1 Global RTD Milk Tea Market Outlook
The global RTD Milk Tea market is projected to exhibit substantial growth in the coming years, with a CAGR of 2.89% from 2024 to 2033, reaching a total market size of $2366.95 million USD in 2024. Ready-to-drink (RTD) milk tea usually refers to pre-packaged milk tea products that can be drunk directly. It is a beverage that is easy to carry and drink, usually made from a mixture of milk or dairy products, tea, sugar, and other possible flavor additives (such as spices, fruit flavors, etc.).
Figure Global RTD Milk Tea Market Size and Growth Rate (2024-2033)
2 RTD Milk Tea Market Growth Drivers and Constraints
The drivers of the RTD milk tea market include the massive consumer demand due to its popularity across different age groups and genders, offering convenience with pre-packaged options suitable for modern life’s fast pace, a variety of flavors to cater to diverse taste preferences, and a price advantage compared to freshly made milk tea. The Asia-Pacific region, particularly, is a significant contributor to the global market growth due to cultural influences, a large consumer base, and increasing disposable income. The popularity of RTD milk tea is further boosted by the global trend of cultural exchange and the increasing acceptance of Asian food and drink habits, with social media playing a crucial role in spreading awareness and creating trends that encourage consumers to try and share their experiences with ready-to-drink milk tea. On the other hand, the market faces restraints and challenges such as fierce competition, market entry barriers including brand recognition and marketing channel development, the impact of counterfeit products on market order, and the need for large-scale operations to gain a competitive edge. These factors collectively shape the competitive landscape and growth potential of the RTD milk tea industry.
3 RTD Milk Tea Market M&A Activities
The mergers and acquisitions, as well as expansion plans, in the RTD milk tea market indicate a dynamic industry landscape where key players are strategically positioning themselves for growth. Companies are actively pursuing mergers and acquisitions to strengthen their market presence, enhance product portfolios, and capitalize on regional market potential. For instance, Uni-President has shown intent to increase its ownership in South Korea’s Woongjin Foods Co., aiming for full control to consolidate its operations. Additionally, Swiss dairy group Emmi has expanded its footprint in Brazil by acquiring a majority stake in Verde Campo from The Coca-Cola Co., demonstrating the industry’s trend towards global expansion and market consolidation. These strategic moves reflect the competitive nature of the RTD milk tea market and the ongoing efforts to capture larger market shares and enhance brand competitiveness through integration and expansion.
4 Global RTD Milk Tea Market Analysis by Type
In 2024, the global Ready-to-Drink (RTD) milk tea market is projected to generate a revenue of approximately USD 2.37 billion. The revenue for bottled RTD milk tea was approximately USD 1.60 billion, holding a market share of 67.67%. The revenue for carton-type RTD milk tea was about USD 326.79 million, with a market share of 13.81%. The revenue for canned RTD milk tea stood at approximately USD 364.21 million, capturing a market share of 15.39%. The combined revenue for other types of RTD milk tea was USD 74.24 million, representing a smaller portion of the market. This distribution reflects the continued preference for bottled beverages among consumers, while carton and canned formats also maintain significant shares in the market. The overall growth in revenue and market share highlights the increasing popularity and demand for RTD milk tea globally, driven by factors such as convenience and diverse flavor offerings.
Table Global RTD Milk Tea Market Size and Share by Type in 2024
Type | Market Size in 2024 (M USD) | Market Share in 2024 (%) |
|---|---|---|
Bottle | 1601.70 | 67.67% |
Carton | 326.79 | 13.81% |
Canned | 364.21 | 15.39% |
Others | 74.24 | 3.14% |
5 Global RTD Milk Tea Market Analysis by Application
In 2024, the global RTD milk tea market exhibited significant sales volume and market share distribution across various applications. The sales volume for malls reached approximately 892.7 million units, capturing a market share of 15.30%. Retail stores dominated the market with a sales volume of about 3864.6 million units, accounting for a substantial 66.23% of the market share. Online sales also made a notable impact, with a sales volume of 863.2 million units and a market share of 14.79%. Other applications contributed a sales volume of 214.5 million units, holding a market share of 3.68%. Collectively, these figures underscore the widespread consumption of RTD milk tea across different platforms, highlighting the beverage’s versatility and appeal to consumers in various settings.
Table Global RTD Milk Tea Sales Volume and Share by Application in 2024
Application | Sales Volume in 2024 (M Units) | Market Share in 2024 (%) |
|---|---|---|
Mall | 892.7 | 15.30% |
Retail Store | 3864.6 | 66.23% |
Online | 863.2 | 14.79% |
Others | 214.5 | 3.68% |
6 Global RTD Milk Tea Market Analysis by Region
In 2024, the revenue and market share of the global RTD milk tea market by region are as follows:
The United States market is projected to generate approximately USD 254.16 million, accounting for about 10.74% of the total market share.
The RTD milk tea market in China is expected to reach around USD 707.97 million, representing a significant 29.91% market share, making it the largest contributor to the global market.
