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Predictably, Bubble tea global market will be worth over $4 million by 2023. Food associations and manufacturers have invested heavily to create new flavors of the tea.
The aim is to improve the bubble tea drinking experience. For example, Gong Cha, the best Bubble tea company in the New York City and the world recently introduced new flavors. According to a report from Allied Market Research, "in 2016, global bubble tea was valued at over $2 million. Black bubble tea took over 42% of the whole global bundle tea market".
A little dive into the history of bubble tea
Bubble tea is a beverage consumed worldwide. Its main ingredients are tea and chewy tapioca balls.
Rooted in Taiwan, bubble tea is preferably called names like bubble milk tea, boba juice, boba tea, tapioca pearl milk, and others. The boba tea industry is driven by its competitive price and the health benefits derived from the tea. Introduction of new flavors has expanded the bubble tea market.
Bubble tea market statistics on the ingredient
Bubble tea market comprises of the green tea, black tea, white tea, and oolong tea. The green bubble tea is the most lucrative of them all, predicted to account for over one-third of the global bubble tea by 2023. This domination can be attributed to the numerous health benefits of the green bubble team. For example, green tea prevents weight loss and cancer, reduces cholesterol, risk of Parkinson's disease and type 11 diabetes.
Statistics on Flavor
Bubble tea market comprises of the coffee flavor, chocolate flavor, fruit flavor, and lots more. The Fruit flavor has the highest sales, because of the customer's preference for its nutritional value, and higher quality, when compared with other flavors.
Statistics on component
The bubble tea market comprises of flavor, sweetener, creamer, tapioca pearls, liquid, and lot more. The liquid is the root of bubble tea. Liquid dominates the market because it is the major part of the liquid and the main ingredient of bubble tea.
The major finding in the Bubble Tea Market
Bubble tea is predicted to grow by value, at CAHR of 8.20% by 2023. The chocolate flavor is projected to grow at a high CAGR of 8.20%, in terms of value. The highest growth, in terms of value, is expected to be in Europe at CAGR of 9.10%.
In 2016, Bubble tea in North America dominated over 57% of the global market with bubble tea in New York taking over 97% of the North America market.
Collectively and based on value, North America and Asia-Pacific accounted for over 83% of the global bubble tea market.
Bubble tea's domination in places like New York, Manhattan, Queen, and other places in the US was because of its popularity and affordable price.
Europe is projected to experience the highest growth, followed by Asia-pacific, because of the increased health benefit of the bubble tea. One of the major company highlighted in this report is Gong Cha. Gong Cha is a highly reputable company that sells bubble tea in NYC, and with over 1500 locations in the world.
About the Author:
Rosario Berry is a professional freelance writer, like to introduce Gong Cha Franchise. Its innovative and they periodically add new Bubble Tea Series to their menu, which gives their customers even a wider selection to choose from.
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