Bubble tea is a type of Taiwanese tea that was invented in the cities of Tainan and Taichung back in the year 1980s. Recipe for this tea includes tea leaves of some kind, varied flavors of milk, and sugar as optional that are used to enhance its taste. The most popular beverage in Southeast Asia, it has been associated with several names such as Boba juice, Boba tea, bubble milk tea, and pearl milk tea, among others. In addition to this, there are several attributes such as low fat in nature and a low-calorie content that makes this beverage an instant hit among people.
Furthermore, the most popular type of bubble tea is the classic milk bubble tea that contains tapioca pearls. Moreover, being relatively cheap and easily available, it is relished by a majority of people.
Bubble Tea Market Growth to Hit USD 3.49 Billion by 2026; Doorstep Delivery of the Products Amid COVID-19 Scare to Massively Stimulate Growth Prospects, says Fortune Business Insights™
Key Players Profiled in Bubble Tea Market Report are ChaTime, Bubble Tea Supply Inc., Gong Cha, CoCo Fresh, Quickly, Kung Fu Tea, Tiger Sugar Korea, Boba Loca, Happylemon, Lollicup USA, Inc., ShareTea, and T Bun International.
The global bubble tea market growth is predicted to succeed in USD 3.49 billion by 2026, exhibiting an augmented CAGR of 8.09% during the forecast period.
According to the sources mentioned above until 2026 states that the market share was valued at USD 1.89 billion in 2018.
Among the regions, the market share in Asia-Pacific held about USD 757.60 million in 2019 and is expected to further register exemplary growth during the forecast period. This is ascribable to a large consumer base in Asia-Pacific that prefers tea. Furthermore, increasing demand for the bubble tea is projected to propel the bubble tea market revenue at a CAGR of 10.07% within the forthcoming years.
Moreover, the abundant availability of the product and increasing preference of the beverage from countries such as Taiwan and Vietnam in Asia-Pacific will bolster the growth of the market during the projected horizon. North America, on the other hand, will be the second-most leading region during the forecast period. This is due to the growing preference of the beverage among the population. For instance, the beverage is extremely popular among the people on the west coast of the USA, and Canadian cities of Vancouver and Toronto. Overall, the market in North America is expected to register stimulating growth until 2026.
The emergence of COVID-19 has brought the planet to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and a number of other companies can help within the fight against this high contagion. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
The fast-paced spread of the novel coronavirus, COVID-19 has resulted in several government agencies across the globe to announce lockdown to limit the spread of the disease. Amid this ensuing chaos, the enterprises are ensuring doorstep deliveries to keep business going during the torrid time. In addition to this, several bubble teashops are serving ready-to-drink Boba available in several different flavors.
For instance, in April 2020, during the ongoing lockdown in Australia, the fans of Boba were in for sweet news. The region witnessed the launch of The Bubble Tea Club that’s delivering DIY Boba sets across several households. The set is available in eight different flavors along with 14 different toppings much to the joy of the consumers in Australia.