Bubble Tea Market Size, Share, Growth Trends Forecast, 2032

In 2024, the global bubble tea market reached a valuation of USD 2.63 billion. It is expected to grow from USD 2.83 billion in 2025 to USD 4.78 billion by 2032, registering a compound annual growth rate (CAGR) of 7.81% throughout the forecast period. The Asia Pacific region dominated the market in 2024, accounting for a 43.35% share.

Originating in Taiwan, bubble tea has seen continued growth in its home region and rising popularity in Western countries such as Canada and the United Kingdom. This beverage, typically made with a mix of milk, sweeteners, tapioca pearls, creamers, and fruit powders, is increasingly recognized as a cultural hallmark of Taiwanese food innovation. According to the 2021 Nextrends Asia report, Taiwan’s exports of bubble tea components—including raw ingredients, packaging, and equipment—rose by 330% from 2018. Growth is also being spurred by culinary tourism, rising health awareness, and social media influence.

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Market Segmentation

Black Tea Category Poised for Notable Growth by 2030

Growing consumer interest in health and wellness is expected to drive significant growth in the black tea segment over the forecast period. Known for its antioxidant, anti-aging, and anti-diabetic properties, black tea is gaining traction among health-conscious buyers. The segment is further supported by demand for natural and organic beverages. Green tea is also witnessing rapid growth and remains a close competitor.

Rising Popularity of Fruit-Based Flavors

The bubble tea market is segmented by flavor into fruit, chocolate, coffee, original, and others. Fruit-flavored varieties led the market in 2019, with popular options including mango, lychee, passion fruit, kiwi, lemon, and strawberry. These are favored not just for taste but also for perceived nutritional benefits. The chocolate flavor segment is projected to grow at the fastest rate, driven by rising demand across all age groups.

Key Insights from the Report

The report provides:

Comprehensive evaluation of key growth drivers, limitations, and market challenges

Insightful analysis of regional market patterns and evolving trends

Strategic profiling of major industry players and their initiatives

Coverage of significant developments, including product launches, mergers, and partnerships

Market Dynamics

Product Innovation and Variety Fuel Consumer Demand

Consumers are increasingly influenced by factors such as flavor diversity, pricing, branding, and convenience. To meet evolving tastes, manufacturers are offering innovative and high-quality tea products. The widespread appeal of bubble tea is rooted in its flavor variety and product versatility.

The market holds considerable growth prospects due to the wide range of choices available—such as jasmine green tea, black milk tea, and fruit-based options. For example, in April 2022, U.S.-based Bubluv Inc. launched three unique boba tea flavors using konjac and tapioca starch, highlighting ongoing advancements in the sector.

Regional Insights

Asia Pacific to Continue Leading the Market

Asia Pacific led the market in 2022 with a valuation of USD 0.96 billion. Taiwan and Vietnam are anticipated to be major revenue contributors. Businesses are capitalizing on this trend by opening bubble tea cafés and specialty outlets. For instance, in September 2020, actor Chen Shucheng introduced the Meme Xpress bubble tea franchise in Singapore.

North America remains the second-largest market, driven by growing interest in tea-based beverages, while Europe is also seeing rising popularity of pearl milk tea, following in the footsteps of Asia Pacific trends.

Competitive Landscape

Leading Companies Embrace Innovation and Expansion

To keep pace with evolving consumer preferences, major players are focusing on improving the functional ingredients of their offerings. Companies such as Lollicup U.S.A. Inc., Gong Cha, Chatime, Boba Box Limited, Fokus Inc., Sumos Sdn Bhd, Troika J.C. (Qbubble), and Boba Tea Company are heavily investing in research and development to introduce new flavors and product formats. Additionally, many are scaling up through franchise expansion, leveraging brand equity and customer loyalty.

Prominent Market Players:

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 (Happy Lemon) (Taiwan)

O.I. The Co, LTD. (Taiwan)

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Industry Update

October 2021 – Del Monte introduced its Joyba Bubble Tea in major U.S. retail chains including Costco, Target, Safeway, Circle K, and Albertsons.