Global Bubble Tea Market Anticipated to Hit $4,552.9 Million, Growing at 7.4% CAGR from 2021 to 2028 - Exclusive Report [218 pages] by Research Dive
Growing demand for bubble tea owing to its numerous health benefits and delightful taste is fueling the global bubble tea market growth. The COVID-19 pandemic has negatively impacted the market. The North America market is projected to lead the market in the near future.
NEW YORK, Aug. 24, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Bubble Tea Market by Base Ingredient (Black Bubble Tea, Green Bubble Tea, Oolong Bubble Tea, and White Bubble Tea), Flavor (Original Flavor, Coffee Flavor, Fruit Flavor, Chocolate Flavor, and Others), Component (Flavor, Creamer, Sweetener, Liquid, Tapioca Pearls, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
The Global Bubble Tea Market is expected to garner $4,552.9 million by 2028, growing at a CAGR of 7.4% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
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Key Segment Findings of the Market:
The market is segmented on the basis of base ingredient, flavor, component, and region.
- Among the base ingredient segment, the black tea sub-segment is expected to hold maximum share of the market by collecting $1,864.8 million in the forecast period. This growth is mainly because black tea comprises of lots of antioxidants and provides several health benefits like increased alertness, good heart health, improved energy, boosted metabolism, and many more.
- Among the flavor segment, the fruit flavors sub-segment is estimated to grab leading share of the market by garnering $2,820.3 million in the forecast period. The growth of this sub-segment is mainly because of the addition of fruit juices to bubble tea for enhancing its taste and giving it a pulpy and natural fruit flavor.
- Among the component segment, the liquid sub-segment is expected to lead the market by collecting $1,703.4 million during the forecast period. This growth is mostly because liquid bubble tea can be mixed with a variety of fruit juices or syrups.
- Among region, the North America region market is projected to lead the market and hit $2,432.3 million in the projected period. The growth of this region market is primarily due to the rising availability of different flavors of bubble tea such as fruit flavor, coffee flavor, chocolate flavor, original flavor, and others in this region.
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Market Dynamics
The key factors fueling the growth of the global bubble tea market are the growing demand for bubble tea owing to its numerous health benefits and delightful taste. In addition, the invention of novel flavors of bubble tea is estimated to open doors to innovative opportunities for the market growth in the projected period. However, growing preference for coffee by many people owing to its various health benefits is expected to obstruct the market growth during the forecast period.
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Impact of the COVID-19 Pandemic on the Bubble Tea Market:
The COVID-19 pandemic has made a negative impact on the growth of the global bubble tea market in 2020. In the COVID-19 pandemic period, government of various regions have executed strict lockdowns and instructed closure of restaurants, cafes, farms, factories, production units. The production of bubble teas has been delayed owing to restrictions on import-export activities and shortage of labors. All these factors are hampering the market growth during the crisis period.
Top 10 Key Players of the Bubble Tea Industry
1. Kung Fu Tea
2. Bobabox Limited
3. Bubble Tea House Company
4. Cuppotee
5. Gong Cha
6. ShareTea
7. Sumo's (M) Sdn Bhd
8. Ten Ren's Tea Time
9. The Bubble Tea Company
10. ViVi Bubble Tea
- Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in March 2021, Joy Luck Teahouse, a mini Hong Kong-style Cafe, launched HK-style bubble tea concept with seaweed jelly pearls.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
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