Proclivity of Millennials for Unique Flavor Offerings and Versatile Drinks: A Panoramic Landscape of Top Bubble Tea Brands

Bubble tea, a traditional beverage from Taiwan, has taken the world by storm with its distinct aroma and bold flavor. Bubble tea is also known as boba tea in many parts of the world, and its bold flavor has led tea connoisseurs to experiment and create distinct drinks. The Gen Z population’s preference for boba tea has placed the drink in the spotlight. With low fat, low calories, and high antioxidants, the drink is bound to gain recognition in international markets. As a case in point, Southeast Asia disbursed over USD 3.7 billion to introduce milk tea and similar flavored drinks.

Driven by these dynamics, Fortune Business Insights projects the market for bubble tea to reach a valuation of USD 4.78 billion by 2032 at a CAGR of 7.74% during the period of 2024-2032. The market was also valued at USD 2.46 billion in 2023 and is projected to be valued at USD 2.63 billion in 2024.

Fortune Business Insights Introduces Top 10 Bubble Tea Brands to the World

1. CHATIME

CHATIME ends the quest for those in search of halal-certified premium leaves for their tea. With nearly 20 years in the business, the company has expanded to over 63 countries and has close to 3000 stores. Milk tea, fresh tea, fruit tea, or any other type you are seeking, CHATIME is covered with a wide range of flavors. The company set up its new locations in Hong Kong and Thailand in December 2023 after witnessing growth potential in Asia.

2. Gong Cha

Gong Cha has expertise in premium tea, bubble tea, and coffee since its launch in 2006. The Taiwanese-based brand operates in 1800 locations in 20 countries. Gong Cha means ‘tribute tea for the emperor’, and this mantra can be observed in their teas with savory, creamy, and balanced sweet flavor.

3. Xing Fu Tang

In Taiwan, Xing Fu Tang is synonymous with the best brown sugar boba. The use of artificial preservatives and syrups is discouraged by the company as it offers its customers customized drinks with tapioca pearls made every hour. Xing Fu Tang attempted in October 2023 to upgrade the customer’s café experience by opening a luxury café in Hudson Yards, New York.

4. Happy Lemon

Fourth on the list is Yummy-Town Group’s Happy Lemon, which started in 2006 and rose to prominence in 2014 with more than 350 locations across 21 countries. The company is the inventor of multiple tea-based drinks, including its famous ‘Rock Salt flavored Cheese Tea’ and ‘Cheese Foam Tea’.

5. TIGER SUGAR

TIGER SUGAR’s pursuit of perfection has led the company to prepare tea with an 8-hour rigorous process to cook tapioca pearls and syrups. Globally recognized as the award-winning boba tea company, it aims to achieve the perfect flavor through taste and vision. TIGER SUGAR’s popular ‘’tiger stripes’’ that are blended on their bubble tea drinks convey their unique story along with tasting perfect.

6. CoCo Fresh Tea & Juice

CoCo Fresh Tea & Juice is a Taiwan-based pearl milk tea brand and has garnered some recognition with its variegated flavors in healthy fruit teas and boba teas. The company has 20 stores across prime locations in New York, New Jersey, and Massachusetts. CoCo Fresh Tea & Juice sources their whole tea leaves and seasonal fruits from local and international regions to maintain the drink’s freshness and flavor. The company planned to collaborate with refreshment companies and franchises in August 2023 to tap into uncharted territories that have market potential, including India and Pakistan.

7. Share Tea

Share Tea is a U.S.-based company that caters to evolving customer requirements for bubble tea and black tea. Their drinks include Aloe Vera, Lychee, and Jelly for flavored toppings, and the company also provides customized drinks for its customers. Share Tea partnered with Cookie Run Kingdom in March 2023 to promote the role-playing action game by giving away key chains featuring Cookie Run Kingdom Characters across its 87 locations in the U.S.

8. Koi The CO Ltd.

Koi The CO Ltd., has carved out a unique place for itself by showcasing its competence in the production of flavored bubble teas. The company crafts its mouthwatering drinks by sourcing the finest raw ingredients and brewing them with high consistency and precision. Koi The CO Ltd., partnered with Suyen Corporation in December 2023 and unveiled some of their innovative offerings, including Strawberry Macchiato and Dark Lava Milo O.

9. Lollicup USA, Inc.

Lollicup USA Inc., comes ninth on the list with their chewy add-ons of boba pearls, jelly, and taro. The company’s handcrafted drinks, meals, and snacks magnetize a large client pool, which may benefit their website, ‘Tea Zone’ which delivers premium boba and coffee with other tea ingredients. The company made some decisions in February 2022 for the expansion of its warehouse facility in the U.S. for enhanced client service.

10. Quickly

Quickly has been in the bubble tea business for more than two decades, marking itself as one of the top bubble tea brands with its reach in 42 countries on the back of its 2,000 locations. The company serves its drinks with the best quality ingredients and is popular for its Signature Smoothies Collection. Quickly also has a wide range of boba tea collections in its product portfolio and offers snacks and toppings with other meal options as well.

Will Bubble Tea Rise as the New King of Caffeinated Drinks?

While the dominance of tea and coffee has been for eternity and shows no signs of stopping, bubble tea is emerging at a faster pace and has made its unique mark. A large number of populations suffering from diabetes and obesity prefer boba tea, ginger tea, and other healthier options to quench their thirst for flavorful drinks. Fruit and chocolate are the most desired flavors among consumers as milk blends well and strengthens the flavor of ingredients.

Coffee and tea-flavored bubble tea offered by the top bubble tea brands are also available in the market, which displays a favorable market growth opportunity to be the new socially acceptable beverage. To exemplify, a 330% rise was observed in Taiwan’s export of pearl milk tea’s base ingredients in 2021 compared to 2018, as reported by Nextrends Asia. As boba tea is witnessing spectacular demand from Middle Eastern provinces and the Western hemisphere, the drink is likely to come to a close or sit in the ranks of tea and coffee.