Published: August 2022 | Report Code: 12438 | Available Format: PDF
The global bubble food and beverages market size was $3,356.2 million in 2021, and it will grow at a CAGR of 10.3% during 2021–2030, to reach $8,096.2 million by 2030. This is ascribed to the increasing demand of the millennials and Generation Z for boba-based snacks and drinks, such as bubble tea, as they are considered healthy.
Globally, Asia-Pacific is the largest shareholder in the market. The major factor driving the consumption of such products here is the presence of a large number of bubble food and beverages manufacturers in China, Thailand, India, Japan, Australia, and New Zealand.
For instance, Modoo, in New Zealand, specializes in agar jelly balls, popping boba, /tapioca pearls juice balls, various flavored powders, syrups, coconut fruit jellies, and tea leaves/matcha. These products are common among the young generation, which is driving the market.
In 2021, bubble tea constituted the largest product category, and it will continue to dominate the industry over the forecast period, advancing with a 10.5% CAGR. Especially among millennials, bubble tea has been experiencing enormous growth in popularity, as it offers a pleasant and healthful beverage choice, with providers often fusing customers' changing beverage preferences, to cater better to their rising wellness concerns.
Additionally, the category growth is projected to be aided by an increase in the number of product releases in important countries, including China, Thailand, and Australia. Moreover, consumers’ focus on health and wellness has strengthened significantly since the pandemic, which is why they are modifying their lifestyle choices to stay healthy in the long run. In this regard, the wide variety of bubble food flavors available is encouraging people to adopt them. For instance, Bubble Health Food Paradise offers various options of bubble tea that are a rich source of vitamins and energy and good for digestion and diabetes. Companies are offering Bubble-approved standards, signifying there is no refined/cane sugar, preservatives, artificial dyes, fillers, or gums in their products, which is propelling the bubble food and beverages market revenue.
The desserts category is the second-largest shareholder in the market. Millennials and Generation Z prefer to experiment with their food choices, in order to stay healthy. Several manufacturers add different flavors to make desserts more appealing, such as strawberries, mangoes, green tea, honey melons, pomegranates, and oranges.
Numerous producers now offer gluten-free, dairy-free, lactose-free, and vegan popping boba in creative flavors, in alcoholic and non-alcoholic beverages. Water, fructose, cherry-flavored syrup, starch, seaweed extract, calcium lactate, malic acid, and potassium sorbate are some of the ingredients in these.
These bubble food products are offered to customers through a variety of distribution channels, including merchants, supermarkets & hypermarkets, convenience stores, and e-commerce. Thus, easy accessibility is another factor driving the market for the bubble food and beverages.
Fruit snacks are the third-largest market share holder, as they are quite popular among children, many of whom prefer jellies over real fruits. Products offered by Del Monte Foods, for instance, contain real fruits in jelly form, with no artificial flavors or sweeteners, thus offering children a healthy snacking option. Consumers are becoming more focused on health and wellness and are now more inclined toward convenient buying and buying from brands they trust.
Tapioca-based food and beverages dominated the market in 2021, majorly due to the health benefits they offer. Tapioca is a starch derived from the cassava root that consists of pure carbohydrates, with proteins, fibers, and other nutrients. Products made from tapioca are popular among the youth and due to their appealing tastes and flavors. Thus, tapioca is becoming a popular ingredient of puddings, desserts, snacks, or bubble tea.
North America is expected to witness the fastest growth in the bubble food and beverages market, with 10.8% CAGR. In order to cater to the rising demand for such eatables, various restaurants are opening, especially for bubble tea lovers. Bubble tea is essentially a milk-based drink that contains ingredients such as chewy tapioca balls and fruit jellies.
Due to the fast-paced lifestyle of the young, they prefer drinks that are convenient to carry and better than carbonated drinks. For instance, MBambu, which has a strong presence in New York City, serves a variety of fruit juices, boba milk teas, Vietnamese coffees, and fresh, healthful, and authentic Chè dessert drinks. Furthermore, the increasing investments in research and development, along with the rising consumer awareness about the benefits associated with products containing organic, vegan, and natural tapioca pearls, have encouraged manufacturers to launch new products and open more outlets.
The APAC region is the second-fastest-growing and the largest market. This is due to the various desserts, waffles, and pies available with boba pearls, including shaved ice desserts, boba waffles, and boba wheel pie. Chefs are utilizing boba pearls to improve the flavors of iced and hot desserts, because customers are interested in experiencing new pudding flavors at high-end restaurants and cafés.
This situation is increasing the popularity of desserts made with boba. Additionally, the market has seen a considerable increase in the customer demand for drinks, juices, and cocktails that contain boba pearls.
Market Size in 2021
Revenue Forecast in 2030
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling
By Product; By Source; By Distribution Channel; By Region
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On trade, by distribution channel, is expected to witness the highest CAGR during the forecast period. With the bubble food and beverages market trends inclined toward the exploration of cafes, restaurants, clubs, and other fine-dining places, people are also becoming open to experimenting with bubble snacks and beverages.
The young like some healthy snacking with good tastes and flavors. In India, which is a growing market for bubble foods and beverages, there are lots of cafes serving bubble tea and bubble puddings. Bubble tea is a refreshing drink that can be easily customized to cater to different taste palates. Moreover, café owners keep experimenting with flavors and low-calorie options. Other healthy choices available in such products include vegan chickpea brownies, and sweet potato brownies, which are appetizing at the same time.
In recent years, companies have been involved in product innovations and funds raising in order to stay ahead of their competitors.
The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.
Based on Product
Based on Source
Based on Distribution Channel
The market for bubble foods and beverages will have a CAGR of 10.3% between 2021 and 2030.
Bubble tea is the most popular in the bubble food and beverages industry.
The market for bubble foods and beverages is driven by people’s rising health focus and their openness to experimenting with snacks.
APAC dominates the bubble food and beverages industry.
Organic and vegan flavorings are trending in the market for bubble foods and beverages.
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