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Bubble tea, the fastest growing market in 2023

Apr 24, 2023
5
Irene Lee
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The popularity of bubble tea has surged around the world in the past two years, particularly in the Americas. According to Bloomberg, the trade data from 2022 shows that these pearls are now the top food import in the US from Taiwan, a rare success in the pandemic era at a time when consumers everywhere are limiting their discretionary spending and grocery stores are struggling to stay afloat. 

However, the growing popularity of bubble tea is not limited to the US, but is also happening globally. The article examines global importers, exporters, and price trends of cassava starch, a tapioca pearl ingredient that is the signature of bubble tea.

Key Importers

  • The US 🇺🇲

The US is the world's third-largest importer of bubble tea products, and the import value has been growing continuously for five years.

  • Japan 🇯🇵

Japan, the fourth-largest importer, is seeing stable growth and an uptrend with import value of 6.2% for cassava starch.

  • The Netherlands🇳🇱, Germany🇩🇪, and the United Kingdom🇬🇧

European countries such as the Netherlands, Germany, and the United Kingdom are also steadily increasing their import of cassava starch. They account for 1.5%, 1.4%, and 1.1% of the global markets respectively. 

  • China 🇨🇳

According to Trade Map, China has experienced a steady increase in the import value of cassava starch since 2018. 

  • Indonesia🇮🇩

Despite a strong interest in bubble tea among consumers in Indonesia, our data shows a gradual decrease in the import value of this agri-food product. This trend can be attributed to a rise in the domestic production of cassava. As cassava milling products are now produced locally, the need to import cassava starch has decreased, leading to a decline in import reliance.

Key Exporters 

Thailand and Vietnam comprise over 70% of the total export of cassava starch, but Indonesia, Brazil, Laos, and Paraguay are increasing their export value.

  • Indonesia 🇮🇩 Brazil 🇧🇷

These two countries are showing significant growth in export value steadily in 5 years. Indonesia and Brazil have shown significant growth in export value steadily for five years. 

  • Laos 🇱🇦 Paraguay 🇵🇾

Laos and Paraguay had a slight decrease in 2020 but showed an increase in growth in 2021.

The popularity of bubble tea has continued for two years, even during the food price inflation and pandemic. This beverage or food is expected to remain popular globally, and import trends show where suppliers should focus except for Thailand and Vietnam.

Reference Source

https://www.tridge.com/intelligences/cassava-starch

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Related Keywords: bubble tea, cassava starch, tapioca pearls, importers of bubble tea, exporters of cassava starch. 

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