One of the hippest and high-profitable sectors of the tea industry is iced teas. Only they’re not the iced teas of yesterday. These are milk, fruit, and boba (also called bubble) teas, with roots in Asia and quickly gaining fans in the U.S. They often feature chewy tapioca balls as “bubbles,” sippable via a fat straw.
According to an industry report by Fortune Business Insights, the global bubble tea market was valued at $2.46 billion USD in 2023 and is projected to grow to $4.78 billion USD by 2032.