According to a recent study, the bubble tea industry is expected to grow by almost $2 billion to a whopping $4.3 billion by 2027. By flavor, the market is classified into coffee, fruit, chocolate, original, and others. Statista. Some specialty shops have menus with smaller sizes and prices as low as $2 to $3 per serving. The market value of the bubble tea market is anticipated to reach a high of US$ 5.82 billion by the year 2032. Due to the COVID-19 pandemic, the global Bubble Tea market size is estimated to be worth USD 8062.1 million in 2023 and is forecast to a readjusted size of USD 27780 million by 2030 with a CAGR of . 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. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Gong Cha, for instance, was founded in 2006 in Taiwan. By region, North America was the most prominent regional market in 2019. Are you interested in testing our business solutions? COVID-19: Bubble tea shops, other less critical F&B businesses to close Global Opportunity Analysis and Industry Forecast, 20202027. Chart. Expanding Range of Products to Target Younger Individuals to Boost Growth. Nearly everyone in Thailand enjoys drinking bubble tea, to the point that they have surpassed every other country in the amount that they drink! A global addiction. The outbreak of COVID-19 forced government bodies to impose strict closure of restaurants, farms, and factories to maintain safety measures and implement social distancing. 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. Which region held the highest share in the global market? Over of the bubble tea enjoyed around the world is fruit-flavored. Bubble tea is known for its sweet taste. 16 Bubble Tea Statistics to Calm Your Cravings - Soocial Bubble Tea Market Demand to Surge with Rising Popularity of 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. Market to Boom As Consumers Seek Versatile Teas with Innovative Bold Flavors. However, the study found that despite the high margins, few bubble tea stores are profitable. It looks quite comprehensive and the data is exactly what I was looking for. Almost overnight bubble tea shops popped up around the world in multiple countries that had never had an interest in it before. Unapproved additive found in 11 food products. This is a very good piece of work and will be very helpful to us going forward. Aqilah, a consumer in Malaysia, used to buy bubble tea at least twice a week. These pearls, that looks like dark bubbles, give the tea its name. Bubble tea is a popular drink among Singaporeans, and consists of a sweet flavored tea base and tapioca pearls, or "bubbles". 11. Moreover, increase in disposable income and economic growth in advanced & emerging economies support the market growth. Whether youre feeling something sweet, fruity, and refreshing, something soothing and tea-like, or a slushy smoothie like-drink, bubble tea has you covered. Currently, you are using a shared account. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Plasticisers are discovered in two Taiwanese fruit juice brands, resulting in suspension of the brands.2013: Maleic acid found in Taiwanese starch products, affecting the pearl supplies of certain bubble tea chains.AuthorJan YapReferences1. The other players operating in the global bubble tea market are Bubble Tea Supply Inc., ChaTime, CoCo Fresh, Quickly, Kung Fu Tea, BobaLoca, Happylemon, Share Tea, T Bun International, Fanale Drinks, Grand Chainly, and Huey-Yuhe Enterprise. You can only download this statistic as a Premium user. ", Nielsen, Important factors when considering a bubble tea purchase in Singapore in 2020 Statista, https://www.statista.com/statistics/1112472/singapore-bubble-tea-consideration-factors/ (last visited May 01, 2023), Important factors when considering a bubble tea purchase in Singapore in 2020 [Graph], Nielsen, February 11, 2020. Register in seconds and access exclusive features. 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. If youre looking for a sweet, refreshing drink that doesnt compromise on flavor or quality, bubble tea is the answer. Fruit Flavor Segment is Dominating Backed by High Consumer Preference. Last week, it was announced that Singapore will soon require food and beverage outlets to include nutrition labels on their menus to indicate drinks that contain higher levels of sugar and saturated fat. T&C*. Brands, such as Koi The Co, Moge Tee, and M.A.D. 7. 6. This beverage has undergone a few waves of popularity in Singapore. All rights reserved. Business Solutions including all features. With bubble teas sudden increase in popularity, it should be no surprise that the industry is only expected to keep growing. The Best Bubble Tea Brands In Singapore SINGAPORE: Bubble tea lovers in Southeast Asia spend US$3.66 billion a year on the beverage and similar new tea drinks, with Singapore having the highest spending power despite its smallest population among the region's six key markets. As more and more countries discover the delicacy that is bubble tea, these figures are sure to continue growing. There are many varieties of the drink with a wide range of ingredients. As a result, bubble tea lost its popularity by 2003 and many shops folded. Bubble milk teas surge in popularity is mainly attributed to taste, affordability, and the rising reinvention of the basic tea recipe. Right on cue, eight bubble tea establishments in Singapore have launched new drinks. This statistic is not included in