The revenue for the Japanese market is anticipated to be approximately USD 404.55 million, capturing about 17.09% of the market share.
The South Korean market is projected to generate around USD 251.47 million, with a market share of 10.62%.
This Southeast Asia is expected to see a revenue of about USD 351.24 million, holding a market share of 14.84%.
These figures highlight the varying contributions of each region to the overall RTD milk tea market, with China leading significantly in both revenue and market share.
Figure Global RTD Milk Tea Market Share by Region in 2024
7 Top 3 Companies of Global RTD Milk Tea Market
7.1 Uni-President
Company Introduction and Business Overview:
Uni-President China Holdings Limited, established in 1967 and headquartered in China, is a prominent player in the global RTD milk tea market with a vast sales network that spans worldwide. The company has a strong presence in various beverage categories including tea, milk tea, juice, coffee, water, and instant noodles. As the Mainland China subsidiary of Uni-President Enterprises Corporation, Taiwan’s largest processed food producer and an international food conglomerate, Uni-President boasts significant market shares in dairy products, food and snacks, and beverages. The company is also known for operating Starbucks, 7-Eleven, Mister Donut, and Carrefour in Taiwan, and has expanded its operations to countries such as Thailand, Vietnam, the United States, Canada, and more.
Products Offered:
Uni-President offers a diverse range of RTD milk tea products under the Unity brand, which come in various flavors such as Original, Green Jasmine, White Peach Guanyin, Rock Salt Cheese, and Fried Tea Cream Green, with some variants being low sugar options. These products are packaged in different specifications including 300ml, 450ml, 500ml, and 1.5L PET bottles, 250ml TP Tetra Pak packs, and 250ml cans, catering to a wide range of consumer preferences and needs.
Sales Revenue in 2024:
In 2024, Uni-President China Holdings Limited achieved a significant revenue of approximately USD 930.13 million , marking a substantial increase from the previous years and demonstrating the company’s strong financial performance in the RTD milk tea market. This revenue figure underscores Uni-President’s leading position and its ability to capitalize on the growing demand for RTD beverages, particularly milk tea, in the global market.
7.2 Kirin
Company Introduction and Business Overview:
Kirin Holdings is a beverage, alcoholic beverage and pharmaceutical industry company based in Japan. It owns the Kirin beer brand. Its subsidiaries responsible for the marketing and sales of products in various countries are located in the United States, Australia, Taiwan, South Korea, Mainland China, Hong Kong and Southeast Asia.
Products Offered:
Kirin offers a unique ready-to-drink milk tea product called “Kirin Gogo no Kocha Milk Tea.” This 500ml plastic bottle beverage is distinguished by its use of “Kandy tea leaves” from Sri Lanka, which are known for their compatibility with milk and rich aroma. The product is crafted to enhance the satisfaction of drinking milk tea, allowing consumers to relish the deep flavor of black tea combined with the richness of milk. The ingredients include milk (raw milk from domestic sources), sugar, black tea (with 20% Kandy tea leaves from Sri Lanka), whole milk powder, skimmed milk powder, dextrin, salt/flavoring, emulsifier, and vitamin C.
Sales Revenue in 2024:
For the year 2024, Kirin’s revenue from its RTD Milk Tea segment is projected to be approximately USD 367.78 million. This figure reflects the company’s strong market presence and consumer demand for its products, particularly the “Kirin Gogo no Kocha Milk Tea,” which has contributed significantly to its overall performance in the beverage sector. This revenue highlights Kirin’s ability to capitalize on the growing popularity of ready-to-drink milk tea in both domestic and international markets.
7.3 Coca Cola
Company Introduction and Business Overview:
Founded in 1886, the Coca-Cola Company is a well-known multinational company known for the production, sale and marketing of non-alcoholic beverages. The Coca-Cola Company also offers other non-alcoholic beverage concentrates and syrups, as well as alcoholic beverages. Today, the company’s beverage portfolio has expanded to more than 200 brands and thousands of beverages worldwide, from soft drinks and water to coffee and tea.
Products Offered:
Coca Cola, a company with a rich history dating back to 1886, offers a variety of non-alcoholic beverages including their RTD Milk Tea product, Black Camellia® Royal Milk Tea. This product is made with 100% hand-picked Ceylon high mountain tea leaves, which are known for their rich aroma and taste, combined with imported high-quality milk to create a velvety smooth drink that is rich but not overly sweet.
Sales Revenue in 2024:
Coca Cola’s revenue from its RTD Milk Tea segment is projected to be approximately USD 315.47 million in 2024. This figure reflects the company’s strong market presence and consumer demand for its RTD Milk Tea products, particularly the “Black Camellia® Royal Milk Tea,” which has contributed significantly to its overall performance in the beverage sector. This revenue highlights Coca Cola’s ability to capitalize on the growing popularity of ready-to-drink milk tea in both domestic and international markets.
