The global bubble tea market Revenue, valued at USD 2.46 billion in 2023, is projected to grow to USD 2.63 billion in 2024 and reach USD 4.78 billion by 2032, with a compound annual growth rate (CAGR) of 7.74% during the forecast period. In 2023, the Asia Pacific region dominated the market, holding a 42.68% share.
Originating in Asia, bubble tea gained immense popularity within its home region before expanding to Western markets like Canada and the U.K. Renowned for its unique composition, the beverage combines premium milk, sweetened tapioca pearls, creamer, fruit powder, and other sweeteners. Bubble tea is more than a refreshing drink—it showcases Taiwan’s culinary creativity and its significant contribution to the global food service industry.
This data comes from the report “Bubble Tea Market, 2024-2032” by Fortune Business Insights™.
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List of the Companies Profiled in the Report:
- Chatime Group (China)
- Gong Cha (Taiwan)
- Coco Fresh Tea & Juice (Taiwan)
- Quickly (U.S.)
- Xing Fu Tang (Taiwan)
- Lollicup USA, Inc. (U.S.)
- TIGER SUGAR (China)
- Yummy Town (Cayman) Holdings Corporation (Happy Lemon) (Taiwan)
- O.I. The Co, LTD. (Taiwan)
Segmentatio
n
Black Tea Segment Poised for Significant Growth (2023–2030)
The black tea segment is expected to witness remarkable growth during the forecast period, fueled by rising global health awareness. Known for its antioxidant, anti-aging, and anti-diabetic properties, black tea resonates with health-conscious consumers. This segment's growth is further propelled by increasing demand for natural and organic food and beverages. While green tea remains a dominant force in the bubble tea market, black tea is steadily emerging as a strong competitor in consumer preference.
Fruit Flavors Driving Market Momentum
The bubble tea market is categorized by flavors, including coffee, fruit, chocolate, original, and others. In 2019, fruit flavors led the market, outperforming other segments in popularity. This category features diverse options such as lychee, mango, passion fruit, peach, and kiwi. With high nutritional value and growing demand for tea-based fruity beverages, the fruit flavor segment is poised for substantial growth. Meanwhile, the chocolate flavor category is gaining traction, driven by increasing consumer interest in chocolate-infused beverages across various demographics.
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Report Coverag
e
The report provides:
- Key Market Insights: Growth drivers, restraints, opportunities, and challenges shaping the market.
- Regional Analysis: Trends and developments across key regions.
- Major Players: A comprehensive list of leading industry participants.
- Strategic Insights: Analysis of key strategies employed by market players.
- Recent Developments: Coverage of product launches, partnerships, mergers, and acquisitions.Drivers and Restraints
Diversifying Boba Tea Offerings Fuels Market Expansion
Consumer preferences are shaped by taste, price, brand reputation, and availability. Tea manufacturers are responding with high-quality, innovative products tailored to evolving demands. The rising popularity of bubble milk tea is driven by its unique taste, convenience, and creative recipes.
The market features an extensive range of options, including fruit-infused blends, green jasmine tea, and black tea variants. For instance, U.S.-based startup Bubluv Inc. launched three innovative boba tea flavors in April 2022, incorporating tapioca starch and konjac to appeal to contemporary palates. Such innovations are key to accelerating the bubble tea market's growth.
Regional Insigh
ts
Asia Pacific Leads the Market with Innovative Beverage Trends
Asia Pacific dominated the bubble tea market in 2022, valued at USD 0.96 billion, with Taiwan and Vietnam serving as primary contributors. Manufacturers and entrepreneurs are attracting consumers by launching dedicated bubble tea cafes and restaurants. For example, in September 2020, Chen Shucheng introduced the Meme Xpress franchise in Singapore.
North America follows as the second-largest market, driven by the growing popularity of tea-based beverages. Europe also reflects increasing demand for pearl milk tea, mirroring Asia Pacific trends.
Competitive Landsca
pe
Innovation at the Core of Leading Players’ Strategies
Top players in the bubble tea market are focusing on product innovation to meet evolving consumer tastes. Companies such as Lollicup U.S.A. Inc., Gong Cha, and Chatime are spearheading efforts to introduce new tea varieties.
Other prominent contributors, including Boba Box Limited, Fokus Inc., Sumos Sdn Bhd, Troika J.C. (Qbubble), and Boba Tea Company, are expanding franchise networks to address growing demand. These strategic expansions, backed by strong customer interest, are driving market growth.
Key Industry Developme
nt
- October 2021: Del Monte introduced Joyba Bubble Tea, available at major retail outlets such as Costco, Circle K, Albertson’s, Target, and Safeway. This launch underscores Del Monte's commitment to diversifying its product portfolio and capitalizing on the bubble tea market's growth potential.
