Bubble Tea Market size to reach US$ 5.5 Bn by 2031, exhibiting growth at 8.8% CAGR for 2021-31

Demand in the bubble tea market is expected to reach US$ 2.3 Bn in 2021. Looking forward, Future Market Insights (FMI) expects the global bubble tea market size to reach US$ 5.5 Bn by 2031, exhibiting growth at 8.8% CAGR for 2021-31.

Bubble tea is made using black tea, green tea, oolong tea, or white tea. It has a milk base and includes chewy tapioca balls or boba and fruit jelly.

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Sales of bubble tea or pearl milk tea is growing in response to the high demand for healthier alternatives to carbonated drinks. With demand forecast to grow at an impressive pace, the overall bubble tea market will represent 2% of sales registered in the tea industry in 2021.

“Bubble tea companies are attempting to strike the perfect balance between acquisition and retention, especially since small firms don't have a lot of money to spend on marketing. Digital loyalty programs are used by brands because they can gather and utilize data at a minimal cost." said a lead analyst at FMI.

Key Takeaways from FMI's Bubble Tea Market Report

The bubble tea market shall surpass US$ 2 Bn by 2020-end
Black tea segment shall hold dominance, attributed to the multifarious health benefits offered by it
However, green tea is acquiring major traction due to the presence of cancer-fighting antioxidants
Rising preference for exotic flavors is catapulting the sales of flavored bubble tea across all regions
Asia to remain the vanguard of the global bubble tea market

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Bubble Tea Market- Key Trends

Despite intense competition, the bubble tea market offers scope for differentiation, attributed to consumers' dynamic taste preferences
Affordable pricing is attracting a larger customer base, particularly in emerging economies
Manipulation of flavor, sugar & preservatives compositions has helped manufacturers penetrate the market more effectively
However, availability of substitute beverages such as coffee shall impede growth prospects

Social Media Influencing Choices of Customers, Especially Among Youth

Social media is full of advertisements, news, and other impactful visuals. Brands often use social media to target their consumers. Restaurants use social media to promote their drink specials and happy hours. Additionally, social media is where parties and get-togethers are organized. Because social media is such an integral part of people’s lives, it can also influence the way they drink.

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Competitive Landscape

Companies are focusing on launching novel drink blends with diverse flavors such as vanilla, apple, varied milk flavors, personalized sugar and ice level drinks, and so on in order to target the millennial group. Because millennials are recognized for their eagerness to sample new flavors, manufacturers have an opportunity to provide new flavoured drinks to the market. Over the predicted period, sales are expected to grow. Flavored drinks, in combination with the increased demand for bubble tea, present a strong potential for manufacturers.

Bubble Tea Supply Inc. announced in April 2020 debut of bubble tea, with a range of tastes in Bubble Tea Club, including traditional milk, mango, green apples, lychees, Thai and fruity flavours of honeydew and a range of 14 toppings.
In 2019, Secret Recipe joined the bubble tea bandwagon. A series of bubble tea flavours such as boba brown sugar with milk, boba caramel milk tea, boba milk tea, boba brown sugar milk tea, boba kopi-C, boba midnight blue, boba signature fruit tea, and boba cham were released.

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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.

This release was published on openPR.