In addition, aggressive advertisements and celebrity end orsements have also helped the global market to pave its way toward growth. Europe also witnessed growth in the pearl milk tea market around the same time as other Asian countries. 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. Moreover, the emergence of do-it-yourself kits and classes allowed people to make their own bubble tea.10 As with other food fads, the novelty of the drink quickly wore off. A. An Infographic Representation of Bubble Tea Market, To get information on various segments, share your queries with us. Low, F., & Lee, H. M.(2011, March 27). Bubble tea originates from Taichung, Taiwan. Chart. The Straits Times, pp. Bubble tea can be found in over 30 countries. Additionally, they can be ordered with fruit or boba, both of which are high in added sugar. In 2019, the black tea segment accounted for more than half of the share in the total bubble tea market and is expected to grow at a CAGR of 7.50% throughout the forecast period. Revenue of the cosmetic & beauty industry in the U.S. 2002-2022, Value of the leading global textile exporters in 2021, by country, Vegetable oils: global consumption 2013/14 to 2022/23, by oil type, Cocoa bean production worldwide 2020/2021-2022/2023, by country, World coffee per capita consumption: major consumer countries 2015, Cosmetics industry in the U.S. - statistics & facts, Research expert covering Singapore, Indonesia and Malaysia, Profit from additional features with an Employee Account. The report segments the global bubble tea market based on base ingredient, flavors, component, and region. The report covered all the points and was very detailed. Aqilah still drinks the occasional bubble tea. Despite the burgeoning demand for such innovative tea beverages, the wide availability of other caffeinated and conventional drinks, such as coffee and chocolate, coupled with the prominent coffee consumption trends in Western countries, poses a threat to market growth. Important factors when considering a bubble tea purchase in Singapore in 2020 [Graph]. Market to Boom As Consumers Seek Versatile Teas with Innovative Bold Flavors. Due to intense competition and price wars, bubble tea lost its popularity by 2003 and many shops folded. Subject Storm in a bubble-tea cup. Prices are higher than previously, reaching as much as S$6 per cup as compared to S$3 in the past.12 Nevertheless, bubble tea shops have attempted to sustain the popularity of the drink by continually developing new and unusual flavours, as well as engaging with customers through social media.Health concernsIn May 2011, it was found that two fruit juice brands from Taiwan used by some bubble tea outlets contained plasticisers that were harmful to health. Health experts highly recommend drinking bubble tea in moderation, and if possible, to opt for the less sweet or low-calorie varieties. To use individual functions (e.g., mark statistics as favourites, set New bubbly a hit with youth here. About | Privacy Policy |Contact | Advertise | Support. Singapore stands out among the region's six key markets, as the country with the smallest population but the highest spending power. 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. Chocolate-flavored milk tea is tremendously popular in which chocolate powder is blended with milk to strengthen its flavor. With globalization, new trends have started striking the food service market, thereby influencing the young generation to try new beverages. 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. . Because of the popularity and groundbreaking response from the customers, the businesses in this market typically franchise into different locations. Retrieved from http://chunshuitang.com.tw/3. . Moreover, countries such as Japan, China, the U.S., and Canada are the major consumers of pearl milk tea and have also experienced a slight dip in their growth due to hindrances in production as well as supply chains during the year 2020-21. However, the sweeteners segment is expected to witness the highest growth, owing to rise in demand for sweet beverages across the globe. The major countries in each region are mapped according to their revenue contribution to the global bubble tea market. As a result, bubble tea lost its popularity by 2003 and many shops folded. The United States and Australia were both introduced to bubble tea in the mid-1990s, and it has been growing in popularity ever since. "Number of bubble tea outlets in Singapore in 2019, by brand." Companies in the Industry are Aggressively Expanding their Franchisees to Cater to the Growing Demand. Ethnic foods 9. 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. 16. 