In 2024, the global bubble tea market revenue reached a valuation of USD 2.63 billion. Projections indicate it will grow to USD 2.83 billion in 2025 and further expand to USD 4.78 billion by 2032, reflecting a compound annual growth rate (CAGR) of 7.81% over the forecast period. The Asia Pacific region dominated the market in 2024, accounting for 43.35% of the total revenue share.
Originally developed in Taiwan, bubble tea remains deeply rooted in Taiwanese culture and has gained popularity in Western countries such as Canada and the U.K. Typically composed of milk, sweeteners, tapioca pearls, fruit powders, and creamers, the beverage has become symbolic of Taiwan's culinary identity. As noted in the 2021 Nextrends Asia report, Taiwan’s exports of bubble tea ingredients, machinery, and packaging increased by 330% between 2018 and 2021. Major factors contributing to this growth include the rise of culinary tourism, increased focus on health and wellness, and the impact of social media trends.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/bubble-tea-market-101564
Market Segmentation Insights
Black Tea Segment Set to See Substantial Growth by 2030
Consumer interest in health-centric products has boosted the demand for black tea, known for its antioxidant, anti-aging, and anti-diabetic properties. This segment is experiencing growth as more consumers lean toward natural and organic beverage choices. Green tea also continues to attract a significant consumer base.
Fruit-Based Flavors on the Rise
Flavor-wise, the market is categorized into fruit, chocolate, coffee, original, and others. Fruit flavors led the market in 2019, with mango, lychee, passion fruit, kiwi, lemon, and strawberry emerging as popular options due to their refreshing taste and perceived health benefits. Meanwhile, chocolate flavor is expected to register the highest growth rate due to its appeal across all age demographics.
Key Insights
The report offers:
Market Drivers
Innovation and Diversification Propel Growth
The growth of the bubble tea market is largely driven by innovations in flavors and product offerings, competitive pricing, and strong branding. Brands are responding to evolving consumer tastes by introducing premium and innovative tea varieties. The versatility of bubble tea—ranging from jasmine green tea to black milk tea and fruit-infused variants—has broadened its appeal.
For instance, in April 2022, U.S.-based Bubluv Inc. launched three new boba tea products made with konjac and tapioca starch, offering a healthier alternative while showcasing industry innovation.
Regional Analysis