Virtually any flavor that you can imagine exists with bubble tea. Introduced to China in the early 1990s, it quickly became one of the most popular drinks in the nation. Momentum Works founder and CEO Li Jianggan said the bubble tea market is fragmented, with enough room for larger and smaller players to co-exist and flourish. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. It is already known that sugary drinks contribute to weight gain, obesity and other diseases such as diabetes, heart disease, stroke and cancer. https://www.fortunebusinessinsights.com/industry-reports/bubble-tea-market-101564, Yummy Town (Cayman) Holdings Corporation (Happy Lemon) (Taiwan), Granular Research on Specified Regions or Segments, Companies Profiled based on User Requirement, Broader Insights Pertaining to a Specific Segment or Region, Breaking Down Competitive Landscape as per Your Requirement, Other Specific Requirement on Customization. These drinks are made with milk tea and tapioca pearls (to make the bubbles), which contain a lot of natural sugar. The growing interest of consumers in innovative beverages with bold flavors and their willingness to experiment with various flavors is captivating the consumers attention, which contributes to fuel market growth. In some instances, a hot version of the tea is also available. This is likely due to its naturally sweet flavor and all of the different varieties of teas that are available. February 11, 2020. 13. Retrieved from NewspaperSG.2. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. How Much Is the Bubble Tea Industry Worth. The Straits Times, p. 3. Global Opportunity Analysis and Industry Forecast, 20202027. The Straits Times, pp. A. 2. However, excess sugar content in these drinks leading to health issues and trend of coffee consumption are expected to restrict the market growth. Keep reading to check them out! These drinks are mixed only after an order has been made and are then machine-sealed in a clear plastic cup.1OriginBubble tea originates from Taichung, Taiwan. Now, there are bubble tea shops everywhere, and many companies have started to offer other bubble tea treats in the form of desserts to expand the marketplace. Bubble tea is a sweet, delicious drink typically made from a tea base that is then mixed with either milk or fruit flavoring. 6. Chun Shui Tang. The beverage has experienced a few resurgences in popularity, such as in 2007 and 2011.11 There were more than 10 chains and 500 outlets selling bubble tea in 2011. Companies in the Industry are Aggressively Expanding their Franchisees to Cater to the Growing Demand. Keep reading to discover everything weve uncovered about bubble tea. Bubble tea can be found on every continent today, except for Antarctica, of course! As a result, bubble tea lost its popularity by 2003 and many shops folded. Among various flavors, the fruit flavor is more popular, and this segment dominated the market in 2019. New bubbly a hit with youth here. Teenagers and people in their 20s consistently account for the highest consumer percentage of bubble teas. 12. (2001, August 31). Although there are plenty of bubble tea flavors to choose from, fruit teas tend to be the most popular. According to the Food and Agriculture Organization (FAO) of the United Nations, Nigeria is the largest exporter of cassava at 21% of the worlds amount. Although there are plenty of bubble tea flavors to choose from, fruit teas tend to be the most popular. If you have an adventurous palette, we highly recommend trying as many different flavors as you can to find the one that will be your favorite! Currently, you are using a shared account. Jointly conducted by venture outfit Momentum Works and digital payments solution firm qlub, the report also found thatthe average price of bubble tea in Singapore is double that of other countries in the region. Moreover, based on the study by the finance-based startup, Momentum Works and payment startup, Qlub, Indonesias bubble milk tea market ranked first among all the Southeast Asian countries. The key players in the industry receiving high levels of popularity and response from customers are franchising their businesses into different locations. We use cookies to enhance your experience. The Tea segment in Singapore is projected to grow by 2.16% (2023-2025) resulting in a market volume of US$807.70m in 2025. . Porters five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplierbuyer network. The price for bubble tea depends on where you get it. Young people between ages 20 and 29 are interested in bubble tea. Aqilah still drinks the occasional bubble tea. Brands, such as Koi The Co, Moge Tee, and M.A.D. According to research firm Allied Market Research, the global bubble tea market will jump from US$1.96 billion in 2016 to reach US$3.21 billion by 2023. Bubble tea, also known as Boba or Boba tea, is rapidly becoming one of the worlds favorite beverages. In this era, the