2. The first bubble tea shop was Bubble Tea Garden in Marina Square, owned by Ann Chew. During the late 1980s and into the 1990s, bubble tea was only consumed in a select few countries including Taiwan, Hong Kong, China, and Japan. Tapioca balls or pearls are often added to the concoction as well. According to the bubble tea market share, based onflavor, the fruit flavor segment was the most prominent segment accounting for the highest share in the bubble tea market, in 2019. 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. to incorporate the statistic into your presentation at any time. Customers also decide based on the product selection at stores, as well as the ease of access which means the number of stores a brand has, it said. On Deliveroo, bubble tea is the most popular item in its beverage category, with users ordering 385,000 cups in 2018. (1993, September 24). 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. Required fields are marked *. Since our launch, weve worked on more than 1,000 projects for clients around the world. 16 Bubble Tea Statistics to Calm Your Cravings - Soocial The bubble tea industry has a good product gross margin of 60 per cent to 70 per cent, the release said. Bubbling over. Pandemic disrupted the entire world and affected many industries. For instance, in September 2021, Dubai witnessed the opening of various new tea outlets serving boba tea across the country. Moreover, increase in disposable income and economic growth in advanced & emerging economies support the market growth. A. Looking forward to work together in the future, It has been a delightful experience working with you guys. 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, the availability of suitable alternatives, such as unsweetened tea, coconut water, fruit-infused teas, and others, offering similar benefits, hamper the global market growth. The chewy tapioca balls or pearls are undoubtedly the stars of any bubble tea drink. In addition, as Europe is not highly indulged in tea production and mostly relies on other regions for the supply of tea, it somehow limits the market growth. There is also an industry saying that nine out of 10 bubble tea stores lose money, it added. Please do not hesitate to contact me. 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. It includes flavor variants such as lychee, mango, passion fruit, peach, plum, strawberry, avocado, banana, grape, kiwi, lemon, and others. The largest market in the region is Indonesia, with an estimated US$1.6 billion annual turnover. The drink is typically made from a combination of milk and tea and topped with pearls such as tapioca balls, popping boba (made from water, sugar and flavourings using a culinary process called spherification), grass jelly, fruit jelly, etc. The Straits Times, p. 8. (1992, May 27). The increase in bubble tea shops led to intense competition and price wars.9 Slashed prices, one-for-one offers and even lucky draw promotions were used to entice customers. (Photo: iStock). Currently, you are using a shared account. Of the 30 countries that enjoy bubble tea, most are in Asia. The manufacturers or entrepreneurs in the boba tea industry are venturing into the launch of their own restaurants/cafes to attract consumers and fortify their market presence. According to Dr Tan Wee Yong, a consultant physician in Malaysia, it is recommended for a normal healthy adult to take no more than eight teaspoons of sugar a day, while a childs daily sugar intake should not be more than five teaspoons. In May 2013, it was discovered that the Sunright brand of tapioca balls, as well as other starch products from Taiwan used in bubble tea, contained maleic acid, a substance harmful to the kidneys. 13. Bubble milk teas surge in popularity is mainly attributed to taste, affordability, and the rising reinvention of the basic tea recipe. The price might seem high, but you have to consider everything that goes into making it, which includes: On the surface, bubble tea seems like a simple drink. 5. The Straits Times, p. 8. In 2018, there were over 450,000 shops selling bubble tea in China. I believe its because of the level of sugar [in the drink], she said. The market value of the bubble tea market is anticipated to reach a high of US$ 5.82 billion by the year 2032. The Asia Pacific market held the largest share and was valued at USD 0.96 billion in 2022. Who are the leading players in the global market? What are the key factors driving the market? Boba tea, or "bubble tea," has been around since the late 1980s in Taiwan. Whether youre feeling something sweet, fruity, and refreshing, something soothing and tea-like, or a slushy smoothie like-drink, bubble tea has you covered. Start reading instantly.This Report and over 29,716+ more Reports, Available with Avenue Library.
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