The Future Of The Global Bubble Tea Market In 2023
Back in 2016, the bubble tea industry was valued at an estimate of 2 million dollars with black bubble tea dominating 42% of the global bubble tea market. In 2019, the bubble tea industry has seen manufacturers and food associations investing heavily in their bubble tea produce. In the global market, bubble tea is predicted to be worth an estimated $4 million by 2023.
The goal of many of this manufacturer like Gong Cha is to provide a delightful drinking experience. For instance, Gong Cha, one of the best bubble tea producers in the world, recently opened a new store in New Brunswick to allow more residence to have access to different bubble tea blends.
Dating back to history: bubble tea is a worldwide accepted beverage with tea and chewy tapioca pearls as the main ingredients. Started in Taiwan, bubble tea hosted several other names like boba juice, bubble milk tea, tapioca pearl milk, boba tea, to name a few, depending on the country.
The driving force of the beverage industry is the price and its health benefits. The new flavors introduced from time to time have helped to expand the market.
The future of bubble tea when it comes to ingredient
Bubble tea market is made up of black tea, green tea, oolong tea, and white tea. The green bubble tea, being most lucrative, is predicted to dominate up to one-third of the global bubble tea by 2023.
And that’s because of the several benefits of green tea on health. For instance, green tea reduces the risk of developing cancer, type 2 diabetes, and Parkinson’s disease. It also helps with weight loss and reduces the level of cholesterol.
When it comes to flavor, the bubble tea market consists of chocolate, coffee, fruit flavors, and others. Fruit flavors took the highest sales because customers prefer their high level of nutritional value on the body. Some also prefer the flavor because of its excellent quality, among other flavors.
What’s the future saying?
According to several market research, below are what to expect in the bubble tea market by 2023. By 2023, the value of bubble tea is predicted to grow at a CAHR off 8.20%. The value of chocolate flavor will grow exponentially at a CAGR of 8.20%.
Europe is also expected to take the lead in terms of value with a CAGR of 9.10%.
Bubble tea dominance is expected to be highest in North America by taking 57% of the global bubble tea market. New York will dominate 97% of North America’s global bubble tea.
Based on collectively and value, Asia-pacific and North America will account for 83% of the bubble tea market in the world.
The domination of bubble tea in the world was primarily because of its nutritional benefits and affordable price. By 2023, Europe is predicted to experience the most significant growth, and then the Asia-pacific. What are your thoughts? Do you think North America can dominate the global bubble tea market by 2023? Feel free to share your opinion on our Instagram page and let us know what you think.
About the Author:
Rosario Berry is a professional freelance writer, like to introduce Gong Cha Franchise. Its innovative and they periodically add new Bubble Tea Flavors to their menu, which gives their customers even a wider selection to choose from.