The players in the bubble tea market have adopted acquisition as their key development strategy to increase profitability and improve their position in the bubble tea market. Presently, themarket is moving toward growing stage and is expected to garner steady growth in major markets, which include the U.S., Germany, China, India, and Brazil. We are happy with the professionalism of your in-house research team as well as the quality of your research reports. 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. Bubble tea can be found on every continent today, except for Antarctica, of course! Exactly how popular is bubble tea in Singapore? Some of the most popular fruit flavors include strawberry, blueberry, green apple, pineapple, passion fruit, mango, lemon, watermelon, grape, peach, cantaloupe, banana, and kiwi among others. For those looking to cut back on sugar, bubble tea may not be the best choice. Taiwanese and homegrown brands have long dominated the Southeast Asian bubble tea market, the study found. Whether youre feeling something sweet, fruity, and refreshing, something soothing and tea-like, or a slushy smoothie like-drink, bubble tea has you covered. Studies showed that green tea-based milk tea is proven to be beneficial for lowering blood pressure and the risk of cancer. Brands such as CHATIME and Bubbolitas established their first production units of boba drinks in 2009, and since then, the market has witnessed a growth trajectory. 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. Get full access to all features within our Business Solutions. #1 HEYTEA Golden Osmanthus Oolong ($7.50) Photo from HEYTEA. Furthermore, the increasing working class population in developing countries paired with rising shopper health consciousness is supporting the market growth. Additionally, they can be ordered with fruit or boba, both of which are high in added sugar. With shops all around the world in many major cities, its easy to indulge your bubble tea craving when you want to! 1. An Infographic Representation of Bubble Tea Market, To get information on various segments, share your queries with us. The consumption of black tea is highly promoted due to its strong antioxidant, anti-aging, and anti-diabetic properties. A file photo showing cups of bubble tea. 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 1987, a staff member had the idea of adding fen yuan (sweetened tapioca pudding) to her tea, resulting in the creation of the bubble tea pearl.2Introduction in SingaporeBubble tea was introduced to Singapore in 1992. (2002, January 13). According to Grabs data, bubble tea orders in the region had increased at a rate of 3,000 percent in 2018. However, the study found that despite the high margins, few bubble tea stores are profitable. The Straits Times, p. 30. While bubble tea is enjoyed by people of all ages, it tends to be a global favorite among younger people. The global bubble tea market size was valued at USD 2.29 billion in 2022 and is projected to grow from USD 2.46 billion in 2023 to USD 4.08 billion by 2030, exhibiting a CAGR of 7.51% during the forecast period. Tapioca balls or "pearls" are often added to the concoction as well. Nonetheless, the tapioca balls are hard for elderly people to digest and can cause indigestion. "The bubble tea industry has a good product gross margin of 60 per cent to 70 per cent," the release said. According to NCBI, healthy and natural ingredients such as green tea help in preventing weight gain and also in inducing weight loss when consumed regularly. Bubble tea (also known as pearl milk tea, bubble milk tea, boba juice, boba tea, or simply boba) is a Taiwanese tea-based drink invented in Tainan and Taichung in the 1980s. However, the consumption of tea is not as prominent as the popularity of coffee in South American countries such as Argentina and Brazil. (Photo: iStock). Please create an employee account to be able to mark statistics as favorites. 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. Durai, J., & Poon, C. H. (2011, June 4). Although there are plenty of bubble tea flavors to choose from, fruit teas tend to be the most popular. October 22, 2019. You need a Statista Account for unlimited access. The Straits Times, p. 4. Number of bubble tea outlets in Singapore in 2019, by brand [Graph]. Accessed May 01, 2023. https://www.statista.com/statistics/1066726/singapore-bubble-tea-outlets-by-chain/, DBS Group Research. Brands, such as Koi The Co, Moge Tee, and M.A.D. According to the Food and Agriculture Organization (FAO) of the United Nations, Nigeria is the largest exporter of cassava at 21% of the worlds amount. Ho, S. B. The industry shows no signs of slowing down, and in fact, appears to be growing exponentially with every passing year. Ho, M., & Boey, D. (2001, June 29). The challenge, as usual, lies in execution and the ability to build (and of course, maintain) a defensive moat along the way.. I hope you learned something from it, even if it was that you should lay off the bubble tea because really, you probably have had enough of that stuff by now. European countries are just starting to understand the bubble tea craze, and with new dessert products in the making, the only way for this industry to go is up. Now, there are bubble tea shops everywhere, and many companies have started to offer other bubble tea treats in the form of desserts to expand the marketplace. The chewy tapioca balls or pearls are undoubtedly the stars of any bubble tea drink. However, the sweeteners segment is expected to witness the highest growth, owing to rise in demand for sweet beverages across the globe. Bubble tea also contains high sugar content, according to a study conducted by students at the Applied Food Science and Nutrition diploma course at the Temasek Polytechnic in Singapore. Arlina Arshad. [Online]. Available: https://www.statista.com/statistics/1066726/singapore-bubble-tea-outlets-by-chain/, Number of bubble tea outlets in Singapore in 2019, by brand, Available to download in PNG, PDF, XLS format, Leading black tea exporters worldwide 2021, Area harvested for tea in India 2010-2020, Production of tea in north India FY 2014-2022, Production volume of tea in south India FY 2014-2022, Production of tea in India FY 2021, by