Technavio analysts forecast the global bubble tea market to grow at a CAGR of over 7% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global bubble tea market to grow at a CAGR of over 7% by 2023. (Graphic: Business Wire)
The introduction of new flavors is one of the major trends being witnessed in the bubble tea market 2019-2023. Bubble tea vendors have introduced several flavors, ranging from fruity flavors such as peach and strawberry to other flavors such as almond and chocolate, thereby creating a large portfolio of choices for customers. The introduction of a variety of flavors is helping in attracting consumers who have a liking for different tastes. For instance, in May 2018, Caribou Coffee launched Matcha Vanilla Tea Latte with ingredients such as Matcha powder, vanilla, and steamed milk. Millennials and young consumers are experimenting with new flavors in bubble tea, and this has encouraged vendors to innovate in terms of flavors. Bubble tea retailers are coming with their own customized tea formats that will enable them to change the bubble tea composition according to the consumer demand.
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According to Technavio analysts, one of the key factors contributing to the growth of the global bubble tea market is the rising accessibility and availability through organized retailing:
Global bubble tea market: Rising accessibility and availability through organized retailing
Organized retailers have grown significantly across the world, with the establishment of hypermarkets, supermarkets, and specialty stores such as Walmart in the US and Tesco.com in the UK. Supermarkets are some of the major distribution channels supplying nutritious, convenient, and affordable food and beverage items. People can get a variety of products at supermarkets, and these stores offer a better customer experience compared with other stores. Owing to the growing population and the increasing urbanization, the demand for supermarkets is growing steadily in many developed and developing economies. Ingredients such as tapioca balls, popping balls, and tea powder required for making bubble tea are predominantly sold by large organized retailers such as Walmart. The hefty discounts that supermarkets and hypermarkets offer, and the strategy of esthetic product placing encourage potential consumers to make impulsive purchases. These strategies boost the sales of bubble tea through retail stores such as supermarkets and hypermarkets, which will drive the growth of the global bubble tea market during the forecast period.
According to a senior analyst at Technavio for research on non-alcoholic beverages, “Apart from the rising accessibility through organized retailing, the development of bubble tea-infused dishes, the advent of liquor-based bubble tea beverages, the growing tea café culture, and the health benefits associated with bubble tea, are some other major factors boosting the growth of the global bubble tea market, during the forecast period.”
Global bubble tea market: Segmentation analysis
The global bubble tea market research report provides market segmentation by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2018, accounting for over 46% share, followed by the EMEA and Americas respectively. Although the Americas held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period followed by the EMEA region.
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Market Landscape
- Market ecosystem
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Market Sizing
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- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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