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 Key Players:
- 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,
- Bek Foods
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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.
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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On the basis of flavor, the fruit flavor segment was the most prominent segment accounting for the highest share in the bubble tea market. This can be attributed to change in preference of consumers toward healthy beverages and better taste.
On the basis of component, the liquid segment was the significant contributor to the market, with $7,920.8 thousand in 2020, and is estimated to reach $24,419.8 thousand by 2030, at a CAGR of 10.8% during the forecast period. This is attributed to the availability of various options such as combination of various liquid flavors and syrup pouches.
On the basis of distribution channel, the supermarket & hypermarket segment had highest share in the market. Hypermarkets/supermarkets are gaining popularity, owing to availability of a broad variety of foods & beverages under a single roof, in addition to ample parking space and convenient operation timings.
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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