III. Industry Analysis
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Bubble tea has become extremely popular in Western countries in recent years. Customers can’t get enough of these drinks’ unique formulation, endless customizations, and delicious taste. The industry’s popularity is also helped by the increase in health-conscious individuals and increasing social media influences. Bubble tea’s many customizations and unique look make it the perfect drink to show off on Instagram or other social media platforms. This makes bubble tea a commonly discussed topic on social media, which keeps customers coming back for more.
According to Fortune Business Insights, the global bubble tea market size was valued at $2.29 billion in 2022 and is projected to grow to $4.08 billion by 2030 at a CAGR of 7.51%. This is significant growth, especially for a drink industry, which shows just how popular these drinks are. This growth is not expected to stall anytime soon, making this the perfect time to run a bubble tea business.