Global Bubble Tea Market Expected to Reach $3,214 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, April 13, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Bubble Tea Market by Base Ingredient, Flavor, and Component: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global bubble tea market was valued at $1,957 million in 2016, and is projected to reach $3,214 million by 2023, growing at a CAGR of 7.40% from 2017 to 2023. The black bubble tea segment accounted for more than 42% share of the global bubble tea market in 2016.
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Bubble tea is a widely consumed flavored beverage containing tea as the basic component, along with chewy tapioca balls. It originated in Taiwan and is known by various names such as pearl milk tea, bubble milk tea, boba juice, boba tea, or simply bubble tea. The bubble tea market is driven by cost-effective price and health benefits associated with bubble tea. However, the addition of artificial preservatives & color and presence of excess sugar in bubble tea restrain the market growth. The introduction of new flavors of bubble tea and decreases in demand for carbonated drinks provide opportunities for market expansion.
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By base ingredient, the global bubble tea market is divided into black tea, green tea, oolong tea, and white tea. The green bubble tea segment is estimated to be the most lucrative segment from 2017 to 2023, and account for one-third share of the global bubble tea by 2023. This is attributable to its several health benefits such as prevention cancer and cardiovascular diseases, reduction of cholesterol, improved metabolism, weight loss, and reduced risk of type II diabetes as well as Alzheimers & Parkinsons diseases.
Based on flavor, the global bubble tea market is divided into original flavor, coffee flavor, fruit flavor, chocolate flavor, and others. The fruit flavor bubble tea segment is estimated to grow at the highest CAGR during the forecast period, owing to high consumer preference, diversity in fruit flavor, and higher nutritional value as compared to other flavors.
Based on component, the global bubble tea market is divided into flavor, creamer, sweetener, liquid, tapioca pearls, and others. Liquid component is expected to dominate the bubble tea market throughout the forecast period, as liquid is the base of the bubble tea. The major part of the liquid is the tea, which is the key ingredient in the manufacturing of bubble tea.
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Key Findings of the Bubble Tea Market:
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The green bubble tea is expected to grow at a high CAGR of 8.20%, in terms of value, from 2017 to 2023.
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The chocolate flavor is projected to grow at a high CAGR of 8.20%, in terms of value.
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Europe is expected to grow at the highest CAGR of 9.10%, in terms of value.
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The North American bubble tea accounted for more than 57% of the global market in 2016.
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U.S. accounted for more than 97% of the North American market in 2016.
In 2016, North America and Asia-Pacific collectively accounted for more than 83% of the global bubble tea industry, in terms of value. This is due to the rapid gain in popularity of the bubble tea in these regions and its lower price. Europe is projected to grow at the highest rate, followed by Asia-Pacific, owing to increase in health benefits offered by consumption of bubble tea.
The major companies profiled in this report are Lollicup USA Inc., CuppoTee Company, Bubble Tea House Company, Ten Ren's Tea Time, Boba Box Limited, Sumos Sdn Bhd, Gong Cha USA, Boba Tea Company, Troika JC. (Qbubble), and Fokus Inc.
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