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Bubble Tea Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Bubble Tea Market
According to The Business Research Company's, The bubble tea market size 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%. The growth in the historic period can be attributed to cultural influence, youth appeal and trendiness, variety and customization, social media and marketing, health-conscious consumer shift..
The bubble tea market size 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%. The growth in the forecast period can be attributed to menu diversification, celebrity and influencer endorsements, mobile ordering and delivery, sustainability initiatives, specialty and premiumization.. Major trends in the forecast period include specialty and limited edition offerings, health and wellness focus, customization and personalization, sustainability initiatives, fusion and experimentation..
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Market Drivers and Trends:
The increase in tea consumption is expected to propel the bubble tea market going forward. Tea is a beverage created by pouring hot water over dried and chopped leaves and sometimes blossoms, most notably from the Camellia sinensis plant. Tea has long been a popular beverage across the world, and its popularity has increased rapidly in recent years due to its numerous health advantages and adaptability. With rising popularity of tea, customers are expected to seek for new and novel tea-based beverages, such as bubble tea. As more individuals seek out this distinctive and refreshing beverage, this trend is projected to fuel development in the bubble tea market. Furthermore, the rise of specialty tea shops and the availability of online ordering has made it easier than ever for consumers to discover and enjoy bubble tea. For instance, according to the Tea Association of the USA Inc. a US-based authority on tea states that, the American tea market expanded. The overall amount of tea imported is up more than 8% as of September, with black tea imports exceeding those of the previous year by more than 9%. Additionally, the International Tea Committee (ITC), a UK-based organization, reports that tea consumption has increased 113% to 6.7 million metric tons in 2022, more than doubling in the previous 20 years. Therefore, a rise in the consumption of tea will drive the bubble tea market.
Product innovation is a key trend gaining popularity in the bubble tea market. Companies operating in the bubble tea market are coming up with innovative types of bubble tea to gain a major market position. For instance, in October 2021, Del Monte Foods a US-based food production and distribution company, launched its newest innovation, JoybaTM Bubble Tea to provide a new, distinctive, and enjoyable experience that also tastes wonderful, we produced a blast of fruity, exploding boba that provides surprising textures. It has no artificial flavors or sweeteners and is non-GMO, BPA-free, and gluten-free. Each 12-ounce cup features real fruit tastes infused in a variety of teas such as green tea, black tea, and hibiscus tea, which is caffeine-free.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Bubble Tea Market 2024 Key Insights:
• The bubble tea market will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Surging Tea Consumption Drives Growth In The Bubble Tea Market
• Del Monte Foods Introduces Joybatm With Fruity Bursting Boba For A Distinctive And Health-Conscious Experience
• Asia-Pacific was the largest region in the bubble tea market in 2023
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