growing consumer preferences for products depend on various factors such as choice of taste, price, brand, and location accessibility. The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry. Nigeria, specifically, has become a hub for cassava production. And if youre looking for all the facts and figures that back up our claim, you have this blog post. The bubble tea industry has a good product gross margin of 60 per cent to 70 per cent, the release said. Thank you Fortune Business Insights for your efforts and prompt response, I had a great experience working with Fortune Business Insights. Plasticisers are discovered in two Taiwanese fruit juice brands, resulting in suspension of the brands.2013: Maleic acid found in Taiwanese starch products, affecting the pearl supplies of certain bubble tea chains.AuthorJan YapReferences1. But the story of bubble tea in Singapore dates back almost three decades. Its not just the sugar that gives these drinks their sweetness, though; many restaurants also add sweeteners to them. Bubble milk teas surge in popularity is mainly attributed to taste, affordability, and the rising reinvention of the basic tea recipe. The types include milk tea, black tea, fresh fruit tea, smoothies or milkshakes, fresh milk, and salted cream. Bubble tea is drunk by millions of people around the world every single day, even in countries that you might not expect! Retrieved from NewspaperSG.7. According to the CXOs, Europe is projected to register significant growth as compared to Asia-Pacific and North America due to rapid urbanization, rise in consumption of healthy beverages, and low price of bubble tea. Ho, M., & Boey, D. (2001, June 29). According to a recent CLSA survey of consumers, 94% of those aged between 20 and 29 bought boba tea in the last three months, reported Bloomberg (June 24). Furthermore, there has been an increase in boba stores in the U.S. and Canada, owing to the shift in consumer preferences toward no and low-alcohol beverages, which has further contributed to the market growth. The bubble tea industry is enormous and accounts for one of the fastest-growing food markets in the world today. Recent Statistics Popular Statistics Facebook: quarterly number of . under and CEO Li Jianggan said the bubble tea market is fragmented, with enough room for larger and smaller players to co-exist and flourish. Bubble Tea Popularity Statistics Singapore; by palmebre Published: July 20, 2021 (2 days ago) Category. Strong dependency on Asian countries to source raw materials acts as one of the major restraints in the market. The Straits Times, p. 8. The major countries in each region are mapped according to their revenue contribution to the global bubble tea market. 15. To make the bubbles, tapioca is cooked in hot water along with sugar, for up to three hours. Required fields are marked *. The bubble tea trend has continued to soar in its originating region, later gaining traction in other western countries, such as Canada and the U.K. This can be attributed to the availability of various options such as combination of various liquid flavors and syrups. Tapioca pearls are made from cassava flour, of which Nigeria is the worlds largest exporter (21%). Due to increasing consumer demand, GrabFood now has close to 4,000 bubble tea outlets in their network, which is a 200 percent growth in outlets for the region. Apart from the U.S. and Asian countries, the trend of milk tea is also extensively growing amongst individuals residing in the Middle East and Africa. In 1987, a staff member had the idea of adding fen yuan (sweetened tapioca pudding) to her tea, resulting in the creation of the bubble tea pearl.2Introduction in SingaporeBubble tea was introduced to Singapore in 1992. However, Europeis expected to grow with the highest CAGR throughout the forecast period, owing toaggressive advertising and celebrity brand endorsement and increasein the awareness of bubble tea in theregion. Right on cue, eight bubble tea establishments in Singapore have launched new drinks. There is also a wide selection of items that can be added to the tea; for instance, pearls, pudding and jelly. Coffee and tea are the most consumed as well as socially accepted nootropic beverages across the world, and many consumers are highly dependent on such caffeinated drinks before starting their day. Bubble tea can be found in over 30 countries. In, Nielsen. This statistic is not included in your