The global bubble tea market size was valued at USD 2.63 billion in 2024. The market is projected to grow from USD 2.83 billion in 2025 to USD 4.78 billion by 2032, exhibiting a CAGR of 7.81% during the forecast period. Asia Pacific dominated the bubble tea market with a market share of 43.35% in 2024.

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 beverage is now considered a mainstay due to its unique formulation. This popular sweetened tea is made up of high-quality milk and sweetener liquid tapioca pearls along with creamer, fruit powder, and sweeteners. 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. 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. In addition, the growing gastronomic tourism, rising number of health-conscious individuals, and increased social media influences further paved the way toward growing potential.

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Segmentation:

Black Tea Segment to Witness Strong Demand from 2023 to 2030

With rising global health awareness, the black tea segment is projected to experience substantial growth throughout the forecast period. This growth is driven by its antioxidant, anti-aging, and anti-diabetic properties. Increasing consumer preference for natural and organic food and beverages will further fuel this segment’s expansion. The green tea segment is also anticipated to hold a notable share in the bubble tea market, closely following black tea.

Fruit Flavor Expected to Gain Popularity

The market is categorized into coffee, fruit, chocolate, original, and other flavors. In 2019, the fruit flavor segment dominated the market, outperforming other flavor types. Popular variants such as lychee, mango, passion fruit, peach, strawberry, and avocado are widely preferred due to their nutritional value and consumer preference for tea-based fruity beverages. The fruit-flavored bubble tea market is expected to grow significantly throughout the forecast period. Meanwhile, the chocolate segment is projected to witness the fastest growth due to rising demand for chocolate-based beverages across all age groups.

Report Coverage

The report highlights:

  • Key growth drivers, challenges, opportunities, and potential barriers in the market.
  • Comprehensive insights into regional developments.
  • A list of major industry players.
  • Key strategies adopted by market leaders.
  • Recent industry developments, including product launches, partnerships, mergers, and acquisitions.

Drivers and Restraints

Expanding Boba Tea Offerings to Boost Market Growth

Consumer preferences are increasingly shaped by factors such as taste, price, brand, and convenience. In response, tea manufacturers are focusing on creating high-quality products. The growing popularity of bubble milk tea stems from its diverse flavors, accessibility, and continuous innovation of traditional tea recipes.

The extensive variety of boba teas, including fruit-flavored, green jasmine, and black tea-based milk teas, offers significant market potential. For instance, in April 2022, U.S.-based startup Bubluv Inc. introduced three new boba tea flavors made from tapioca starch and konjac, further driving the bubble tea market’s growth.

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Regional Insights

Asia Pacific to Dominate the Market as Consumers Embrace New Beverage Trends

The Asia Pacific market, valued at USD 0.96 billion in 2022, holds the largest market share, with Vietnam and Taiwan driving the highest sales. Manufacturers and business owners in the boba tea industry are actively opening cafes and restaurants to attract customers and expand their market presence. For instance, in September 2020, Chen Shucheng introduced the Meme Xpress bubble milk tea franchise in Singapore.

The North American bubble tea market ranks second after Asia Pacific and is expected to maintain this position throughout the forecast period, supported by the increasing popularity of tea-based beverages in the region. Likewise, the European market has witnessed a surge in pearl milk tea consumption, following similar trends seen in the Asia Pacific region.

Competitive Landscape

Key Players Focus on Innovation to Meet Rising Consumer Demand

Leading companies are prioritizing ingredient enhancements in boba drinks to cater to growing consumer preferences. Companies such as Lollicup U.S.A. Inc., Gong Cha, Chatime, and others are investing in research and development to introduce new tea varieties to the expanding market. Additional key players include Boba Box Limited, Fokus Inc., Sumos Sdn Bhd, Troika J.C. (Qbubble), and Boba Tea Company. Many of these companies are expanding their presence through franchising to leverage their strong brand popularity and meet rising consumer demand.

List of the Companies Profiled in the Report:

  • Chatime Group (China)
  • Gong Cha (Taiwan)
  • Coco Fresh Tea & Juice (Taiwan)
  • Quickly (U.S.)
  • Xing Fu Tang (Taiwan)
  • Lollicup USA, Inc. (U.S.)
  • TIGER SUGAR (China)
  • Yummy Town (Cayman) Holdings Corporation (Happy Lemon) (Taiwan)
  • O.I. The Co, LTD. (Taiwan)

Key Industry Development

In October 2021, Del Monte introduced Joyba Bubble Tea in select retail outlets, including Costco, Circle K, Albertson’s, Target Stores, and Safeway.

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