Bubble Tea Flavor Outlook (Revenue, USD Million, 2017 - 2030)

• Fruit

• Taro

• Strawberry

• Classic

• Coffee

• Others

Bubble Tea Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • Taiwan

• Central & South America

  • Brazil

• Middle East & Africa

  • South Africa

List of Key Players of Bubble Tea Market

• Bobabox Ltd.

• Bubble Tea House Company

• Fokus, Inc.

• Gong Cha

• ChaTime

• Lollicup USA, Inc.

• Bubble Tea Supply, Inc.

• T Bun International

• Ten Ren’s Tea Time

• Troika JC