SEATTLE, Aug. 29, 2019 /PRNewswire/ -- The global bubble tea market was valued at US$ 2,013.2 Mn in 2018, and is projected to exhibit a CAGR of 5.1% over the forecast period (2019–2027), in terms of revenue.
Key Trends and Analysis of the Global Bubble Tea Market:
The bubble tea market is expected to witness significant growth over the forecast period. Factors such as increasing availability of various flavor of bubble tea in the market coupled with rising disposable income of the people are expected to drive growth of global bubble tea market during the forecast period.
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Bubble tea has gained major traction, owing to its popularity among kids due to its attractive presentation with fancy packaging and color. This ready-to-drink tea is available in various colors and flavors.
Moreover, bubble tea consists of different options in terms of flavor of the drink and flavor of boba. For instance, bubble tea is available in flavors such as honeydew, watermelon, strawberry, mango, apple, chocolate, peach, and others. Boba used in bubble tea is available in various types such as black, clear, flavored chewy tapioca, and others. Therefore, these new fruity flavors in bubble tea is expected to attract kids and further boost the overall demand for bubble tea during the forecast period.
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Presence of excess sugar in bubble tea poses challenge to growth of the market. Alternative solutions such as low-carb and sugar free bubble tea is expected to gain major traction over the forecast period. Sugar free sweeteners such as Aspartame, Stevia, and Sucralose, and use of sugar free fruit syrups are being considered for bubble tea preparation. For instance, Monin Incorporated offers sugar free fruit syrups, which can be used to prepare bubble tea. Therefore, preparation of low-carb and sugar free bubble tea offers growth opportunities to players operating in the bubble tea market.
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Key Market Takeaways:
- The global bubble tea market is expected to exhibit a CAGR of 5.1% during the forecast period in terms of revenue. The global Bubble Tea market is expected witness growth, owing to increasing availability of variety of flavor in the makret.
- Based on boba type, the market is bifurcated into black boba, clear boba, and flavored tapioca boba. In 2018, black boba segment accounted for the largest share of 40.3%, in terms of revenue in the global bubble tea market. Boba is also known as tapioca pearls, comes in numerous flavors such as honey and orange. The most commonly used type of boba in bubble tea include black boba, clear boba, flavored boba, and popping boba. Clear boba is the standard boba tapioca pearl made from cassava root. The starch made from the cassava is compressed into balls to make the boba, which is transparent.
- The black boba segment is expected to account for significant market share in terms of revenue in the bubble tea market. The production of black boba is similar to that of clear boba except that it gets the dark color from either caramel coloring or brown sugar.
- Major players in the market are also focused on business expansion, which is expected to boost growth of the boba type segment in the market. For instance, in 2018, Boba Guys, a major player in the boba tea market with cafes across the U.S., started U.S. Boba Company. The company focuses on manufacturing tapioca pearl (boba) in a factory based in Hayward, California, U.S.
- Key companies operating in Bubble Tea market include, Teapioca Lounge, OCOCO International Co., Ltd., Kung Fu Tea, Lollicup Coffee & Tea, Vivi Bubble Tea, Chatime, Boba Guys, Chill Bubble Tea, Boba Tea Company, and Real Fruit Bubble Tea.
- Global Bubble Tea Market, By Tea Type:
- Black Tea
- Green Tea
- White Tea
- Oolong Tea
- Global Bubble Tea Market, By Flavor Type:
- Global Bubble Tea Market, By Boba Type:
- Black Boba
- Clear Boba
- Flavored Tapioca Boba
- Global Bubble Tea Market, By End User:
- Kids (Less Than Age 10)
- Teenagers (Age 10 –Age 17)
- Adults (More than Age 17)
- Global Bubble Tea Market, By Region:
- North America
- South America
- Rest of South America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Middle East
- Company Profiles
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SOURCE Coherent Market Insights