Dublin, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The "Europe Coffee - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2018 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Europe Coffee Market size is estimated at USD 47.88 billion in 2024, and is expected to reach USD 58.14 billion by 2029, growing at a CAGR of 3.96% during the forecast period (2024-2029).
According to the European Coffee Federation, Europe accounts for around 33% of all coffee consumed worldwide in 2020/21, which makes it a significant and attractive market for coffee. The European Union also has the highest per capita consumption of coffee in the world, even though their consumption varies from country to country. Coffee is considered to be one of the most popular drinks in Western Europe due to its deeply ingrained culture and widespread use in the daily routine of consumers. Additionally, the demand for coffee is also increasing in the region due to the number of new coffee shops opening, the growth of coffee chain stores, and the increasing number of people buying coffee machines. According to Project Cafe Europe 2022, the European coffee chain market grew by 3.2% during the past year to reach 40,675 outlets.
The European coffee market is driven by multiple factors, such as the increasing demand for certified coffee products, acceptance of single-serve coffee brew systems by consumers, and constant innovation led by the top players in the coffee market. However, the changing weather conditions play a crucial role in coffee production in countries where production takes place, affecting the supply chain of coffee being imported into European countries.
The premiumization of whole-bean coffee products is driving the coffee market. Major players in the market are trying their best to introduce premium products by utilizing artisanal techniques or using the handpick method to get a premium product, which is increasing the demand for coffee in the region, hence boosting the growth of the market studied in the region.
Some of the most active companies operating in the market studied are Starbucks Corporation, Tchibo GmbH, Strauss Group Ltd, Nestle SA, Luigi Lavazza SPA, and JAB Holdings. Companies such as Nestle SA have expanded their production capacity by creating new manufacturing units to capture market share and introducing new varieties of coffee for buyers. Companies are making investments in developing new Nespresso machines and Grand Cru coffee, including unique coffee varieties from rare origins. Furthermore, the companies actively invest in online distribution channels, targeting consumers seeking convenience. The ease of use of these products provides a premium flavor to coffee. Good marketing by the key players and the wide variety of flavors have contributed to their increasing popularity in European countries.
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