A report on the Global Bubble Tea Market has been published by Contrive Datum Insights. The report provides clients with the latest trending insights into the Bubble Tea market. It can be seen that the report includes market value and growth rate, size, production consumption and gross margin, pricing and other influencing factors. Along with this, in the report, you will get detailed information about every distributor, supplier, and retailer in the market. The competitive scenarios of all industry players are mentioned in detail in the report. The pandemic has caused market participants to strategically change their business plans.
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The COVID-19 pandemic has been shocking and has never happened before. As a result, the demand for bubble tea is lower than expected in all areas compared to before the pandemic. Our research shows that the world market will grow 2.76 percent less in 2020 than it did in 2019.
Bubble Tea kept getting more and more popular in the area where it began. It then spread to other western countries like Canada and the U.K., where it is now a mainstay because of its unique recipe. This popular sweet tea is made with high-quality milk, tapioca pearls, fruit powder, creamer, and sweeteners. Bubble milk tea has become a worldwide cultural icon. It shows how Taiwan is trying to improve its reputation in the food service business by coming up with new food ideas. Nextrends Asia 2021 showed, among other things, that from 2018 to 2021, Taiwan’s exports of the raw materials, packaging, and machinery used to make pearl milk tea went up by 330%. Also, the growth of gastronomic tourism, the rise of health-conscious people, and the impact of social media have all helped the country’s potential to grow.
The report also covers the complete competitive landscape of the worldwide market with company profiles of key players such as Chatime Group (China), Gong Cha (Taiwan), Coco Fresh Tea & Juice (Taiwan), Quickly (U.S.), Xing Fu Tang (Taiwan), Lollicup USA, Inc. (U.S.), TIGER SUGAR (China), Yummy Town (Cayman) Holdings Corporation (Happy Lemon) (Taiwan), O.I. The Co, LTD. (Taiwan). Geographically, this market has been segmented into regions such as North America, Latin America, Europe, Asia Pacific and Rest of the World. The study details country-level aspects based on each segment and gives estimates in terms of market size.
Regional Insights:
In 2021, the Asia-Pacific market was worth USD 0.90 billion and had the largest share. Countries like Vietnam and Taiwan are likely to sell the most. Manufacturers or business owners in the boba tea industry are opening their own restaurants or cafes to attract customers and strengthen their presence on the market. In September 2020, Chen Shucheng opened a bubble milk tea franchise called Meme Xpress in Singapore.
North America has the second-largest share of the bubble tea market, after Asia and the Pacific. This is likely to stay the same during the forecast period. Tea-based drinks are becoming more popular, so people in North America are slowly drinking more of this tea. Also, there are more boba stores in the U.S. and Canada now that people are more interested in drinks with no or little alcohol. Because of this, the market has grown even more.
The market for pearl milk tea grew in both Asia and Europe around the same time. In 2009, boba drink factories for brands like CHATIME and Bubbolitas opened for the first time. Since then, the market has continued to go up. For example, the first Italian bubble tea chain, Frankly, grew by about 148% in June 2022 compared to June 2021 thanks to a crowdfunding campaign. Because the campaign made so much money, it will go on for longer. Because of this, the company wants to add more products and build up its brand. These kinds of projects make the huge growth potential of the companies even bigger.
Also, tea and coffee are very important in Europe and Scandinavia, and people are eager to try new fruity, herbal, and pearl milk teas. Europe doesn’t make much tea on its own, either. Most of its tea comes from other places, though. This makes the market grow less quickly.
The number of sales in South America is likely to go up in the coming years. As a result of globalisation, new trends have started to hit the food service market, making young people more likely to try new drinks. But people in South American countries like Argentina and Brazil drink coffee more than tea. Still, businesses are trying to bring new drinks to the market, like bubble milk tea.
Pearl milk tea is often drunk as a social drink or as a sign of hospitality in the Middle East and Africa, where growth is slower. Food from different cultures is becoming more popular in the area, and people’s growing interest in health and wellness is likely to help the growth. Using new methods like molecular nitrogenation gives the old recipe a new twist. This gives the market more ways to grow, which helps it grow more quickly.
Bubble Tea Market Segmentation:
By Type:
- Black Tea
- Green Tea
- Oolong Tea
- White Tea
- Others
By Flavor:
- Fruit
- Original
- Chocolate
- Coffee
- Others
Influence of the Bubble Tea Market report:
–Comprehensive assessment of all opportunities and risks in the Bubble Tea Market.
–Bubble Tea Market recent innovations and major events.
–Detailed study of business strategies for growth of the Bubble Tea Market market-leading players.
–Conclusive study about the growth plot of Bubble Tea Market for forthcoming years.
–In-depth understanding of Bubble Tea Market market-particular drivers, constraints, and major micro markets.
–Favorable impression inside vital technological and market latest trends striking the Bubble Tea Market.
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Key Market Factors That Are Explained In The Report?
-Major Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Major Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Bubble Tea Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyse the growth of the key players operating in the market.
The research includes historic data from 2017 to 2022 and forecasts until 2030 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Frequently Asked Questions (FAQ):
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