The global coffee market Growth Accelerated by Evolving Consumer Preferences

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Coffee is one of the most popular beverages consumed worldwide. It delivers many health benefits such as increased energy, improved mood and alertness. The easy availability of different coffee varieties along with innovations in brewing techniques have further propelled the market. The global coffee market is highly competitive with presence of multiple regional and international players. Changing consumer lifestyles and increasing health-consciousness have led to rise in demand for specialty coffee types featuring unique flavors and premium quality.

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 evolving consumer preferences towards unique coffee flavors have accelerated the growth of the specialty coffee segment in recent years. The specialty coffee shops are experimenting with novel coffee beans and brewing techniques to offer differentiated taste experiences to consumers. moreover, the rising health-conscious consumer base has also driven demand for low-calorie coffee drinks prepared using organic, vegan and sugar-free ingredients. The coffee manufacturers are introducing various product innovation and flavors tailored to regional customer demands. Furthermore, the improving living standards and rising disposable incomes in developing countries provide immense opportunities for coffee market players to tap new international growth markets in the coming years.

Segment Analysis
The global coffee market size is segmented by product into freeze-dried coffee, roasted & ground coffee, instant coffee and others. The roasted & ground coffee segment dominates the market and accounts for over 35% share of the global coffee market. This is because roasted & ground coffee is the basic and most commonly consumed format of coffee globally. It has widespread usage in homes as well as commercial establishments like cafes.

Key Takeaways
The global coffee market is expected to witness high growth. 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.

Regional analysis shows that Asia Pacific region is expected to be the fastest growing as well as dominating region over the forecast period 2023-2030. Countries like China, India and Indonesia in Asia Pacific are witnessing rising disposable incomes and changing lifestyles which is driving higher consumption of coffee beverages. Strong economic growth and growing café culture is favoring market growth in the region.

Key players operating in the Coffee market are Bristol-Myers Squibb Company, Novartis AG, Merck & Co., Inc., Genentech Inc., F. Hoffmann-La Roche AG., Amgen Inc., AstraZeneca, Daiichi Sankyo Company, Limited., AB Sciences., AgonOX, Inc., Eisai Co., Ltd, GlaxoSmithKline, plc., Pfizer, Inc., and Vical, Inc. The coffee market is witnessing increasing investments by these global players to expand their retail presence through new cafe launches and offering a varied product portfolio including premium and functional coffee offerings. They are also investing in innovations to cater to the rising demand for coffee pods, cold brews and flavored coffee drinks.

Get more insights on this topic: https://www.newsstatix.com/coffee-market-share-and-opportunity-analysis/

 

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