Coffee is one of the most consumed beverages worldwide and mainly produced from coffee beans and their extracts through a specialized roasting and brewing process. It is known for its aromatic flavor and stimulant properties mainly derived from caffeine content. Some major types of coffee are Arabica, Robusta, Liberica and Excelsa. Specialty coffee featuring unique flavors and blends from specific origins are gaining popularity among health conscious consumers. The global Coffee Market is estimated to be valued at US$ 132.99 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for specialty coffees is expected to drive growth of the global coffee market size over the forecast period. Specialty coffee refers to high-quality Arabica coffee prepared using innovative methods like slow brewing and featuring unique flavors sourced from different growing regions. Increasing health awareness and changing tastes have compelled coffee drinkers to opt for craft specialty coffees over ordinary ones. Various coffee shop chains are innovating new blends and preparing cold brew specialty coffees to cater to on the go consumers. E-commerce platforms are further boosting availability of specialty coffees sourced directly from farms. Green bean importers and roasters are also expanding their offerings of single-origin coffee experiences.
SWOT Analysis
Strength: Coffee contains antioxidants that may provide health benefits such as reducing risk of diabetes, Parkinson’s disease, etc.
Weakness: Dependence on climate and availability of crops can impact prices and supply of coffee.
Opportunity: Product innovation and launch of coffee-based beverages present opportunities for growth.
Threats: Competition from substitutes like tea and increasing health concerns related to caffeine intake pose threats.
Key Takeaways
The global coffee market is expected to witness high growth.
Regional analysis: North America dominates the global coffee market currently due to high consumption levels in the US and Canada. Europe follows North America in terms of consumption. However, the Asia Pacific region is anticipated to emerge as the fastest growing market over the forecast period due to changing tastes and rising disposable incomes in countries like India and China.
Key players operating in the coffee market are Bristol-Mye, Keurig Dr Pepper, Jacobs, Luigi Lavazza, J.M. Smucker, Maxwell House, Mellita, Nescafé, Starbucks, and The Kraft Heinz Company.. These companies are focusing on geographic and product expansion through mergers and acquisitions to meet the growing demand for coffee products.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
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