According to a new report published by Grand View Research, the increasing consumption of tea and coffee as nootropic beverages among students and the working population is a key driver for the growth of the bubble tea market.
The Global bubble tea market the size should reach $4.2 billion by 2027 save a 8.9% CAGRaccording to a new report from Grand View Research, Inc. The shift in consumer preference from carbonated beverages to non-fat hot beverages, such as bubble tea, is expected to be the key driver of market growth.
Asia was the largest regional market in 2019 and accounted for 35% of the global share. The region will maintain its dominant position throughout the forecast years due to the high consumption of bubble tea in countries like Taiwan, China, and Thailand. Additionally, according to the ASEAN Post, published in December 2019, the average bubble drink consumption in Thailand was six cups per person per month.
Leading companies in this market are expanding their global presence through various business strategies. For example, in September 2019, The Alley, a famous Taiwanese restaurant chain, opened its first restaurant in New York. Thus, the growing number of restaurant chains specializing in hot bubble drinks is expected to drive the market growth over the forecast period.
Highlights of the Bubble Tea Market Report
• The black tea segment held the bulk of more than 45% in 2019 and is expected to continue growing at a stable CAGR during the forecast period
• Green tea products segment expected to register fastest CAGR from 2020 to 2027 due to various health benefits of this drink
• Fruit flavors dominated the flavor segment in 2019, accounting for the largest market share. It is expected to maintain its leading position throughout the forecast period.
• Asia Pacific was the largest regional market in 2019 and will continue to grow at a significant CAGR from 2020 to 2027.
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Segmentation of the bubble tea market
Grand View Research has segmented the global bubble tea market based on product, flavor and region:
Bubble Tea Product Outlook (Revenue, USD Million, 2016 – 2027)
Bubble Tea Flavor Outlook (Revenue, USD Million, 2016 – 2027)
Bubble Tea Region Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• United States
• Great Britain
• Asia Pacific
• Central and South America
• Middle East and Africa
List of Predictive Analytics Market Key Players
• Bobabox Ltd.
• bubble tea company
• Fokus, Inc.
• Lollicup USA, Inc.
• Bubble Tea Supply, Inc.
• T Bun International
• Ten Ren’s Tea Time
• Troika JC.
Fill out the pre-order request form for the report @ https://www.grandviewresearch.com/inquiry/450460/ibb
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About Grand View Research
Grand View Research is a market research and consulting firm based in the United States and India. It is headquartered in San Francisco. We provide business information, syndicated research reports, and custom research reports to large as well as small and medium sized businesses. Our database contains thousands of in-depth statistics and analysis on over 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional and global business environment.
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