Portland, Jan. 11, 2024 (GLOBE NEWSWIRE) --
Allied Market Research published a report, titled, “Instant coffee Market by Type (Flavored and Unflavored), Packaging (Sachet, Pouch, and Jar), Production Technology (Spray-dried and Freeze-dried), Distribution Channel (Supermarkets-Hypermarkets, Convenience Store, Business-To-Business, Specialty Store, and Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global instant coffee market was valued at $32,926.0 million in 2022, and is projected to reach $60,739.8 million by 2032, registering a CAGR of 6.4% from 2023 to 2032.
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Prime determinants of growth
The rapid growth of instant coffee is attributed primarily to the increasing demand for quick beverage solutions. This surge is fueled by the preferences of the younger generation for instant beverages, as they seek a café-like experience within the confines of their homes. There has been a growing availability of instant coffee due to the rapid expansion of retail outlets globally, which has further made it easier for consumers to avail these products with convenience.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $32,926.0 million |
| Market Size in 2032 | $60,739.8 million |
| CAGR | 6.4% |
| No. of Pages in Report | 290 |
| Segments covered | Type, Packaging, Production Technology, Distribution Channel, and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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The unflavored segment to maintain its leadership status throughout the forecast period
By type, the unflavored segment held the highest market share in 2022, accounting for more than half of the global instant coffee market revenue and is estimated to maintain its leadership status throughout the forecast period. Unflavored instant coffee is known for its simplicity, convenience, and ability to provide a quick and easy cup of coffee without the need for brewing equipment. Some people appreciate the straightforward taste of plain coffee and enjoy the purity of the coffee bean flavor without any added enhancements or alterations. In addition, unflavored instant coffee allows individuals to customize their coffee experience by adding their preferred sweeteners, milk, or other flavorings if desired, which increases the overall market share of this segment. Thus, this segment is expected to grow in coming years.
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The jar segment to maintain its leadership status throughout the forecast period
By packaging, the jar segment held the highest market share in 2022, accounting for nearly half of the global instant coffee market and is estimated to maintain its leadership status throughout the forecast period. Jars are associated with a premium and high-quality packaging format. The use of jars increases the perceived value of the beverage, which makes it more appealing to consumers seeking a sophisticated experience. The air-tight nature of jars helps extend the shelf life of instant coffee by preventing oxidation and moisture absorption. This is particularly important for ensuring that the product maintains its quality and flavor for an extended period. Moreover, the transparent nature of glass jars allows consumers to see the product inside, emphasizing its color and texture.
The spray-dried segment to maintain its leadership status throughout the forecast period
By production technology, the spray-dried segment held the highest market share in 2022, accounting for more than half of the global instant coffee market and is estimated to maintain its leadership status throughout the forecast period. This process is known for its efficiency in preserving the quality of aroma and flavor, attributed to the exceptionally swift drying rates. Spray drying stands as the most widely utilized method in the coffee industry for transforming liquid coffee concentrate into a convenient and easily soluble powder. The equipment and energy requirements for spray drying are generally lower, making it a more economical choice for large-scale production. As a result, spray drying is a more cost-effective method compared to freeze drying. Thus, the spray dried instant coffee is anticipated to grow in the coming years.
The hypermarkets/supermarkets segment to maintain its leadership status throughout the forecast period
By distribution channel, the hypermarkets/supermarkets segment held the highest market share in 2022, accounting for more than one-third of the global instant coffee market and is estimated to maintain its leadership status throughout the forecast period. Availability of different brands of instant coffee products along with different packaging of products drives the growth of the segment significantly. In addition, increase in popularity of supermarkets due to the convenience provided for offering a wide range of products under one roof, along with arranging ample parking space with timeless operations makes it a favored option for shopping. In addition, the product arrangement is done by placing similar products near each other, so the consumer is able to compare them easily and have a smooth buying decision.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. Instant coffee consumption in North America has increased significantly in recent years owing to the shift in preferences of people from regular coffee products to instant coffee options. As a result, companies operating in the North America instant coffee market are innovating new products to sustain in the competitive market. They are launching new products to expand their business operations across different countries in this region and increase their customer base. High spending capabilities of individuals due to increased disposable incomes and economic stability are some of the major driving factors for the North American instant coffee market. In addition, the changing lifestyle of individuals is contributing to the increased sales of instant coffee in North America.
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Leading Market Players: -
- Nestle SA
- The Kraft Heinz Company
- Starbucks Corporation
- Tata Consumer Products Limited
- Strauss Group Inc.
- The J. M. Smucker Company
- Sleepy Owl Coffee Private Limited
- illycaffe S.p.A.
- Unilever PLC
- Koninklijke Douwe Egberts B.V.
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting market growth.
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