Bubble Tea Global Market Report 2024

The bubble tea market has grown strongly in recent years. It will grow from $2.89 billion in 2023 to $3.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. Historical growth was driven by several factors, including the influence of culture, particularly in the context of youth appeal and trendiness, the emphasis on variety and customization, the pervasive impact of social media and marketing strategies, and a notable shift in consumer preferences toward health-conscious choices. These elements collectively contributed to the growth observed during that period in the bubble tea industry.

The bubble tea market is expected to see strong growth in the next few years. It will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. Anticipated growth in the forecast period is expected to stem from various factors, including an expanded menu with diversified offerings, endorsements from celebrities and influencers, the integration of mobile ordering and delivery services, a heightened focus on sustainability initiatives, and the pursuit of specialty and premiumization strategies within the bubble tea market.

The surge in tea consumption worldwide is anticipated to significantly propel the growth trajectory of the bubble tea market. As a widely popular beverage derived from Camellia sinensis plant leaves, tea has experienced a recent surge in demand owing to its perceived health benefits and versatile nature. This heightened interest in tea has sparked a growing preference for unique tea-based beverages such as bubble tea. Consequently, the increasing populace seeking this distinctive refreshment is expected to be a catalyst for the burgeoning bubble tea market. Statistics from reputable entities, such as the Tea Association of the USA Inc. and the International Tea Committee, underscore the substantial rise in tea consumption by over 113% to 6.7 million metric tons in 2022, a notable surge over the past two decades. Such an upswing in tea consumption is poised to steer the growth of the bubble tea market.

The burgeoning trend towards healthier dietary preferences is set to act as a significant impetus for the expansion of the bubble tea market. Consumers' increasing inclination towards healthier food options has led to a shift in consumption patterns, prompting many bubble tea establishments to offer reduced-sugar or sugar-free alternatives. This strategic move caters to the needs of health-conscious individuals seeking to relish bubble tea without compromising on excessive sugar intake. Notably, a report from The British Nutrition Foundation in 2021 highlighted that 62% of Britons have adapted their diets towards healthier choices. This shift in consumer behavior underpins the driving force behind the upward trajectory of the bubble tea market.

Companies operating in this sector are actively introducing novel variations of bubble tea to secure a prominent market stance. For instance, Del Monte Foods, a prominent US-based food production and distribution entity, unveiled its latest creation, JoybaTM Bubble Tea, in October 2021. This innovative beverage promises a unique and enjoyable experience by infusing bursts of fruity, exploding boba into the tea, devoid of artificial flavors or sweeteners. Available in various tea bases such as green, black, and hibiscus, each 12-ounce cup boasts genuine fruit flavors, with options catering to caffeine-free preferences. This relentless pursuit of innovation underscores the strategic approach adopted by companies to captivate consumer interest and foster market growth.

Collaborative ventures and strategic partnerships have emerged as pivotal strategies for major players in the bubble tea market to enhance profitability and market presence. These partnerships, aimed at achieving specific business objectives, mirror the industry's focus on innovation and expansion. An illustrative example is the recent partnership announced in January 2023 between Zest Food Partners and TeaJoy, both prominent UK-based entities. This collaboration aims to democratize access to bubble tea across the UK, tapping into one of the nation's fastest-growing beverage sectors. The alignment of shared objectives between these entities emphasizes the pivotal role of partnerships in driving market penetration and consumer accessibility for bubble tea.

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.

Major companies operating in the bubble tea market report are Lollicup Inc., CuppoTee Company, Bubble Tea House Company, Ten Ren’s Tea Co. Ltd., Boba Box Limited, Sumos Sdn Bhd, Troika JC., Fokus Inc., Tea Time, Kuaikeli Enterprise Co. Ltd., COCO International Co. Ltd., Kung Fu Tea, Gong Cha, CAFÉ POS LLC, Kevito Ltd., Qbubble Troika J C Inc., Ichibanya Co. Ltd., Biju Bubble Tea, Bubbleology, Chatime, Comebuy, Ding Tea, Fanale Drinks, Happy Lemon, Heytea, Koi Thé, Nayuki, OneZo, Presotea, Quickly, Royaltea, Sharetea, The Alley, The Tea Terrace, The Whale Tea.

Asia-Pacific was the largest region in the bubble tea market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global bubble tea market during the forecast period. The regions covered in the bubble tea market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bubble tea market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary variations of bubble tea revolve around different tea bases, including black tea, green tea, oolong tea, white tea, among others. Black tea, distinguished by its higher oxidation level derived from the Camellia sinensis plant, presents a range of flavors such as original, fruit-infused, coffee-based, chocolate-infused, and more. Its components generally encompass flavorings, creamers, sweetening agents, liquid bases, tapioca pearls, and other optional additives.

The bubble tea market research report 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.

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.

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.


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