Bubble Tea Global Market Report 2023
Jul 13, 2023
Major players in the bubble tea market are Lollicup Inc., CuppoTee Company, Bubble Tea House Company, Ten Ren’s Tea Co. Ltd., Boba Box Limited, Sumos Sdn Bhd, Boba Tea Company, Troika JC. (Qbubble), Fokus Inc.
New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bubble Tea Global Market Report 2023" - https://www.reportlinker.com/p06479930/?utm_source=GNW , Tea Time, Kuaikeli Enterprise Co. Ltd., COCO International Co. Ltd., Kung Fu Tea, Gong Cha, Boba Guys Inc., Zacely Limited (Bubble Tea House Company), CAFÉ POS LLC, Kevito Ltd., Qbubble Troika J C Inc., Ichibanya Co. Ltd. and Biju Bubble Tea.The global bubble tea market is expected to grow from $2.69 billion in 2022 to $2.89 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The bubble tea market is expected to reach $3.93 billion in 2027 at a CAGR of 7.9%.The bubble tea market consists of sales of teas without milk and milk teas.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Bubble tea is a Taiwanese tea-based drink also known as boba milk tea. Bubble tea is a cold, frothy drink made with a tea base shaken with flavors, sweeteners, or milk with tapioca pearls at the base of the drink.Asia-Pacific was the largest region in the bubble tea market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of bubble teas are black tea, green tea, oolong tea, white tea, and others.Black tea is a more oxidized tea manufactured from the leaves of the Camellia sinensis plant than other varieties of tea.It has various flavors, such as original, fruit, coffee, chocolate, and others, and various components, such as flavor, creamer, sweetener, liquid, tapioca pearls, and others.The increase in tea consumption is expected to propel the bubble tea market going forward.Tea is a beverage created by pouring hot water over dried and chopped leaves and sometimes blossoms, most notably from the Camellia sinensis plant.Tea has long been a popular beverage across the world, and its popularity has increased rapidly in recent years due to its numerous health advantages and adaptability.With rising popularity of tea, customers are expected to seek for new and novel tea-based beverages, such as bubble tea.As more individuals seek out this distinctive and refreshing beverage, this trend is projected to fuel development in the bubble tea market.Furthermore, the rise of specialty tea shops and the availability of online ordering has made it easier than ever for consumers to discover and enjoy bubble tea.For instance, according to the Tea Association of the USA Inc. a US-based authority on tea states that, the American tea market expanded. The overall amount of tea imported is up more than 8% as of September, with black tea imports exceeding those of the previous year by more than 9%. Additionally, the International Tea Committee (ITC), a UK-based organization, reports that tea consumption has increased 113% to 6.7 million metric tons in 2022, more than doubling in the previous 20 years. Therefore, a rise in the consumption of tea will drive the bubble tea market.Product innovation is a key trend gaining popularity in the bubble tea market.Companies operating in the bubble tea market are coming up with innovative types of bubble tea to gain a major market position.For instance, in October 2021, Del Monte Foods a US-based food production and distribution company, launched its newest innovation, JoybaTM Bubble Tea to provide a new, distinctive, and enjoyable experience that also tastes wonderful, we produced a blast of fruity, exploding boba that provides surprising textures.It has no artificial flavors or sweeteners and is non-GMO, BPA-free, and gluten-free.Each 12-ounce cup features real fruit tastes infused in a variety of teas such as green tea, black tea, and hibiscus tea, which is caffeine-free.In 2021, Jollibee Foods Corporation (JFC) acquired a majority stake in Milkshop International.The acquisition allows Jollibee Foods Corporation to participate in this rapidly growing beverage category.Milkshop International Co. Ltd. is a Taiwanese-based specialty tea operator, including bubble tea.The countries covered in the bubble tea market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The bubble tea market research report is one of a series of new reports that provides bubble tea market statistics, including bubble tea industry global market size, regional shares, competitors with a bubble tea market share, detailed bubble tea market segments, market trends and opportunities, and any further data you may need to thrive in the bubble tea industry. This bubble tea market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.Read the full report: https://www.reportlinker.com/p06479930/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________