Progressive Markets has published a report, titled,"Bubble Tea Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2023,"the global bubble tea market was valued at $2,244.8 million in 2018 and is projected to reach $3,217.8 million by 2023, growing at a CAGR of 7.5% during the forecast period (20182023). In 2018, the fruit flavor segment accounted for more than three-fifths share of the global bubble tea market.
Bubble tea is a drink prepared with tea or milk, as the base component was invented in Tainan and Taichung in the 1980s. This tea is glazed with boba, a soft, chewy, and gummy tapioca pearl extracted from cassava root. Other ingredients, such as jelly and fruit balls, are used to enhance the texture of the tea. It can be served in both hot and cold forms, according to the preference of the consumers. A fat straw is used through which the pearls can be easily eaten by consumers.
It has been gaining popularity in the Asian countries, such as India and China, and has been growing well in the global market.
Based on type, the fruit flavor segment accounted for the highest revenue in the global market in 2018. This drink is available in a lot of varieties and a wide range of ingredients. Bubble milk green tea with tapioca, black bubble milk tea with tapioca, and mango bubble milk tea are among the most popular varieties of bubble tea in the world. The drink is mostly used as a refreshment and is popular among people with different age groups owing to its low price and the introduction of additional healthy ingredients. Also, the option of no added sugar makes way for different growth opportunities for the global bubble tea market.
In 2018, the fruit flavor segment generated the highest revenue in the bubble tea market. Fruits contain a lot of minerals, and hence fruit-flavored bubble tea is an ideal choice among the health-conscious buyers. In addition, fruit-flavored bubble tea is the best alternative for people who prefer to consume a lesser amount of caffeine.
In 2018, North America accounted for the highest market share in the global bubble tea market. This region accounted for about half of the share in the global market and is anticipated to dominate the market during the forecast period, registering a CAGR of 6.7%. Europe is anticipated to grow at the highest CAGR of 9.2% during the forecast period.
Some of the leading manufacturers profiled in this report include Kung Fu Tea, Gong Cha, Boba Guys, Chatime, Share Tea, 8tea5, Quickly, Coco Fresh, and Vivi Bubble Tea.