The global
bubble tea industry
is
prophesied to gain traction on account of the increasing health concern among
people and the rising adoption of bubble tea, further attributed to its health
benefits. As per a recent report published by Fortune Business Insights
titled, “Bubble Tea Market Size, Share and Global Trend By Type
(Black Tea, Green Tea, Oolong Tea, and White Tea), Flavor (Original, Fruit,
Chocolate, Coffee, and Others), and Regional Forecast till 2026,”
the
market value stood at USD 1.89 billion in 2018
and is likely
to rise at a CAGR of 8.09%
to reach USD 3.49 billion
by 2026.
Drivers & Restraints:
Low-calorie Content in Bubble Tea-
Major Growth Driver
Bubble-tea witnessed immense popularity
in the past few years on account of the rising prevalence of health-related
issues especially among the geriatric population. This urged people to incline
towards the healthy living trend, thereby increasing the popularity of healthy
food and beverage products. The aforementioned factor stated above is the
primary factor promoting the bubble tea market growth. Additionally, this tea
has low-calorie content, is low-fat, and comes in various flavors that are
further anticipated to attract more consumers, thereby boosting the market.
On the contrary, the presence of excess
sugar content in bubble tea may lead to health issues, and this may pose
a major threat to the market. This, coupled with the high presence of coffee
lovers may also challenge the market in the forecast duration. Nevertheless,
the increasing number of vegan population and the rising popularity of organic
food and beverage culture is likely to create better growth opportunities for
the market in the coming years.
Key Segment:
Fruit Flavor Segment to Dominate Market
with its High Nutritional Value
Based on flavor type, the fruit flavor
segment earned the largest share in 2018 and is likely to continue its
dominance in the coming years. This is attributed to the variety in flavor, and
high nutritional value and high consumer preference.
Regional Analysis:
Asia Pacific Earned Highest Share Owing
to the Presence of High Tea Culture
Bubble tea is originally a Taiwanese
drink that later gained popularity and started expanding to the other parts of
the world. This acts as a major factor that helped Asia Pacific emerge dominant
in the market. In 2018, Asia Pacific earned USD 757.60 million. This, coupled
with the fact that tea is a highly consumed beverage in the entire region is
expected to help this region continue dominating the market in the coming years
as well.
North America ranks second in this
market on account of the increasing popularity of bubble tea and the rising
number of health-conscious people in the region.
Competitive Landscape
Heavy Investment on Improving
Functionality of Ingredients to help Players Gain Competitive Edge
The bubble tea industry is witnessing
notable growth with its increasing popularity and the rising expansion of
franchises all over the world. Vendors such as CuppoTee Company, Lollicup USA
Inc., Chatime, Bubble Tea House Company, and Gong Cha are investing massively
on research and development for producing better-flavored beverage products and
launching innovative products into the market.
Besides this, other players are
engaging in strategic collaborations such as mergers and acquisitions, joint
ventures, and partnerships to gain a competitive edge in the market.
Read More Press Release:
https://www.fortunebusinessinsights.com/press-release/savory-ingredients-market-9193