The global Pearl Milk Tea Market is estimated to be valued at US$ 2.29 billion in 2023 and is expected to exhibit a CAGR of 7.51% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pearl milk tea or bubble tea is a tea-based drink that contains chewy tapioca pearls (sometimes known as boba). Milk or fruit juice is commonly added to the drink. The popularity of pearl milk tea drinks is increasing globally, especially among young consumers and millennials, due to its unique texture and variety of flavors. The convenience of on-the-go consumption of pearl milk tea in cups or bottles is also driving its demand. Pearl milk tea drinks contain various health benefits associated with tea and fruits. The availability of low-calorie options with natural flavors is further propelling the market growth.
Market key trends:
One of the major trends in the pearl milk tea market is the emergence of customized fruit-flavored drinks. Manufacturers are offering various fruity flavors like mango, pineapple, lychee, passionfruit, etc. to attract more health-conscious consumers. Growing experimentation with flavors is expanding the product offerings. Another trend gaining traction is transparent marketing with detailed ingredient labeling and origin information on products. This is building brand credibility. Manufacturers are also innovating packaging, for example, portable bottles and cartons for easy consumption while traveling. The rising numbers of specialty tea cafes and shops globally are positively impacting the market penetration of pearl milk tea drinks.
Porter’s Analysis
Threat of new entrants: The threat of new entrants entering into the pearl milk tea market is moderate due to the established presence of key players and the requirement for high capital to set up production and distribution facilities.
Bargaining power of buyers: The bargaining power of buyers in the pearl milk tea market is high due to the availability of various substitute products. Buyers can easily switch to other beverages.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials required for pearl milk tea production such as tea leaves, fresh milk, and tapioca pearls have many suppliers in the market.
Threat of new substitutes: The threat of substitutes is high for the pearl milk tea market as there are many alternative beverages available for consumers such as coffee, juices, sodas, and others.
Competitive rivalry: The competitive rivalry in the pearl milk tea market is high due to the presence of numerous established players competing on the basis of product variety, quality, price, and effective marketing.
Key Takeaways
The Global Pearl Milk Tea Market Demand is expected to witness high growth, exhibiting CAGR of 7.51% over the forecast period, due to increasing consumer preference for flavored milk teas and innovative product launches.
Regional analysis: Asia Pacific dominated the global pearl milk tea market in 2021 and is expected to maintain its leading position during the forecast period. This is attributed to the popularity of boba tea and bubble tea culture in countries like Taiwan, China, Thailand, and others.
Key players: Key players operating in the pearl milk tea market are Bubble Tea House Company, Bubblelicious Tea, Lollicup USA Inc., Ten Ren's Tea Time, Boba Box Limited, Sumos Sdn Bhd, Gong Cha USA, Boba Tea Company, Troika JC. (Qbubble), and Fokus Inc. These players are focusing on business expansion strategies such as collaborations, mergers & acquisitions, and innovation of new products. For instance, in April 2023, Lollicup USA Inc. launched allergen-friendly bubble tea kit to expand its product line in the US market.
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