account. https://www.grandviewresearch.com/industry-analysis/bubble-tea-market, https://foodinstitute.com/focus/survey-millennials-gen-z-big-fans-of-bubble-tea/, https://youthinsight.com.au/brands/more-girls-aware-of-bubble-tea-than-boys/, https://www.cnn.com/travel/article/taiwan-bubble-tea-origins/index.html, https://www.duluthnewstribune.com/8-things-you-might-not-know-about-bubble-tea-and-other-unexpected-holidays-this-week, https://www.fortunebusinessinsights.com/industry-reports/bubble-tea-market-101564, https://www.organicfacts.net/health-benefits/herbs-and-spices/bubble-tea.html, https://chinamarketadvisor.com/what-is-boba-and-why-is-it-so-popular/, https://theaseanpost.com/article/southeast-asias-bubble-tea-craze, https://www.worldteanews.com/Insights/millennials-and-gen-z-drive-21st-century-tea-preferences, https://www.honestfoodtalks.com/bubble-tea-flavors-boba-toppings/, https://www.healthline.com/nutrition/boba-cancer, https://mtalvernia.sg/education/whats-in-my-bubble-tea/, Tea thats infused with milk or another liquid, Artificial sweetener like stevia or sugar (more on this below), Special straws designed to make the best bubbles possible. Start reading instantly.This Report and over 29,716+ more Reports, Available with Avenue Library. In a survey of Singaporean bubble tea consumers in 2020, 69 percent of respondents stated that taste was their main consideration when purchasing bubble tea, while 61 percent stated price. The emerging players in the Bubble Tea Market are Bubble Tea Supply Inc., ChaTime, CoCo Fresh, Quickly, Kung Fu Tea, Boba Loca, Happylemon, Share Tea, T Bun International, Fanale Drinks, Grand Chainly, and Huey-Yuhe Enterprise. More people are discovering and enjoying bubble tea every year, however, so these figures may soon change as people age and continue to enjoy their favorite drink. Tapioca balls or pearls are often added to the concoction as well. "(This makes) it a great entry point for premium brands, Momentum Works said in a news release on Tuesday (Aug 16), adding that there are currently more than 60 active brands of bubble tea chains. However, since the ease of lockdowns, governments have proposed several initiatives and strategies to help companies in recovering the losses across the globe. It comes with the additional cost of $2500.00 contact sales. Tapioca balls or "pearls" are often added to the concoction as well. However, consumers love for bubble tea wont change anytime soon, but they will vote for their favourite brands with their wallets.. The data also revealed the regions favourite flavour (hazelnut), topping (pearl) and the time most people order bubble tea (lunchtime). The added sugar in the cooking process can ramp up the balls to an estimate of 160 calories per quarter-cup serving. Here is the history of bubble tea in Singapore. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. Bubble Tea Market Outlook (2022-2032) [324 Pages Report] The global bubble tea market is projected to have a rapid-paced CAGR of 8.8% during the forecast period. Girls and women are the primary demographic among bubble tea drinkers, with 95% having tried it. The Straits Times, p. 8. Such challenges cumulatively hamper the growth potential of the global market. The global bubble tea market size was valued at USD 2.29 billion in 2022 and is projected to grow from USD 2.46 billion in 2023 to USD 4.08 billion by 2030, exhibiting a CAGR of 7.51% during the forecast period. The Straits Times, p. 4. Nearly everyone in Thailand enjoys drinking bubble tea, to the point that they have surpassed every other country in the amount that they drink! The largest market in the region is Indonesia, with an estimated US$1.6 billion annual turnover. Bubble tea has a strong market potential as it offers various types and flavors of boba teas, such as fruit flavored, black tea-based milk tea, and green jasmine, across the globe. These latest product ranges further act as a marketing strategy to attract a vast consumer base worldwide. Almost overnight bubble tea shops popped up around the world in multiple countries that had never had an interest in it before. Sweeter than soda? The Agri-Food and Veterinary Authority (AVA) suspended the brands, resulting in a few bubble tea chains temporarily being unable to sell their fruit teas.13In May 2013, it was discovered that the Sunright brand of tapioca balls, as well as other starch products from Taiwan used in bubble tea, contained maleic acid, a substance harmful to the kidneys.14 As a result, some bubble tea chains stopped selling pearls with their teas for the time being.15 Such health scares negatively affected bubble tea sales, although customer confidence returned after a period of time.Timeline1992: Bubble Tea Garden, Singapores first bubble tea caf, opens.2001: Bubble tea reaches the height of its popularity.2007: Renewed popularity of bubble tea.2011: Renewed popularity of bubble tea. