Emerging countries such as China, India and Brazil growing with the CAGR of 8%, 9.5%, and 8.3% respectively. Bubbling over. The United States and Australia were both introduced to bubble tea in the mid-1990s, and it has been growing in popularity ever since. (Photo: iStock). The bubble tea industry is enormous and accounts for one of the fastest-growing food markets in the world today. Consuming Singapore: The obsession with bubble tea You need a Statista Account for unlimited access. . Chart. Businesses that sell bubble tea (including those that serve other drinks, such as coffee and smoothies) face a lot of competition since there are many places where customers can find the same drink. 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. Introduced to China in the early 1990s, it quickly became one of the most popular drinks in the nation. Chun Shui Tang. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive, Please pass on our sincere thanks to the whole team at Fortune Business Insights. 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. 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. DBS Group Research. Tapioca pearls are made from cassava flour, of which Nigeria is the worlds largest exporter (21%). In the United States, 95% of women have tried bubble tea as opposed to 81% of men. It is already known that sugary drinks contribute to weight gain, obesity and other diseases such as diabetes, heart disease, stroke and cancer. statistic alerts) please log in with your personal account. On the basis of flavor, it is categorized into original flavor, coffee flavor, fruit flavor, chocolate flavor, and others. And if you have a sweet tooth, its SO GOOD. Bobabox Limited, Bubble Tea House Company, Cuppotee, Fokus Inc., Gong Cha, Lollicup USA, Inc., Sumo's (M) SdnBhd, Ten Ren's Tea Time, The Bubble Tea Company, Troika JC. Important factors when considering a bubble tea purchase in Singapore in 2020 [Graph]. By component, it is classified into flavor, creamer, sweetener, liquid, tapioca pearls, and others. In, DBS Group Research. For instance, in September 2021, Dubai witnessed the opening of various new tea outlets serving boba tea across the country. Get full access to all features within our Business Solutions. 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. Ho, M., & Boey, D. (2001, June 29). To use individual functions (e.g., mark statistics as favourites, set 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. Retrieved from NewspaperSG.7. Since our launch, weve worked on more than 1,000 projects for clients around the world. Bubble tea is made by adding fruit syrup or milk to (usually cold) tea and then shaking the . Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Request a Free sample to learn more about this report. Prices are higher than previously, reaching as much as S$6 per cup as compared to S$3 in the past.12 Nevertheless, bubble tea shops have attempted to sustain the popularity of the drink by continually developing new and unusual flavours, as well as engaging with customers through social media.Health concernsIn May 2011, it was found that two fruit juice brands from Taiwan used by some bubble tea outlets contained plasticisers that were harmful to health. Register in seconds and access exclusive features. Access to this and all other statistics on 80,000 topics from, Show sources information Though there are high margins, bubble tea is a low-differentiation game with easily replicable products and a challenging supply chain, he said. Bubble Tea Market Demand to Surge with Rising Popularity of In addition, recently many Chinese brands have entered the region, it added. 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. For instance, in August 2021, according to a study by the Business Times Newspaper, Southeast Asia spent around USD 3.7 billion on launching milk tea and such similar drinks, owing to the ever-growing demand from youth. 15. Although people of all ages frequently enjoy bubble teas across the globe, younger people tend to drink them more frequently. 2-3. October 22, 2019. 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. 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. This beverage has undergone a few waves of popularity in Singapore. It slowly spread throughout Asia before gaining popularity in the U.S. and across the globe. #1 HEYTEA Golden Osmanthus Oolong ($7.50) Photo from HEYTEA. As a Premium user you get access to background information and details about the release of this statistic. Bubble Tea Market Outlook (2022-2032) [324 Pages Report] The global bubble tea market is projected to have a rapid-paced CAGR of 8.8% during the forecast period. According to the bubble tea market analysis, based on base ingredient,the black tea segment generated maximum revenue in 2019 and is expected to continue this trend throughout the forecast period. Storm in a bubble-tea cup. 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. 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. 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. This beverage has undergone a few waves of popularity in Singapore. Hoe, P. S. (2013, May 27). 