DUBAI, U.A.E., Aug. 12, 2020 /PRNewswire/ -- The bubble tea market is expected to rise at a year-on-year growth rate of 8% from 2020-2030, opines Future Market Insights in its recent report.
Nowadays, consumers are exhibiting alacrity in experimenting with different foods and beverages. Bubble tea has been gaining tremendous popularity in this respect, particularly among the millennials. Bubble tea combines consumers' gustatory senses with wellness concerns to provide a tasty and healthy beverage option. Consumers are naturally attracted to immunity-boosting products.
Due to this rising wellness trend, leading manufacturers in the bubble tea market are pushing forward to introduce low-fat content and calorie free content taglines in their advertising campaigns, enabling them to capture a large customer base. Furthermore, the consumption of tea as a nootropic beverage will accelerate growth prospects.
"Increasing demand for indulging sensory experiences combined with rising health concerns is prompting vendors to introduce exotic-flavored and nutritionally-rich bubble tea flavors in the market," says the FMI analyst.
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Key Takeaways from FMI's Bubble Tea Market Report
- The bubble tea market shall surpass US$ 2 Bn by 2020-end
- Black tea segment shall hold dominance, attributed to the multifarious health benefits offered by it
- However, green tea is acquiring major traction due to the presence of cancer-fighting antioxidants
- Rising preference for exotic flavors is catapulting the sales of flavored bubble tea across all regions
- Asia to remain the vanguard of the global bubble tea market
Bubble Tea Market- Key Trends
- Despite intense competition, the bubble tea market offers scope for differentiation, attributed to consumers' dynamic taste preferences
- Affordable pricing is attracting a larger customer base, particularly in emerging economies
- Manipulation of flavor, sugar & preservatives compositions has helped manufacturers penetrate the market more effectively
- However, availability of substitute beverages such as coffee shall impede growth prospects
Bubble Tea Market- Region-wise Analysis
- East Asia is the dominant bubble tea market, with Taiwan emerging as the main powerhouse
- Thailand is the 2nd most lucrative market, with an average consumption of 6 cups per person as of 2019
- Europe to acquire major momentum, with the U.K, Italy & Germany pivoting most of the demand
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Bubble Tea Market- Competitive Landscape
Future Market Insights' analysis on the bubble tea market reveals that the market is highly competitive, characterized by a plethora of vendors. Some of these include Woop Bubble Tea, Boise Boba, Tapioca Express Inc., VIVI BUBBLE TEA, 8tea5, Ten Ren Tea Inc., Kung Fu Tea, Quickly Corporation and Lollicup USA Inc.
These players are always exploring opportunities to expand their operations by virtue of product launches and forays into untapped regions. For instance, in March 2019, 8tea5 inaugurated its newest store in Liege, Belgium.
In July 2020, Kung Fu Tea introduced Spillin' Tea. This tea is a special preparation which will be available only on Thursdays via its online Instagram page. The company runs its business via an online application on which customers can place their orders and avail delivery from their nearest store.
On a similar plane, VIVI BUBBLE TEA concentrates on providing highly innovative and unique products with flavors such as strawberry, grape and passion fruit.
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Bubble Tea Market Taxonomy
- Milk Tea
- Black Tea
- Green Tea
- Oolong Tea
- Earl Grey Tea
- Rest of Latin America
- Rest of Europe
- South Korea
- Rest of East Asia
South Asia & Pacific
- Rest of South Asia & Pacific
Middle East & Africa
- South Africa
- North Africa
- Rest of MEA
Get Valuable Insights into Bubble Tea Market
Future Market Insights, in its new report, presents an unbiased analysis of the global bubble tea market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. The report incorporates a detailed analysis based on two major segments across six major geographies. The report divulges both qualitative and quantitative insights, enabling stakeholders to formulate business expansion policies accordingly.
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