Bubble tea has emerged as one of Gen Z’s trademarks as its consumption is highly witnessed by the young generation as compared to any other age group. The growing interest of consumers in innovative beverages with bold flavors and their willingness to experiment with various flavors is captivating the consumer’s attention, which contributes to fuel market growth. Market to Boom As Consumers Seek Versatile Teas with Innovative Bold Flavorsīoba tea is creating a buzz among individuals worldwide, owing to its growing appeal and novelty.
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Request a Free sample to learn more about this report. However, since the ease of lockdowns, governments have proposed several initiatives and strategies to help companies in recovering the losses across the globe. 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. For instance, the base ingredients required for the preparation of black or green tea are exported from India, but due to the imposed regulations, companies were unable to process the demands of the manufacturers. 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.įurthermore, a decline in the growth of product consumption is witnessed due to strong restrictions on import and export facilities. This has led to transportation delays and the functioning of both supplies (tea estates) and demand for consumption points to a standstill due to a shortage of manpower and reduced visits of customers to coffee shops amidst the lockdown. 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.
Rising Raw Material and Transportation Cost Due to the Pandemic to Slow Down the Market Growth In addition, the growing gastronomic tourism, rising number of health-conscious individuals, and increased social media influences further paved the way toward growing potential. For instance, Nextrends Asia 2021 displayed a 330% surge in Taiwan’s exports of pearl milk tea’s base ingredients (raw materials, packaging and machinery, and others) compared to 2018. Bubble tea has emerged as a cultural icon for the world and symbolizes Taiwan’s food innovation to promote its existence amidst the food service industry. This popular sweetened tea is made up of high-quality milk and sweetener liquid tapioca pearls along with creamer, fruit powder, and sweeteners. The beverage is now considered a mainstay due to its unique formulation. 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. 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.
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