Coffee is one of the most beloved beverages consumed worldwide. It is known for its rich aroma and stimulating effects. Coffee beans contain caffeine that provides energy and focus. Speciality coffee like espresso, lattes, cappuccinos etc have gained immense popularity due to their diverse flavours and presentation. The booming foodservice industry has further propelled the demand for speciality coffee drinks. The global Coffee Market is estimated to be valued at US$ 132.99 Mn in 2023 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 growing demand for speciality coffee has accelerated the growth of the global coffee market size over the recent years. The introduction of innovative coffee flavors and presentation styles by cafes has fueled the interest of coffee enthusiasts in experimenting with different varieties.Moreover, coffee shops boosting experience through attractive ambience and personalized services have attracted many customers. Social media promotions by coffee chains updating new offerings has also increased their reach. Growing health-consciousness and perceived benefits of coffee in moderation are supporting the market. However, price volatility of raw coffee beans remains a challenge.
Segment Analysis
The global coffee market is segmented into roast and ground coffee, instant coffee, coffee pods and capsules according to product type. The roast and ground coffee segment dominates the market and accounts for over 40% share. This is because roast and ground coffee offers flexibility in brewing, gives fresh coffee aroma and flavor. Consumers prefer roast and ground coffee for daily consumption due to familiarity.
Key Takeaways
The global coffee market is expected to witness high growth.
Regional analysis: North America holds the major share in the coffee market currently. The United States is the largest consumer of coffee and accounts for over 30% of global demand. Growing health awareness and adaptation of on-the-go lifestyle are propelling the market in the region. Europe is the second largest market and Keurig Dr Pepper, Jacobs Douwe Egberts, Nestlé Nespresso are key players in the region.
Key players operating in the coffee market are Bristol-Mye Squibb, Keurig Dr Pepper, Jacobs Douwe Egberts, Nestlé Nespresso, Starbucks, The Kraft Heinz Company. Starbucks has the largest global footprint with over 33,000 outlets across 80 countries. Jacobs Douwe Egberts and Nestlé Nespresso focus on instant coffee and pods/capsules respectively. Keurig Dr Pepper leads the single-serve coffee brewing systems.
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