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Remarkable job and great efforts by your research team. Previously, tea was usually served hot, so it was considered a novel idea to cool the tea with ice and mix it with various ingredients. What is the major restraint for the global market? At what CAGR is the bubble tea market projected to grow in the forecast period (2023-2030)? According to Grabs data, bubble tea orders in the region had increased at a rate of 3,000 percent in 2018. Moreover, apart from teas for sale, there are plenty of fruit juices and sometimes coffee options on the menu of bubble tea shops. Contact us, Last week, it was announced that Singapore will soon require food and beverage outlets to, Nutrition labels for drinks high in sugar, saturated fat to be rolled out in practical manner: MOH, HPB, Nutrition labels required by end 2023 for freshly prepared drinks that are higher in sugar, fat content. "Yet, few players have managed continuous profitability at a large scale." It cited. According to NCBI, healthy and natural ingredients such as green tea help in preventing weight gain and also in inducing weight loss when consumed regularly. In addition, the companies are focusing on the growing incidences of lactose intolerance, and thus are working toward introducing lactose-free bubble milk tea options for individuals. Studies showed that green tea-based milk tea is proven to be beneficial for lowering blood pressure and the risk of cancer. The increase in bubble tea shops led to intense competition and price wars. A file photo showing cups of bubble tea. Retrieved from NewspaperSG.12. Companies, such as Lollicup U.S.A. Inc., Gong Cha, Chatime, and others, have invested in research and development activities to offer new variants of tea for a growing market. In. Save my name and email in this browser for the next time I comment. Ho, M., & Boey, D. (2001, June 29). Were big enough to handle massive projects, and yet also nimble enough to come up with names on demand that hit every time. Moreover, increase in disposable income and economic growth in advanced & emerging economies support the market growth. "Market Intelligence that Adds Flavour to Your Success", Region : Global | Format: PDF | Report ID: FBI101564. We dont recommend anyone making it a daily indulgence. Nevertheless, manufacturers are trying to introduce new beverage options, such as bubble milk tea, in the market. The appearance of the finished drink is what led to its name. Previously, tea was usually served hot, so it was considered a novel idea to cool the tea with ice and mix it with various ingredients. The global bubble tea market size was valued at USD 2.29 billion in 2022 and is projected to grow from USD 2.46 billion in 2023 to USD 4.08 billion by 2030, exhibiting a CAGR of 7.51% during the forecast period. A popular version of bubble tea, known as Thai iced tea originated in Thailand in the 1800s, and when bubble tea was invented people began adding tapioca balls to it. Followed by Asia Pacific, the North America bubble tea market share emerged to be the second-largest and is likely to maintain its position throughout the forecast period. The bubbles are made from tapioca and have high carbohydrate content. There is also an industry saying that nine out of 10 bubble tea stores lose money, it added. Storm in a bubble-tea cup. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Currently, the major bubble tea chains are Koi and Gong Cha. At the end of the day, its not much worse than an occasional soda would be for the average person, but its important to remember to only have bubble tea once in a while. Access to this and all other statistics on 80,000 topics from, Show sources information "Number of Bubble Tea Outlets in Singapore in 2019, by Brand. Copyright Mediacorp 2023. What are the key factors driving the market? In a recent Grab article titled Bubble Tea Craze in GrabFood, the ride-hailing giant highlighted Southeast Asias growing obsession with the drink. Retrieved from NewspaperSG.13. According to the study, there are three underlying fundamentals to building a successful bubble tea business. Pearls dropped by some bubble tea shops. Moreover, the availability of suitable alternatives, such as unsweetened tea, coconut water, fruit-infused teas, and others, offering similar benefits, hamper the global market growth. Bubble tea fad makes comeback. Retrieved from NewspaperSG.6. Your email address will not be published. As more and more countries discover the delicacy that is bubble tea, these figures are sure to continue growing. Its iced or hot black or green tea mixed with chewy tapioca balls that are often flavored. However, the consumption of tea is not as prominent as the popularity of coffee in South American countries such as Argentina and Brazil. Thailands consumers take top spot for consuming six cups of bubble tea per person per month, followed by the Philippines with an average of five cups. A wide variety of teas, including black, green, oolong and earl grey tea are sold. Advertising prohibitions will also apply to such drinks. Please create an employee account to be able to mark statistics as favorites. The Straits Times, p. 30. When you look at the marketing for bubble tea, the numbers make sense. Bubbly and book fun.

Pelham Bay Towers Apartments For Rent, Photography Studio Assistant Jobs London, University Of Texas At Arlington Football, Articles B