by The 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 is a sweetened tea beverage that includes black tea, evaporated milk or condensed milk, and tapioca balls also known as boba. It provides a chewy texture along with rich flavor which makes it popular among various age groups. The demand for convenience food and ready-to-drink beverages is driving the growth of the pearl milk tea market.
Market key trends:
The rising popularity of pearl milk tea among millennials is one of the major trends witnessed in the pearl milk tea market. Millennials are the largest consumer group of this beverage owing to growing health-consciousness. They prefer drinks with less sugar and lower calories. Pearl milk tea has become a lifestyle drink for millennials and they see it as an afternoon or evening snack. The increasing social media promotion and advertising of bubble tea shops have further escalated the trend of pearl milk tea consumption among youngsters.
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 Dynamics:
The Pearl Milk Tea Market Growth is expected to witness significant over the forecast period, which can be attributed to the growing popularity of milk tea among millennials and emergence of new flavors. According to a survey, nearly 75% of millennials drink boba drinks weekly. Therefore, increasing consumption among millennials is driving the market growth. Moreover, players are coming up with new flavors such as chocolate, taro, matcha, and fruit-infused options to cater to evolving tastes, which is further fueling the market expansion. However, health concerns related to sugar content may hamper the market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
