New York, USA, Dec. 19, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global bubble tea market is anticipated to rise at a stable CAGR of 7.4%, thereby garnering a revenue of $4,552.9 million in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the bubble tea market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Product launches and acquisitions by key market players of the industry is expected to become the primary growth driver of the bubble tea market in the forecast period. Additionally, health benefits associated with bubble tea consumption is anticipated to push the market forward.
Opportunities: Over the recent period, different and exciting new flavors of bubble tea have been launched which is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, rising awareness regarding the health benefits associated with bubble tea consumption is expected to help the market register substantial growth in the coming period.
Restraints: However, according to market analysts, growing coffee consumption might become a restraint in the growth of the bubble tea market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The bubble tea market, also, was negatively impacted by the pandemic. Disruptions in global supply chains due to lockdowns led to shortage of raw materials which caused an overall decline in the production of bubble tea. Also, the import-export cycle was disrupted due to the travel restriction which further led to slump in the market.
Segments of the Market
The Research Dive report has fragmented the bubble tea market across different segments such as ingredient, flavor, component, and region.
Ingredient: Black Tea Base Sub-segment to be the Most Dominant
By ingredient, the black tea base sub-segment is expected to be the most dominant one and generate a yield of $1,864.8 million by 2028. Black tea as a base ingredient of bubble tea is widely consumed by people across the globe due to the benefits provided by it such as improvement in metabolism and gut health, preventing kidney stones, etc. This growth in consumption is predicted to help in the growth of this sub-segment.
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Flavor: Fruit Flavor Sub-segment to be the Most Lucrative
By flavor, the fruit flavor sub-segment is predicted to have the highest market share and generate a revenue of $2,820.3 million by 2028. Launch of various fruit flavors such as mango, peach, honeydew, etc. is predicted to boost the growth of this sub-segment.
Component: Liquid Sub-segment to Highest Market Share
By component, the liquid sub-segment is expected to be the most dominant one and generate a yield of $1,703.4 million by 2028. Combination of bubble tea with liquid flavors such as green tea, oolong tea, etc. is becoming highly popular which is predicted to help in the growth of this sub-segment.
Region: Market in the North America Region to be the Most Profitable
By regional analysis, the bubble tea market in North America region is anticipated to be the fastest growing and register a revenue of $2,432.3 million by 2028. Increasing consumption of various bubble tea flavors such as coffee flavor, chocolate flavor, etc. is predicted to be the main growth driver of the market in this region.
Prominent Market Players
Some prominent players in the bubble tea market are
- Kung Fu Tea
- Gong Cha
- Ten Ren's Tea Time
- Bobabox Limited
- ShareTea
- The Bubble Tea Company
- Bubble Tea House Company
- Sumo's (M) Sdn Bhd
- ViVi Bubble Tea
- Cuppotee
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market. Inquire Here to buy the Full Report
For instance, in November 2021, Jollibee, a leading fast-food restaurant company, announced the acquisition of Milkshop International, a leading Taiwan-based bubble tea café chain. This acquisition is predicted to provide a boost to Jollibee and help it in establishing itself as a leader of the market in the next few years.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
Broader Insights pertaining of Specific Segments or Regions of Bubble Tea Market
More about Bubble Tea Market:
- A Guide to Choose your First Bouncy, Chewy Refreshment—Bubble Tea
- Global Bubble Tea Market to Rise at a CAGR of 7.4% and Surpass $4,552.9 Million by 2028, Owing to New Bubble Tea and Flavor Launches
