The global bubbletea market growth is set to gain traction from its possession ofnumerous health benefits. Boba tea acts as an antioxidant. It is also preferredby health-conscious consumers owing to its low-fat and low-caloriecontent. FortuneBusiness Insights™ published this information in a newreport, titled, “BubbleTea Market Size, Share & Covid-19 Impact Analysis, By Type (Black Tea,Green Tea, Oolong Tea, and White Tea), Flavor (Original, Fruit, Chocolate,Coffee, and Others), and Regional Forecast, 2020 – 2027.” Thereport further states that the market size was USD 2.02 billion in2019 and is projected to reach USD3.39 billion by the end of 2027, exhibiting a CAGR of 7.2%during the forecast period.
COVID-19 Pandemic to Affect Growth Backed by Surging Prices of Tea
TheIndian Tea Association mentioned that on an average, the prices of tea surgedby 25%-40% owing to the complete lockdown in the major tea growing countriesamid COVID-19. Other reasons for this are the drop in crop size and theirregular movement of cargo. The outbreak of this pandemic has also causedseveral manufacturers to shut their factories down for maintaining socialdistancing and preventing transmission of the virus. Our reports are speciallycurated to help you understand the current situation.
Drivers & Restraints
The emergence of New Flavors & Formulations to Drive Growth
Bubbletea is available in various flavors and types, such as black tea, jasmine,green tea, and fruit-flavored tea. The fruit-flavored ones are furthersegregated into sweetened fruit drink and cream drink. Consumers are providedwith a wide range of products to choose from. To attract more consumers,prominent companies are introducing new formulations and flavors, as well asopening new outlets worldwide. These factors are set to aid the bubble teamarket growth in the coming years. However, the increasing trend of consumingcoffee in Western countries may hamper demand.
Black Tea Segment to Grow Rapidly Fueled by Preference byHealth-conscious Consumers
Basedon type, the black tea segment held 41.70% in terms of bubble tea market sharein 2019. This growth is attributable to their rising preference byhealth-conscious consumers across the globe. Consumers nowadays are incliningrapidly towards organic and natural beverages. It would also spur growth.
Increasing Sales in Taiwan & Vietnam to Augment Growth in AsiaPacific
Geographically,in 2019, Asia Pacific procured USD 823.90 million in terms of revenue. Bubbletea originally came from Taiwan. Later, it spread to the other countries ofAsia Pacific. Taiwan and Vietnam would contribute to the maximum growth in thisregion because of the high rate of sales. North America, on the other hand,would hold the second-largest share because of the rising consumption of bobatea.
Key Players Aim to Open New Outlets Worldwide to Cater to HighDemand
Severalmanufacturers are investing extensively in opening new outlets globally. Someof the others are trying to enhance the flavors and functionality of these teasfor meeting the surging demand from the consumers.
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