Coffee Market Trends, Growth Drivers and Global Forecast to 2024
Added: (Thu Apr 04 2019)
Pressbox (Press Release) -
The Global Coffee Market is expected to reach USD XX Million, at a CAGR of 5.5% during the forecast period. Coffee is a popular beverage and an important economical good. Each day over 2.25 billion cups of coffee are consumed throughout the world. The key drivers for the global coffee market are rise in trivial income, quick urbanization and increase in the population along with the exposure of cafe culture and new consumer base. Despite the market being governed by various growth drivers, there are a certain challenges faced by the market such as aging of coffee trees, lack of government support, negative impact of climate change, instability of price and increase in production cost.
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Generation Y (people aged between 19-34years) account for the highest Coffee Consumption:
In eight years, the daily consumption among 18 to 24-year-old increased to 50% from 35%, while it increased to 60% from 50% among the people aged 25 to 39-year-old. The advancing coffee culture plays a vital role in coffee consumption. Due to downfall of soft drinks, including the caffeinated colas resulted in driving sales of ready-to-drink (RTD) coffee.
Most popular key product trends in coffee market:
Nitro coffee and Iced coffee are the key product trends that captivate consumer. Nitro coffee provides a feel of beer taste. A large number of retailers are adding cold brew products to their product line. In market segmentation based on source type, there are different categories of global coffee market such as Arabica, Robusta, and Liberica. Among these Arabica holds the highest market share of about 70% in the overall market, while Robusta and Liberica accounted 24% and 6% respectively. In addition to that, based on product type the market is divided into instant coffee, powder, and based on flavor there are vanilla, Irish cream, caramel and others. The caffeinated and decaffeinated are the sub divisions of coffee market based on processing.
Europe holds the highest coffee market share followed by North America
Due to large middle-class young consumers, the market for the coffee is rising periodically. Generally the regions like North America and Europe depends mainly on the imports to satisfy the growing demand, as the critical climatic conditions forbid the coffee cultivation. Russia and Ukraine are the new markets witnessing a sharp glance in the consumption level.
The top players in the global coffee market are Nestle (Nescafe), The Coca Cola Company, Starbucks Corporation, Godrej & Boyce Manufacturing Company Limited, Eight O' Clock Coffee and others.