Bubble Tea Market to Reach $5.4 billion, Globally, by 2033 at 5.9% CAGR: Allied Market Research

WILMINGTON, Del., Aug. 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Bubble Tea Market by Flavor (Original Flavor, Coffee Flavor, Fruit Flavor, Chocolate Flavor, Milk Flavor, and Others), Base Ingredient (Black Tea, Green Tea, Oolong Tea, and White Tea), Component (Flavor, Creamer, Sweetener, Liquid, Toppings, and Others), and End User (Generation Z, Millennials, and Generation X): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the bubble tea market was valued at $3.1 billion in 2023 and is estimated to reach $5.4 billion by 2033, growing at a CAGR of 5.9% from 2024 to 2033.

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Prime determinants of growth

One of the main factors driving the bubble tea market's expansion is the growing desire among consumers for distinctive, adaptable beverages, which appeals especially to younger audiences. The increasing popularity of health consciousness has created a need for natural, premium ingredients and healthier options when it comes to bubble tea products. The global expansion of specialty cafes and bubble tea franchises, especially in North America, Europe, and Asia-Pacific, has also greatly accelerated market growth. Viral trends and social media have also been very important in increasing the beverage's profile and popularity globally. As a result, the bubble tea market is witnessing growth due to innovation in tastes and product variations that keep attracting new consumers and keeping hold of current ones.

Report coverage & details:

The fruit flavor segment to maintain its leadership status throughout the forecast period

By flavor, the fruit flavor segment held the highest market share in 2023, accounting for nearly two-fifths of the bubble tea market share and is estimated to maintain its leadership status throughout the forecast period. This segment is expected to witness the fastest CAGR of 6.3% during the forecast period, owing to rise in the number of vegan people and health-conscious consumers, the demand for fruit-flavored bubble tea also increases, which is driving the growth of the bubble tea market.

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The black tea segment to maintain its leadership status throughout the forecast period

By base ingredient, the black tea segment held the highest market share in 2023, accounting for more than two-fifths of the bubble tea market revenue and is estimated to maintain its leadership status throughout the forecast period. Components in black bubble tea help prevent chronic diseases such as cardiovascular disease, diabetes, obesity, and cancer. Such health benefits of black bubble tea are driving the growth of the bubble tea market. The green tea segment, however, is projected to witness the fastest CAGR of 6.3% during the forecast period. An increase in the number of physic-conscious consumers raises the demand for bubble tea with green tea as a base ingredient, which, in turn, drives the growth of the market.

The liquid segment to maintain its leadership status throughout the forecast period

By component, the liquid segment held the highest market share in 2023, accounting for more than one-third of the bubble tea market revenue and is estimated to maintain its leadership status throughout the forecast period. There has been a rise in the popularity of the combination of bubble tea with different liquid components such as black tea, green tea, fruit juice, coffee, and juice syrups among consumers across the globe, which boosts the growth of the bubble tea market. The flavor segment, however, is projected to display the fastest CAGR of 6.6% during the forecast period. Bubble teas are available in various flavors such as almond, coffee, ginger, pudding (chocolate, custard, or taro), and fruits.

The millennial segment to maintain its leadership status throughout the forecast period

By end user, the millennials segment held the highest market share in 2023, accounting for more than two-fifths of the bubble tea market revenue and is estimated to maintain its leadership status throughout the forecast period. The market is witnessing several significant developments, such as an increase in demand for novel flavors and healthier options with less sugar and organic ingredients. The Generation Z segment, however, is projected to display the fastest CAGR of 6.3% during the forecast period. Bubble tea is very popular with Generation Z. The growing desire for novel tastes and healthier options, such as lower-sugar and organic ingredients, are important market developments.

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Asia-Pacific to maintain its dominance by 2033

By region, Asia-Pacific held the highest market share in terms of revenue in 2023 and is projected to dominate the market during the forecast period. In addition, this region is expected to witness the fastest CAGR of 6.9% from 2024-2033. The demand for bubble tea in Asia-Pacific has grown significantly over the years, owing to an increase in its consumption. China, Japan, India, South Korea, Taiwan, and Australia are the major contributors to the growth of this region.

Leading Market Players: -

• Lollicup USA, Inc.
• CuppoTee Company
• Bubble Tea House Company
• Ten Ren's Tea Time
• Boba Box Limited
• Sumos Sdn Bhd
• Gong Cha USA
• Boba Tea Company
• Troika JC. (Qbubble)
• Fokus Inc

The report provides a detailed analysis of these key players in the bubble tea market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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