A new report has explored the consumer preferences for the bubble tea market and its projected growth over the next ten years. According to the report, the global bubble tea market was valued at $2.9 billion in 2022 and is estimated to reach $5.3 billion by 2032, exhibiting a CAGR of 6.3 percent from 2023 to 2032.
The change in consumer preferences has played a pivotal role in the remarkable growth of the bubble tea market. One of the key indicators of shifting preferences is the rising demand for diverse flavours and innovative concoctions. However, health and safety regulations in the bubble tea market have become increasingly stringent, impacting its growth in several ways. The global bubble tea market has witnessed significant growth over the years and is expected to grow at a steady pace during the forecast period. This is attributed to the growth in health awareness and the rise in the adoption of bubble tea, owing to its health benefits and popularity among health-conscious consumers and the young generation.
On the basis of flavour, the fruit flavour segment held the highest market share in 2022, accounting for more than three-fifths of the global bubble tea market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the availability of various bubble tea fruit flavours in the market, which include avocado, banana, cantaloupe, coconut, grape, green apple, jackfruit, kiwi, lemon, pineapple, and watermelon. Health-conscious and vegan people prefer such type of bubble tea flavours. The chocolate flavour segment is the fastest-growing segment and is projected to manifest the highest CAGR of 6.6 percent from 2023 to 2032. The market for chocolate-flavoured bubble tea has undergone robust growth in modern years, driven by a convergence of key trends.
On the basis of base ingredients, the black tea segment held the highest market share in 2022, accounting for two-thirds of the global bubble tea market revenue, and is estimated to maintain its leadership status throughout the forecast period. Black tea is considered a dietary source of antioxidant nutrients. It is a rich source of antioxidant nutrients such as carotenoids, tocopherols, and minerals such as Cr, Mn, Se, or Zn, and certain phytochemical compounds. The green tea segment is the fastest-growing segment and is projected to manifest the highest CAGR of 6.7 percent from 2023 to 2032. Green tea increases fat burning and improves the physical performance of the body. In addition, green tea can kill bacteria, improving dental health and lowering the risk of oral infection, leading to a rise in demand.
On the basis of components, the liquid segment held the highest market share in 2022, accounting for more than two-thirds of the global Bubble tea market revenue, and is estimated to maintain its leadership status throughout the forecast period. There has been a rise in popularity of the combination of bubble tea with different liquid components such as black tea, green tea, fruit juice, coffee, and juice syrups among consumers across the globe, which boosts the growth of the bubble tea market. However, the other segment is the fastest-growing segment and is projected to manifest the highest CAGR of 7.9 percent from 2023 to 2032. Consumers are always eager to welcome new beverage recipes, flavours, tastes, and structure. In the past decade, the concept of food/drink customisation has positively impacted the food and beverage industry. Components such as fruit pulp, jelly chocolate crush, and Choco chips are added to serve new flavours or types of bubble tea, which is anticipated to boost market growth.
The Asia-Pacific region held the highest market share in 2022, accounting for more than two-thirds of the global Bubble tea market revenue and is estimated to maintain its leadership status throughout the forecast period. Moreover, the Asia-Pacific region is projected to manifest the highest CAGR of 7.4 percent from 2023 to 2032. High penetration rate of packaged and unpackaged bubble tea in Asia-Pacific, expanding product range by established manufacturers, and growth in population drive the bubble tea market.
