The retail bubble tea kits market size was valued at $47,224.4 thousand in 2020, and is estimated to reach $133,554.4 thousand by 2030, registering a CAGR of 9.9% from 2021 to 2030.
Bubble tea, popularly known as boba tea, is a Taiwanese drink invented in Tainan and Taichung in the 1980s. It is prepared with tea or milk as the base component. This tea is glazed with boba, which are soft, chewy, and gummy tapioca pearls extracted from cassava root. Other ingredients, such as jelly and fruit balls, are used to enhance the texture of the tea. Bubble tea kit is considered as an assortment of individual components of bubble tea sold as a single unit. The components of the bubble tea kit include flavor, creamer, sweetener, liquid, and tapioca pearls.
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The global bubble tea kits market has witnessed significant growth in past few years, and is expected to grow at a steady pace during the forecast period. This can be attributed to growing health awareness and rise in product launches of food & beverages in the category of do-it-yourself (DIY). Availability of bubble tea kits at lower prices as compares to on-trade bubble tea and introduction of additional healthy ingredients in it by different market players drive the global bubble tea kits market growth. Furthermore, players in the market provide pack of various flavors in single bubble tea kit, which is expected to favor growth of the market.
Consumers across the globe have become very conscious about their health and body image. They are looking for viable alternatives to unhealthy food & beverages. Bubble tea is a healthy beverage with a number of benefits such as it helps to protect the body against free radicals that cause cellular damage. It is also available in different tastes and is quite a novel drink outside Southeast Asian countries, which boosts its attractiveness as a product.
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Furthermore, Most of the people are working from home due to pandemic. After pandemic, most of the companies are trying to adopt hybrid work culture in their organizations. People are going for convenient options to make their own beverages at home, which is expected to increase the demand for bubble tea kits during the forecast period.
However, availability of substitute products in cost-effective prices and rise in trend of coffee consumption are expected to restrict the market growth. Furthermore, some cafes and restaurants provide bubble tea delivery at home, which hampers growth of the bubble tea kits market.
The outbreak of the pandemic has positively affected the global retail bubble tea kits market as cafes and restaurants were temporarily closed during the lockdown period and people choose to buy bubble tea kits to make their boba tea home.
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The retail bubble tea kits market is segmented on the basis of base ingredient, flavor, component, distribution channel, and region. On the basis of base ingredient, the market is categorized into black tea, green tea, oolong tea, and white tea. On the basis of flavor, it is segmented into original flavor, coffee flavor, fruit flavor, chocolate flavor, and others. By component, it is segregated into flavor, creamer, sweetener, liquid, tapioca pearls, and others. On the basis of distribution channel, it is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, Taiwan, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Turkey, and rest of LAMEA).
Players operating in the global retail bubble tea kits industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include ORBITEL INTERNATIONAL, BUBBLE TEA HOUSE COMPANY, Boba Barista, Locca Bubble Tea, Bubble Tea Supply, THE TEASHED, The Bubble Tea Club, Buddha Bubbles Boba, BOBA CHiC, and Bek Foods.
KEY FINDINGS OF THE STUDY
The retail bubble tea kits market size was valued at $47,224.4 thousand in 2020, and is estimated to reach $133,554.4 thousand by 2030, registering a CAGR of 9.9% from 2021 to 2030.
In 2020, by base ingredient, the black tea segment is estimated to witness the significant growth, registering a CAGR of 9.3% during the forecast period.
In 2020, depending on flavor, the coffee flavor segment was valued at $29,391.3 thousand, accounting for 5.3% of the global retail bubble tea kits market share.
In 2020, by component, the sweetener segment is estimated to witness significant growth, registering a CAGR of 9.9% during the forecast period.
In 2020, depending on distribution channel, the convenience stores segment was valued at $9,398.5 thousand, accounting for 19.9% of the global retail bubble tea kits market share.
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