The bubble tea market size 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 market value is anticipated to reach USD 6.17 billion by 2033 with a historical CAGR of 9.1%.
Consumer Profile and Health Considerations
Bubble tea has emerged as a cultural icon and symbolizes Taiwan’s food innovation. The beverage is considered a mainstay due to its unique formulation of high-quality milk, sweetener liquid tapioca pearls, creamer, fruit powder, and sweeteners. The target audience includes students, and consumption typically occurs during activities such as window-shopping. This demographic group tends to be more adventurous with food and drink choices and more likely to seek new trends.
Market Opportunities and Challenges
-
Opportunities:
- Launches of exotic flavors
- Aesthetically appealing packaging
-
Challenges:
- Health and nutrition concerns
The growing acceptance of various hot beverages, combined with a change in lifestyle and rise in awareness regarding health benefits, such as strengthening the immune system, reducing inflammation, boosting energy, and enhancing cardiovascular health, are positively affecting the market.
Business Intelligence for Expansion
This study is helpful to all operators who want to identify the exact size of their target audience for business expansion.
Most bubble tea consumers are between 18 and 30 years old, with an increasing number being teenagers, attracted to the trendy image and social media presence of bubble tea shops.
Fortune Business Insights says that the global market size was USD 2.29 billion in 2022 and is projected to reach USD 4.08 billion by 2030. The black tea segment is expected to be the leading segment in the global market. Health-beneficial attributes such as low-fat, low-calorie content, and the presence of anti-inflammatory properties are key driving factors of the market.