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Bubble tea3/8/2023 ![]() ![]() The outbreak of COVID-19 forced government bodies to impose strict closure of restaurants, farms, and factories to maintain safety measures and implement social distancing. Rising Raw Material and Transportation Cost Due to the Pandemic to Slow Down the Market Growth In addition, the growing gastronomic tourism, rising number of health-conscious individuals, and increased social media influences further paved the way toward growing potential. For instance, Nextrends Asia 2021 displayed a surge in Taiwan’s exports of pearl milk tea’s base ingredients (raw materials, packaging and machinery, and others) which was an increment of 330% as compared to 2018. Bubble milk tea has emerged as a cultural icon for the world and symbolizes Taiwan’s food innovation to promote its existence amidst the food service industry. This popular sweetened tea is made up of high-quality milk and tapioca pearls, along with fruit powder, creamer, and sweeteners. The boba tea trend continued to soar in its originating region and later spread its attractiveness in other western countries, such as Canada and the U.K., and is now considered a mainstay due to its unique formulation. Based on our analysis, the global market exhibited a slower growth of 2.76% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with bubble tea experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The market is projected to grow from USD 2.29 billion in 2022 to USD 3.78 billion by 2029, exhibiting a CAGR of 7.40% during the forecast period. The global bubble tea market size was valued at USD 2.17 billion in 2021.
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