category, Tea production volume in India FY 2022, by grower size, Export value of tea and coffee from India FY 2011-2022, Indian tea exports value FY 2022, by destination country, Indian tea exports volume FY 2022, by destination country, Import value of tea in India FY 2014-2022, Import volume of tea into India FY 2014-2022, Wholesale Price Index of tea in India FY 2012-2022, Average price of tea in India FY 2022, by category, Retail price of tea India 2021, by major city, Consumption volume of tea in India FY 2015-2022, Total revenue of Hindustan Unilever 2013-2022, Tata Consumer Products' total revenue FY 2015-2022, Total revenue of McLeod Russel FY 2013-2022, Total revenue of Goodricke Group Ltd FY 2013-2022, Italy: ready-to-drink tea sales value 2016-2017, Ready to drink blended tea production volume in Japan 2013-2021, Tea market: value growth in the United Kingdom (UK) 2014, by category, Share of past-day tea consumers in Canada 2009-2020, Preferred time for bubble milk tea on weekdays in Vietnam 2019, by age group, Frequency of purchasing hot beverages for home consumption in France 2017, by type, Preferred time for bubble milk tea on weekends in Vietnam 2019, by age group, Bubble tea orders as share of daily orders on GrabFood Indonesia 2018, Tea sales value in the United Kingdom (UK) 2010-2014, Leading factors influencing bubble tea purchase Singapore 2020, Brazil: ready-to-drink tea production volume 2018-2021, Brazil: per capita consumption of ready-to-drink tea 2018-2021, Cost of one cup of bubble tea Singapore 2018, by major brand, Market share of tea and coffee drinks by distribution channel in Spain 2019, Tapioca and substitutes import volume to Japan 2016-2021, Find your information in our database containing over 20,000 reports. For instance, Nextrends Asia 2021 displayed a 330% surge in Taiwans exports of pearl milk teas base ingredients (raw materials, packaging and machinery, and others) compared to 2018. Bubble tea is known for its sweet taste. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Market to Boom As Consumers Seek Versatile Teas with Innovative Bold Flavors. Also, due to the strong dependency on Asian countries to source raw materials, such as tapioca balls from Taiwan, hinders the production process and impacts their overall operations. Currently, you are using a shared account. The increase in bubble tea shops led to intense competition and price wars. Profit from the additional features of your individual account. This includes bubble tea outlets. The first bubble tea shop was Bubble Tea Garden in Marina Square, owned by Ann Chew. Pandemic disrupted the entire world and affected many industries. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. While consumers in Singapore are more health conscious, its not the same across other markets, it added. 2-3. 8. 11. However, it was only in 2001 that bubble tea became phenomenally popular. The region is witnessing a cross-cultural food consumption trend, and the growing health and wellness approach is also expected to boost the growth. 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. Porters five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplierbuyer network. Statista. The bubble tea market in China is estimated to have an annual turnover of US$20 billion, saturating and hyper competitive.. Looking forward to work together on similar projects, We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. It should be no surprise then that sugar is a primary ingredient in the drink. 3. Followed by black tea, the green tea segment is expected to hold a major percentage of the market share. Ethnic foods Trending is a good marketing strategy. [Online]. A. Bubble tea is a popular drink among Singaporeans, and consists of a sweet flavored tea base and tapioca pearls, or "bubbles". Though there are high margins, bubble tea is a low-differentiation game with easily replicable products and a challenging supply chain, he said. IN FOCUS: Singapore's love affair with bubble tea - CNA Currently, the major bubble tea chains are Koi and Gong Cha. According to the Indian Tea Association 2020, tea price has risen by 25%-40% on average due to lockdown in the tea growing regions, leading to a drop in crop size along with disruptions in transportation and logistics. Get full access to all features within our Business Solutions. Companies in the Industry are Aggressively Expanding their Franchisees to Cater to the Growing Demand. Request a Free sample to learn more about this report. Bubble tea got its name from the tapioca balls because when theyre added to the drink and shaken, the balls expand and pop, creating a popping soundor bubbling.. Bubble tea shops, or Boba tea as it is frequently called in America, can be found in almost every major city across the country. Bubble tea drinks are designed to appeal to younger consumers as a way for brands to be part of viral food trends. The nostalgic flavour of Uncle JiaJia liang teh has now taken the form of bubble tea! Fruit-flavored bubble teas account for the largest percentage of bubble tea consumed at 37%. For instance, in April 2022, U.S.-based start-up Bubluv Inc. launched tapioca starch and konjac-based boba tea in three flavors, black milk tea with tapioca pearls, matcha soy latte with tapioca pearls, and oolong guava with tapioca pearls. The bubble tea trend has continued to soar in its originating region, later gaining traction in other western countries, such as Canada and the U.K. In 1987, a staff member had the idea of adding. SINGAPORE From bubble tea shops to cake shops - these standalone food & beverage businesses considered as less critical will be not allowed to open from Tuesday 2359 hrs as part of stricter. The bubble tea industry has a good product gross margin of 60 per cent to 70 per cent, the release said. Europe also witnessed growth in the pearl milk tea market around the same time as other Asian countries. 12. Rising number of fitness conscious consumers and rising demand for tea based beverages in youth generation across the globe is the current trend in the global bubble tea market.. A. Europe and LAMEA will provide more business opportunities for Bubble Tea Market in coming years.
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