The global bubble tea market size hit USD 2.46 billion in 2023. The market valuation is expected to grow from USD 2.63 billion in 2024 to USD 4.78 billion by 2032 at a CAGR of 7.74%.

As a result of its distinctive recipe, the boba tea fad has gained traction in other western nations including Canada and the U.K., where it has now spread. The trend has continued to flourish in its home region. This well-liked sweetened tea is created with premium milk, tapioca pearls for sweetness, creamer, and sweeteners, as well as fruit powder. As a sign of Taiwan's culinary innovation to advance its position within the food service sector, bubble milk tea has become a global cultural icon.

Fortune Business Insights™ presents this information in a report titled, “Bubble Tea Market, 2024-2032."

Information Source: https://www.fortunebusinessinsights.com/industry-reports/bubble-tea-market-101564

COVID-19 Impact:

Despite Initial Disruptions, Market Showed Robust Recovery in 2021 and After

Due to the COVID-19 outbreak, businesses such as restaurants, farms, and industries had to close down completely in order to maintain safety standards and institute social segregation. Due to a staffing deficit and fewer consumers visiting coffee shops during the lockdown, this has caused transportation delays and brought both the functioning of supplies (tea estates) and demand for consumption points to a standstill. The lockdown in the tea-growing regions has caused a decrease in crop quantity as well as difficulties in logistics and shipping, according to the Indian Tea Association 2020, which has caused an average increase in tea prices of 25%–40%.

Segments:

Black Tea Segment to Witness Monumental Demand During 2023-2030

As more customers are becoming health-conscious worldwide, the black tea category is expected to rise at a considerable CAGR throughout the forecast period. Due to its potent antioxidant, anti-aging, and anti-diabetic qualities, black tea is heavily promoted. One of the key aspects that would support the expansion of this market segment is the increase in consumer preference for natural and organic food and beverage items. The green tea segment is anticipated to account for a sizable portion of the bubble tea market share, closely followed by black tea.

Fruit Flavor to Experience Increasing Popularity in the Coming Years

The market is divided into coffee, fruit, chocolate, original, and other taste categories. The market in 2019 was led by fruit flavor, which is more popular than other flavors. Lychee, mango, passion fruit, peach, plum, strawberry, avocado, banana, grape, kiwi, lemon, and other flavors are among the taste variations that are present in it. Due to its high nutritional content in comparison to other tastes, the high popularity of tea-based fruity beverages, and strong consumer preference, this market is predicted to increase significantly over the course of the forecast period. Due to the rising demand for beverages with chocolate as an ingredient across all age groups, the chocolate segment is predicted to develop at the quickest rate in the future years.

Report Coverage

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Recent industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers and Restraints