Bubble tea, also known as boba is unique tea-based drink that was originated in the early 1980s in Taiwan. This beverage is prepared by blending tea base with flavors, sweeteners, or milk, and tapioca balls. The bubble tea is growing in popularity across the globe owing to the health benefits associated with the consumption of boba, such as strengthening immune system, boosting energy, improving heart health, and others. This tea is available in various flavors such as mango, pomegranate, peach, and others.
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Impact of COVID-19 on the Market
The outbreak of COVID-19 has had a negative impact on the global bubble tea market. This is mainly due to complete lockdown, travel restrictions, and ban on import & export enforced by various countries across the globe to curb the spread of the deadly coronavirus. In addition, the disruption in supply chain has led to delay in the manufacturing process owing to unavailability of raw materials. The sales & demand of bubble tea has declined in the pandemic period due to shutting down of restaurants, cafes, production unties, and restaurants.
However, the government of several countries are taking measures to expand the bubble tea business, which is projected to help the market recover in the near future. For instance, the Indian government is offering financial assistance for setting up tea boutiques for 3 years in the country and also promoting domestic production.
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Key Developments in the Industry
The companies operating in the global industry are adopting various growth strategies and business tactics such as mergers & acquisitions, business expansion, collaborations, and product launches to hold a leading position in the global industry, which is predicted to consequently help the bubble tea market to grow significantly in upcoming years.
For instance, in June 2019, Secret Recipe, a lifestyle café chain, announced the launch of ‘New Boba Series’ with total 8 different flavors including boba milk tea, boba signature fruit tea, boba brown sugar milk tea, boba Caramel milk tea, boba midnight blue, boba brown sugar with milk, boba kopi-C, and boba cham.
In July 2019, Sushiro, a sushi shop chain in Japan collaborated with Sharetea, the popular Taiwanese bubble tea chain, and launched ‘Hikaru golden bubble tea.’ The golden pearls in this bubble tea glow brightly and appear translucent in the opaque milk tea when the tea cup is placed on a light source.
In August 2019, TA Associates, a leading private equity firm across the globe, entered into a definitive agreement with Gong Cha Group, a leading provider of premium quality milk and bubble tea, in order to make a strategic growth investment in the Gong Cha Group. The aim behind this agreement is to help Gong Cha to grow their brand in new as well as existing markets.
Forecast Analysis of Global Bubble Tea Market
The global bubble tea market is projected to witness a striking growth during the forecast period, owing to the launch of new bubble tea flavors in the market such as different fruit flavors like watermelon, lychee, apple, banana, and others. Conversely, the increasing consumption of coffee by a huge number of people across the globe may hamper the market growth in the projected timeframe.
The decline in demand for carbonated drinks and various health benefits associated with the consumption of bubble tea are the significant factors estimated to propel the growth of the global bubble tea market in the coming future. According to a latest report published by Research Dive, the global bubble tea market is expected to garner $4,552.9 million during the forecast period (2021-2028). Regionally, the North America region is estimated to hold a dominant position in the global industry, mainly due to the rising demand for tea-based fruity beverages and growth in tea consumption in the region.
Key Players
- Kung Fu Tea
- Bobabox Limited
- Bubble Tea House Company
- Cuppotee
- Gong Cha
- ShareTea
- Sumo’s (M) Sdn Bhd
- ViVi Bubble Tea
- Ten Ren’s Tea Time
- The Bubble Tea Company
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