Artificial Intelligence Drives Massive Growth Opportunities for the Pearl Milk Tea Market10/23/2023 www.newsanalyticspro.com/pearl-milk-tea-market-share-growth-analysis-forecast-demand-and-trends/ The Pearl Milk Tea market is estimated to be valued at US$ 2.29 Bn 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, also known as Boba tea or Bubble tea, is a sweetened tea beverage that is made by mixing tea with tapioca balls or fruit jelly. It originated from Taiwan in the 1980s and has since gained widespread popularity globally. The tea is typically prepared from black tea that is mixed with evaporated milk and sugar syrup. Tapioca balls or fruit jelly are then added to the mixture to give it a unique texture. Pearl milk tea shops have sprung up in many cities and have become popular hangout spots, especially among youth and teenagers. The trend has now expanded from beverage chains to fast-food restaurants integrating boba tea into their drink menus. Market Dynamics: The Pearl milk tea market is expected to witness significant growth, driven by increasing popularity of cold tea beverages among millennials. Consumers are showing more inclination towards on-the-go and ready-to-drink variants due to busy lifestyles. Beverage companies have captured this demand by offering bottled and canned boba tea products available in convenience stores and supermarkets. Growing health-consciousness among consumers has also augumented the demand for low-calorie varieties of boba tea prepared with fresh fruit juice, coconut milk or plant-based milk alternatives. Advent of online ordering and delivery apps for pearl milk tea shops has further boosted sales and given an impetus to market growth over the forecast period. However, rising prices of raw materials such as coconut milk and fresh fruits are challenging profit margins for vendors. Companies are Segment Analysis The global pearl milk tea market is dominated by the canned/bottled segment. This is because canned or bottled pearl milk tea drinks are more convenient to consume as they can be carried easily and do not require any additional preparation. The canned/bottled segment accounts for over 60% of the overall pearl milk tea market share as these products are preferred by busy consumers and youth. PEST Analysis Political: There are no significant political risks affecting the pearl milk tea market. Economic: The rising disposable incomes and spending power of consumers is expected to drive the economic growth of the pearl milk tea market. Higher income consumers are willing to spend more on premium and customized pearl milk tea drinks. Social: Younger population and students have higher consumption of pearl milk tea beverages due to changing food habits and adoption of Asian drink culture. Bubbles tea has become a trending drink among teenagers globally. Technological: Pearl milk tea manufacturers have incorporated advanced technologies in developing innovative flavors and customized recipes to cater to evolving consumer demands. Some brands offer online ordering and delivery of drinks. Key Takeaways The Global Pearl Milk Tea Market Growth is expected to witness high, exhibiting a CAGR of 7.51% over the forecast period, due to increasing adoption of Asian drink culture globally. The pearl milk tea market was valued at US$ 2.29 billion in 2023 and is projected to reach US$ 4 billion by 2030. The Asia Pacific dominates the global pearl milk tea market and is expected to continue its dominance over the forecast period. Countries such as Taiwan, China, Thailand, and Singapore have emerged as major markets for pearl milk tea due to popularity of boba drinks among local populations. According to a recent survey, more than 60% of the young population in Asia Pacific region consume bubble tea once a week. 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 major brands are focusing on new product innovations, expanding distribution channels and partnerships with online delivery platforms to strengthen their foothold in the market. Read More - www.newsanalyticspro.com/pearl-milk-tea-market-share-growth-analysis-forecast-demand-and-trends/
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