your account. Retrieved from NewspaperSG.15. In this era, the growing consumer preferences for products depend on various factors such as choice of taste, price, brand, and location accessibility. By component, it is classified into flavor, creamer, sweetener, liquid, tapioca pearls, and others. Ho, S. B. You need a Statista Account for unlimited access. Get full access to all features within our Business Solutions. Singapore stands out among the region's six key markets, as the country with the smallest population but the highest spending power. The ideal entry-level account for individual users. A. There is also a wide selection of items that can be added to the tea; for instance, pearls, pudding and jelly. Furthermore, the increasing working class population in developing countries paired with rising shopper health consciousness is supporting the market growth. A. 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. Arlina Arshad. The study also highlighted that pricing is not the only factor that affects customers purchasing decisions. Very satisfied with the overall report as it has helped me to build strategies for my business, This is regarding the recent report I bought from Fortune Business insights. Get insights on topics that are crucial for your business. Book your free consultation and let our research experts help you with your needs/problems. About | Privacy Policy |Contact | Advertise | Support. "Important factors when considering a bubble tea purchase in Singapore in 2020." Strong dependency on Asian countries to source raw materials acts as one of the major restraints in the market. To use individual functions (e.g., mark statistics as favourites, set Far from game over: From boom to bust to boom again, bubble tea is back The Straits Times, p. 8. If you have an adventurous palette, we highly recommend trying as many different flavors as you can to find the one that will be your favorite! Nevertheless, manufacturers are trying to introduce new beverage options, such as bubble milk tea, in the market. I have feedback on this infopedia article: Bubble tea. 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. There are 250 different flavors of bubble tea. Perhaps bubble tea brands should work towards designing more nutritious versions of their drinks without losing the signature taste and appeal which has made the drink so popular in Southeast Asia. 16. And if youre looking for all the facts and figures that back up our claim, you have this blog post. Are you interested in testing our business solutions? However, the consumption of tea is not as prominent as the popularity of coffee in South American countries such as Argentina and Brazil. The Straits Times, p. 30. It includes flavor variants such as lychee, mango, passion fruit, peach, plum, strawberry, avocado, banana, grape, kiwi, lemon, and others. The nostalgic flavour of Uncle JiaJia liang teh has now taken the form of bubble tea! By base ingredient, it is divided into black tea, green tea, oolong tea, and white 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. Bubble tea drinks are designed to appeal to younger consumers as a way for brands to be part of viral food trends. Such initiatives further support the immense growth opportunities for the companies. 1. For instance, in September 2020, Chen Shucheng started a new bubble milk tea franchise in Singapore called Meme Xpress. Bubble tea has emerged as one of Gen Zs trademarks as its consumption is highly witnessed by the young generation as compared to any other age group. While consumers in Singapore are more health conscious, its not the same across other markets, it added. The size of the global Bubble Tea Market in 2019 was $2,407.6 million. The types include milk tea, black tea, fresh fruit tea, smoothies or milkshakes, fresh milk, and salted cream. The Best Bubble Tea Brands In Singapore Photo by: Kenneth Goh The best bubble tea in Singapore Southeast Asia spent more than $5 billion on BBT last year Written by Kylie Wong & Pailin. The drink became popular during the 1990s, just in time for millennials to develop a taste for it. Thank you for contacting us, our sales representative will get in touch with you shortly! Malaysia, Singapore, Vietnam and Indonesia consume three cups per person per month. Sweeter than soda? However, the sweeteners segment is expected to witness the highest growth, owing to rise in demand for sweet beverages across the globe. As soon as this statistic is updated, you will immediately be notified via e-mail. As a Premium user you get access to background information and details about the release of this statistic. A popular version of bubble tea, known as Thai iced tea originated in Thailand in the 1800s, and when bubble tea was invented people began adding tapioca balls to it. 8. We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be. A. Teenagers and people in their 20s consistently account for the highest consumer percentage of bubble teas. The growing bubble tea market has also made brands focus on unique concepts in terms of toppings and flavour combinations to pique consumer interest and to stand out from the crowd. The prevalence of lifestyle disorders such as obesity and diabetes associated with the hectic lifestyle of consumers has nudged them to shift toward healthy drinks, such as ginger tea and boba teas, due to their easy customization. This was attributed due to rise in the consumption of tea based everages across