Global Milk Tea Market Overview
The target market for milk tea is young and trendy people between the ages of 14-30 with strong consumption ability. Milk tea consumers are attracted to the trendy image and social media presence associated with milk tea shops. The global milk tea market size is estimated to reach USD 26.4 billion by 2027, growing at a CAGR of 5.8%. Milk tea combines the advantages of milk and tea and has become one of people’s daily drink choices. Understanding consumer psychology helps enterprises produce products that customers like and choose the right marketing methods to expand sales and improve profits.
Target Audience Shift in Ready-To-Drink Segment
With the Ready-To-Drink segment, the target audience has changed to be like soft drink consumers – young men between 14-28 years old who cross gender, age groups, and approximate an all-family appeal. Online tea businesses can be profitable by targeting this market.
Market Strategies and Competition
The milk tea industry faces issues like homogeneity and fierce competition from low barriers to entry. But opportunities still exist for differentiation, like LELECHA’s use of trendy, vintage Hong Kong-style branding. Key players in the global milk tea market use strategies and collaborations to combat competition. By knowing manufacturers’ revenue, prices, and production, one can identify their market footprint. Market drivers, restraints, and new product launches also impact the competitive landscape.