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[193+ Pages Report] The latest findings linked to the “Global Bubble Tea Market” have recently been published by Facts & Factors in a neatly packaged and comprehensive format. We at Facts & Factors estimate that the global Bubble Tea Market surrounding bubble tea will reach a projected value of USD 4.5 Billion by 2026 with a growth rate of 8.1% CAGR from an initial value of USD 2.1 Billion in the year 2020.
Bubble tea or pearl milk tea or bubble milk tea or boba is a tea-based drink that has origins in Taiwan from the early 1980s. It is a refreshing drink that is a combination of tea accompanied by chewy tapioca balls and a mixture of other components that give the tea a sweet-savory taste. There are a huge variety of flavors and taste in bubble tea; however, the most popular flavors are black pearl milk tea and green milk pearl tea. Usually, bubble tea can be summed up with or without milk. Its name primarily originates from the appearance of the bubbles in the drink after it is extracted from the shaking machine.
The global bubble tea market is governed by factors pertaining to increased consumption of tea and coffee as non-tropic drinks among students and the working class population coupled with health benefits such as zero fat and low-calorie content. Furthermore, recent studies have indicated that regular consumption of bubble tea leads to improved concentration and radiates brain functions. Moreover, the increasing consumption of popular flavors such as fruits, chocolate, and simply classic is likely to propel the growth of the global bubble tea market during the forecast. Increased preference for tea and coffee over other forms of carbonated forms of drinks will open new revenue streams for the global bubble tea market over the forecast. The increasing popularity and rising preference for healthy drinking beverages will further augment the growth of the global bubble tea market.
The rise of the millennial population and hectic lifestyle coupled with an increased intake of energy demands for smooth functioning will further increase the footprint of the global bubble tea market. Additional factor including aggressive marketing strategies by celebrities and brands is expected to attract a wider range of consumer base over the forecast period. Moreover, rising consumer preference and stringent restrictions & regulations associated with the safety standards during production will further boost the sales toward a higher volumetric measure. However, excessive sugar content and lockdown restrictions due to COVID-19 are expected to hamper the growth of the market to a certain extent.
The global bubble tea market can be segmented into type, flavor, component, and region.
The global bubble tea market can be divided into black tea, green tea, oolong tea, and white tea on the basis of type. The black tea segment is expected to occupy the largest market share during the advent of the forecast due to increased preference by health-conscious consumers coupled with a rising trend of organic food and beverage products. The global bubble tea market can be fragmented into classic, fruit, chocolate, coffee, and others on the basis of flavor. The fruit segment is expected to witness the largest market share during the advent of the forecast owing to the inclusion of lucrative and fruitful flavors such as lychee, mango, passion fruit, peach, plum, strawberry, avocado, kiwi, lemon, and others. Furthermore, studies indicate that the nutritional value compared to its counterpart is extremely high. These factors will cement the dominant position of the market in the forecast. The global bubble tea market can be broken down into flavor, creamer, sweetener, liquid, tapioca pearls, and others on the basis of components. The liquid segment will occupy the largest market share during the advent of the forecast due to contributing factors such as easy availability and a blissful mixture of various flavors and syrups.
Asia-Pacific is expected to witness the largest market share during the advent of the forecast in terms of global revenue contribution. Countries such as Vietnam and Taiwan are expected to post the highest sales figures due to the immense popularity of the drink in the region. Furthermore, factors such as the launching of new products and cafes by key players in the region are expected to attract a larger base of consumers. North America is expected to witness the second largest market share during the advent of the forecast owing to the rising consumption of tea and rising popularity of tea-based fruity beverages. Changing preferences of consumers such as rising inclination toward non- and low-alcoholic beverages will further boost the sales of the global bubble tea market during the forecast period.
The key participants in the global bubble tea market are Chatime Group, Bubble Tea Supply, Inc., Gong Cha, CoCo Fresh Tea & Juice, Kung Fu Tea, Tiger Sugar, Boba Luca USA, Inc., Lollicup USA, Inc., Happy Lemon, Fokus, T Bun International, Troika JC., Ten Ren’s Tea Time, and Sumo, among others.
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