The global Bubble food and beverages market will generate revenue of $8,096.2 million in 2030, and the market size will advance at a CAGR of 10.3% between 2021 and 2030. This is attributed to the growing awareness on the advantages of products made with natural, organic, and vegan tapioca pearls. Thus, manufacturers have been motivated to invest heavily in R&D, to release new bubble foods and beverages.
The APAC region is the dominant market share holder, with 35.8% share in 2021, majorly due to the large number of product manufacturers in China, India, Japan, and Thailand. There is a surging demand from the millennials and Generation Z for healthy and flavorful snacks and beverages. Moreover, several foodservice outlets are adding boba-pearl-infused beverages in real fresh fruit and unsweetened fruit flavors to their menu, which is further driving the popularity of tapioca-based products.
Additionally, in order to provide customers with novel food and drink experiences, businesses from a variety of industries are cooperating with local food producers. For instance, IKEA Thailand introduced tapioca-based bubble tea and ice cream in March 2020, which come with the option of additional tapioca pearls, upon request.
Europe is the second-largest shareholder in the bubble food and beverages market revenue, due to the growing popularity of bubble tea in regional developing markets. Additionally, consumers' growing health consciousness and preference for healthy beverages, including green tea, black tea, oolong tea, and white tea, is contributing to the market's expansion.
Additionally, the market for bubble tea is growing due to the younger generation's increasing demand for flavored bubble tea. Aggressive marketing campaigns and celebrity endorsements have also paved the road for the global market's expansion. Moreover, customers are shifting their choice toward organic beverages as a result of the chemical preservatives found in bubble tea. Tapioca-based beverages are growing in consumption since many key brands offer bubble tea to cater to the rising demand for health-based flavor drinks.
Key players in the bubble food and beverages market have been involved in operational expansions to remain competitive. For instance:
Some of the major players in the bubble food and beverages market are Ten Ren’s Tea Time, Del Monte Foods Inc., Bubble Tea House Company, Bubble Tea Supply, Gong Cha Tea, LLC, Modoo Food Ltd., and Bubble Tea Club.