Bubble Tea Market Revenue Size, Share & Sector Growth Forecast 2032
In 2024, the global bubble tea market revenue reached a valuation of USD 2.63 billion. Projections indicate it will grow to USD 2.83 billion in 2025 and further expand to USD 4.78 billion by 2032, reflecting a compound annual growth rate (CAGR) of 7.81% over the forecast period. The Asia Pacific region dominated the market in 2024, accounting for 43.35% of the total revenue share.
Originally developed in Taiwan, bubble tea remains deeply rooted in Taiwanese culture and has gained popularity in Western countries such as Canada and the U.K. Typically composed of milk, sweeteners, tapioca pearls, fruit powders, and creamers, the beverage has become symbolic of Taiwan’s culinary identity. As noted in the 2021 Nextrends Asia report, Taiwan’s exports of bubble tea ingredients, machinery, and packaging increased by 330% between 2018 and 2021. Major factors contributing to this growth include the rise of culinary tourism, increased focus on health and wellness, and the impact of social media trends.
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Market Segmentation Insights
Black Tea Segment Set to See Substantial Growth by 2030
Consumer interest in health-centric products has boosted the demand for black tea, known for its antioxidant, anti-aging, and anti-diabetic properties. This segment is experiencing growth as more consumers lean toward natural and organic beverage choices. Green tea also continues to attract a significant consumer base.
Fruit-Based Flavors on the Rise
Flavor-wise, the market is categorized into fruit, chocolate, coffee, original, and others. Fruit flavors led the market in 2019, with mango, lychee, passion fruit, kiwi, lemon, and strawberry emerging as popular options due to their refreshing taste and perceived health benefits. Meanwhile, chocolate flavor is expected to register the highest growth rate due to its appeal across all age demographics.
Key Insights
The report offers:
- A detailed analysis of market drivers, restraints, and opportunities
- Regional market trends and insights
- Profiles of leading market players and their strategies
- Updates on product innovations, partnerships, and mergers
Market Drivers
Innovation and Diversification Propel Growth
The growth of the bubble tea market is largely driven by innovations in flavors and product offerings, competitive pricing, and strong branding. Brands are responding to evolving consumer tastes by introducing premium and innovative tea varieties. The versatility of bubble tea—ranging from jasmine green tea to black milk tea and fruit-infused variants—has broadened its appeal.
For instance, in April 2022, U.S.-based Bubluv Inc. launched three new boba tea products made with konjac and tapioca starch, offering a healthier alternative while showcasing industry innovation.
Regional Analysis
Asia Pacific Leads the Global Market
In 2022, the Asia Pacific region generated roughly USD 0.96 billion in market revenue, with Taiwan and Vietnam serving as major hubs. The emergence of dedicated tea shops and themed cafés reflects strong regional demand. A notable example includes the 2020 debut of Meme Xpress in Singapore by actor Chen Shucheng.
North America ranks as the second-largest market, where interest in tea-based beverages is steadily increasing. Meanwhile, Europe is witnessing growing demand for pearl milk tea, inspired by Asian beverage culture.
Competitive Landscape
Top Players Focus on Innovation and Franchise Expansion
Key companies are prioritizing flavor development and the use of functional ingredients to align with shifting consumer preferences. Leading players such as Lollicup USA Inc., Gong Cha, Chatime, Boba Box Limited, Fokus Inc., Sumos Sdn Bhd, Troika J.C. (Qbubble), and Boba Tea Company are actively investing in R&D and expanding their franchise networks to strengthen market penetration.
Notable Market Participants:
- Chatime Group (China)
- Gong Cha (Taiwan)
- CoCo Fresh Tea & Juice (Taiwan)
- Quickly (U.S.)
- Xing Fu Tang (Taiwan)
- Lollicup USA, Inc. (U.S.)
- TIGER SUGAR (China)
- Yummy Town (Happy Lemon) (Taiwan)
- O.I. The Co, LTD. (Taiwan)
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Industry Developments
October 2021 – Del Monte entered the U.S. bubble tea market with the launch of Joyba Bubble Tea. The product became available across major retail chains including Costco, Target, Safeway, Circle K, and Albertsons.
