Pune, April 27, 2020 (GLOBE NEWSWIRE) -- The global bubble tea market growth is expected to reach USD 3.49 billion by 2026, exhibiting an augmented CAGR of 8.09% during the forecast period. Fortune Business Insights™, in its latest published report, titled “Bubble Tea Market Size, Share and Global Trend By Type (Black Tea, Green Tea, Oolong Tea, and White Tea), Flavor (Original, Fruit, Chocolate, Coffee, and Others), and Regional Forecast till 2026.”, reports states that the market share was valued at USD 1.89 billion in 2018.
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Bubble tea is a type of Taiwanese tea that was invented in the cities of Tainan and Taichung back in the year 1980s. Recipe for this tea includes tea leaves of some kind, varied flavors of milk, and sugar as optional that are used to enhance its taste. The most popular beverage in Southeast Asia, it has been associated with several names such as Boba juice, Boba tea, bubble milk tea, and pearl milk tea, among others. In addition to this, there are several attributes such as low fat in nature and a low-calorie content that makes this beverage an instant hit among people.
Furthermore, the most popular type of bubble tea is the classic milk bubble tea that contains tapioca pearls. Moreover, being relatively cheap and easily available, it is relished by a majority of people.
What does the Market Report Include?
The bubble tea market report includes an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market until 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market.
Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Browse Detailed Research Insights with Segmentation, Top Players Profiled, Regional Analysis, and Table of Content: https://www.fortunebusinessinsights.com/industry-reports/bubble-tea-market-101564
Drivers and Restraints:
Availability of Varied Flavors amid Rampant Spread of COVID-19 to Spur Demand
The fast-paced spread of the novel coronavirus, COVID-19 has resulted in several government agencies across the globe to announce lockdown to limit the spread of the disease. Amid this ensuing chaos, the enterprises are ensuring doorstep deliveries to keep business going during the torrid time. In addition to this, several bubble teashops are serving ready-to-drink Boba available in several different flavors. For instance, in April 2020, during the ongoing lockdown in Australia, the fans of Boba were in for sweet news. The region witnessed the launch of The Bubble Tea Club that is delivering DIY Boba sets across several households. The set is available in eight different flavors along with 14 different toppings much to the joy of the consumers in Australia. According to the information from the club, a consumer can choose from several different flavors such as classic milk, mango, green apple, lychee, Thai tea, and Fruity flavor with honeydew, among others.
Regional Analysis:
Exponential Tea Consuming Population in Asia-Pacific to Strengthen Demand
Among the regions, the market share in Asia-Pacific held about USD 757.60 million in 2019 and is expected to further register exemplary growth during the forecast period. This is ascribable to large consumer base in Asia-Pacific that prefer tea. Furthermore, increasing demand for the bubble tea is projected to propel the bubble tea market revenue at a CAGR of 10.07% in the forthcoming years. Moreover, the abundant availability of the product and increasing preference of the beverage from countries such as Taiwan and Vietnam in Asia-Pacific will bolster the growth of the market during the projected horizon. North America, on the other hand, will be the second-most leading region during the forecast period. This is attributable to the growing preference of the beverage among the population. For instance, the beverage is extremely popular among the people in west coast of USA, and Canadian cities of Vancouver and Toronto. Overall, the market in North America is expected to register stimulating growth until 2026.
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Competitive Landscape:
Expansion Strategies by the Companies to Augment Growth
According to the market report, the companies operating in the market are focusing on expanding their territories by exploring the untapped market to maintain market stronghold during the forecast period. Furthermore, adoption of strategies such as merger and acquisition, partnerships, and collaboration in these unprecedented times of COVID-19 will propel the demand for the market for time being as well as in the hindsight. For instance, in January 2019, Chatime Malaysia Sdn Bhd announced its five-year expansion plan that intends to expand its footprint across several overseas market such as India, Singapore, Saudi Arabia, and the USA.
List of Key Companies Profiled Bubble Tea Market Report are;
- ChaTime
- Bubble Tea Supply Inc.
- Gong Cha
- CoCo Fresh
- Quickly
- Kung Fu Tea
- Tiger Sugar Korea
- Boba Loca
- Happylemon
- Lollicup USA, Inc.
- ShareTea
- T Bun International
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers and Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview on Tea Consumption Trend – For Key Countries
- Supply Chain Analysis
- Recent Industry Developments - Expansions, Mergers & Acquisitions, and Investments
- Global Bubble Tea Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Type (Value)
- Black Tea
- Green Tea
- Oolong Tea
- White Tea
- By Flavor (Value)
- Original
- Fruit Flavor
- Chocolate Flavor
- Coffee Flavor
- Other Flavors
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
TOC Continued…!
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Industrial Development:
June 2019: Secret Recipe announced its launch of series of bubble tea consisting of several different flavors. The flavors include Boba brown sugar with milk, Boba milk tea, Boba signature fruit tea, and Boba midnight blue, among others. The addition of several different flavors is likely to boost the sales of the company in near future.
Have a Look at Related Research Insights:
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Organic Tea Market Size, Share and Global Trend By Product Type (Green Organic Tea, White Organic Tea, Black Organic Tea, Oolong Organic Tea, Others), By Form (Dried Leaf, Powder, Liquid), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Channels, Convenience Stores, Others), and Geography Forecast Till 2026
Decaffeinated Tea Market Size, Share and Global Trend By Nature (Conventional, Organic), By End-use (Beverages, Dietary Supplements, Household), By Distribution Channel (B2C, B2B, Online Retailers, Store-based Retailers), and Geography Forecast Till 2026
RTD Coffee Market Size, Share and Industry Analysis By Packaging Material (Glass and PET Bottles, Cans), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail), and Regional Forecast 2018-2025
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