How Big is the Bubble Tea Market ?
The global bubble tea market size was estimated at USD 2.15 billion in 2019 and the number is expected to rise in the following years. The global bubble tea market is expected to grow at a compound annual growth rate of 8.9% from 2020 to 2027 to reach USD 4.25 billion by 2027.
Asia Pacific was the largest regional market in 2019 and accounted for a share of over 35%. Thailand is one of the major consumers and according to the ASEAN Post, in December 2019, the average consumption of bubble tea in the country was six cups per person per month. Strong consumers base of Taiwanese boba tea in countries including Thailand, China, and Taiwan is expected to keep the dominance of Asia Pacific in the near future.
Europe is anticipated to be the fastest-growing regional market from 2020 to 2027. U.K., Germany, and Italy are some of the major contributors in the European regional market. North America is also estimated to experience steady growth over the next few years.