the world. Heritage and Culture. Countries in North America are gradually increasing the consumption of this tea owing to the growing popularity of tea-based drinks. Use Ask Statista Research Service, The question asked was as follows: "Below are a list of factors that are important when choosing to purchase beverages. Number of bubble tea outlets in Singapore in 2019, by brand [Graph]. Keep reading to discover everything weve uncovered about bubble tea. According to the study, there are three underlying fundamentals to building a successful bubble tea business. Bubble tea has a strong market potential as it offers various types and flavors of boba teas, such as fruit flavored, black tea-based milk tea, and green jasmine, across the globe. In addition, the growing gastronomic tourism, rising number of health-conscious individuals, and increased social media influences further paved the way toward growing potential. Since then, however, bubble tea has expanded across the rest of Asia, and there was a sudden explosion of popularity during 2018, particularly in Singapore. This was attributed to rise in the fitness conscious people across the globe. 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. (1992, May 27). This is far higher than the cost of a similar amount of milk or juice, but the high price does not seem to deter people from making it their go-to beverage. 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. You only have access to basic statistics. Bubble Tea Popularity Statistics Singapore DOWNLOAD: https://tinurll.com/2iwiym bubble tea popularity statistics singapore 28d79c4b43 Reallusion CrazyTalk Animator 3.12.1719.1 MAC OS X Download Harry Potter ATOTP Apun KaGames exe Oceane Dreams Sets 14 18 MediaHuman YouTube Downloader 3.9.8.19 (0901) [artc Like Repost Share On the basis of flavor, it is categorized into original flavor, coffee flavor, fruit flavor, chocolate flavor, and others. Chatime, Gong Cha, Coco Fresh Tea & Juice, and Lollicup USA, Inc. are the leading players in the market. This article was first published on 27 December, 2019. diabetes, heart disease, stroke and cancer. Use Ask Statista Research Service, Estimated production volume of tea across India 2022, by state, Production of tea worldwide 2006-2021, by country. (1993, September 24). 5. Frustrated customers have to remember that the tapioca balls arent just an inexpensive filler; theyre an integral part of what makes bubble tea unique and fun. 87% of American millennials drink tea, including bubble tea. Moreover, European and other Scandinavian countries are prominent followers of tea and coffee cultures, and thus are keenly interested in experimenting with new types of fruity flavors, herbal, and bubble teas. A. Since our launch, weve worked on more than 1,000 projects for clients around the world. The bubble tea industry was valued at $2.2 billion in 2019. South America is anticipated to grow in terms of sales volume of the products in the coming years. Bubble tea has emerged as a cultural icon for the world and symbolizes Taiwans food innovation to promote its existence amidst the food service industry. Boba tea is creating a buzz among individuals worldwide, owing to its growing appeal and novelty. Here is the history of bubble tea in Singapore. A bubble tea. Furthermore, there has been an increase in boba stores in the U.S. and Canada, owing to the shift in consumer preferences toward no and low-alcohol beverages, which has further contributed to the market growth. Retrieved from NewspaperSG.10. AVA suspends two more Taiwanese juice brands. Chewy tapioca balls or different flavored jellies are then added to give bubble tea the fun, chewy texture that it is known for! 13. Fortune Business Insights says that the global market size was USD 2.29 billion in 2022 and is projected to reach USD 4.08 billion by 2030. In Singapore, there has been renewed hype in bubble tea in the past year, spurred by the entrance of well-known global franchises, and local entrepreneurs stepping up to give those brands a run for their money. Asia Pacific Bubble Tea Market Size, 2022 (USD Billion), To get more information on the regional analysis of this market, Request a Free sample. The beverage has experienced a few resurgences in popularity, such as in 2007 and 2011.11 There were more than 10 chains and 500 outlets selling bubble tea in 2011. However, excess sugar content in these drinks leading to health issues and trend of coffee consumption are expected to restrict the market growth. 10. The data offered to us was exactly what we were looking for. The emergence of Chinese players who are good at branding, product/supply chain and cost management could pose an increasing challenge to existing local players. 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. Retrieved from NewspaperSG.4. If you are an admin, please authenticate by logging in again. The Straits Times, p. 3. Retrieved from NewspaperSG.9. Introduced to China in the early 1990s, it quickly became one of the most popular drinks in the nation. The availability of different types of milk tea offers numerous options for consumers to enjoy. Expansion of franchise stores, investments, fundings, and new product launches are the key strategies of the bubble tea market players. [Online]. The challenge, as usual, lies in execution and the ability to build (and of course, maintain) a defensive moat along the way..
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