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. (1992, May 27). 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. This beverage has undergone a few waves of popularity in Singapore.DescriptionBubble tea is made by adding fruit syrup or milk to (usually cold) tea and then shaking the concoction. The increase in bubble tea shops led to intense competition and price wars. Using new techniques such as molecular nitrogenation also adds innovation to the traditional recipe, thus further opening numerous opportunities for market growth. I believe its because of the level of sugar [in the drink], she said. The study also highlighted that pricing is not the only factor that affects customers purchasing decisions. Pandemic disrupted the entire world and affected many industries. Right on cue, eight bubble tea establishments in Singapore have launched new drinks. The black tea segment is expected to be the leading segment in the global market. Various key insights presented in the report are an overview of related markets, competitive landscape, recent industry developments such as mergers & acquisitions, regulatory scenario in critical countries, and key bubble tea industry trends. An average, medium-sized serving of bubble tea has, on average, 335 calories. Its not difficult to observe and learn their play and strategy, but whats more important is to ensure positive unit economics and good return on investment., Be among the first to know the Breaking news. In Asia, however, it is equally popular among men and women and is seen as a cultural phenomenon. With bubble teas sudden increase in popularity, it should be no surprise that the industry is only expected to keep growing. By flavor, the market is classified into coffee, fruit, chocolate, original, and others. 1. Manufacturers are capitalizing on improving the functionality of boba drinks ingredients to cater to the rising demand from consumers. Lin Hsiu Hui created the first bubble tea in Chun Shui Tang, a tea shop i | Since its early beginnings in the 1980s, the trend of bubble tea has spread from Asia to America and Europe, and new companies are continually joining the bubble tea revolution. Previously, tea was usually served hot, so it was considered a novel idea to cool the tea with ice and mix it with various ingredients. Liu Han-Chieh, owner of tea house Chun Shui Tang, claims to have invented the beverage in 1983 after being inspired by seeing coffee served cold in Japan. Green tea has shown long-term energy inducing properties and has a positive effect on the regulation of body weight. The bubble tea market was valued at $2.4 billion in 2019 and is estimated to reach $4.3 billion by 2027, registering a CAGR of 7.80% from 2020 to 2027. It also offers a detailed analysis of the market size and growth rate for all possible market segments. You can find bubble tea in these countries if youre traveling the world: Taiwan, Japan, South Korea, China, United Kingdom, Australia, Canada, United States, Germany, Mauritius, South Africa, Brazil, and more! The Straits Times, p. 8. However, the green tea segment is expected to grow at the highest CAGR throughout the forecast period, owing to growth innumber of health conscious consumers worldwide. A typical serving of bubble tea at a chain might cost $3 to $5 for a 16- to 20-ounce cup. Arlina Arshad. Brands, such as Koi The Co, Moge Tee, and M.A.D. In addition, the growing gastronomic tourism, rising number of health-conscious individuals, and increased social media influences further paved the way toward growing potential. Porters five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplierbuyer network. Companies in the Industry are Aggressively Expanding their Franchisees to Cater to the Growing Demand. 15 Bubble Tea Stores That Are Leading the Industry Right Now | World In some instances, a hot version of the tea is also available. Strong dependency on Asian countries to source raw materials acts as one of the major restraints in the market. Bubble tea (also known as pearl milk tea, bubble milk tea, boba juice, boba tea, or simply boba) is a Taiwanese tea-based drink invented in Tainan and Taichung in the 1980s. GrabFood is an extended service of Grab, the transportation network company, that does food deliveries. The report provides a quantitative analysis of the current bubble tea market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities. Trending is a good marketing strategy. The current valuation of the market is US$ 2.50 billion in 2022. 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. You can only download this statistic as a Premium user. This can be attributed to change in preference of consumers toward healthy beverages and better taste. The bubble tea industry was valued at $2.2 billion in 2019. In Malaysia, Columbia Asia dietitian, Kong Woan Fei told local media that depending on the sugar used, one cup of bubble tea can contain at least 370 calories.
Project Zomboid Negative Traits That Go Away, Bean Dumplings Recipe, Articles E