Dublin, May 03, 2024 (GLOBE NEWSWIRE) -- The "Global Coffee Market Overview, 2024-29" report has been added to ResearchAndMarkets.com's offering.
Global Coffee Market is anticipated to cross USD 185 Billion by 2029, increasing from USD 128.93 Billion in 2023. The market is expected to grow with 6.47% CAGR by 2024-29.
Coffee holds significant cultural importance in many countries around the world. From traditional coffee ceremonies in Ethiopia to the cafe culture of Europe, coffee plays a central role in social interactions, rituals, and daily routines. The cultural significance of coffee contributes to its widespread consumption and enduring popularity. Changes in lifestyle, demographics, and consumer preferences influence the demand for coffee.
As urbanisation increases and populations become more affluent, there is a growing demand for convenience-oriented food and beverage options, including coffee. Busy lifestyles, long work hours, and on-the-go consumption contribute to the sustained demand for coffee products. The coffee market offers a wide range of products to cater to diverse consumer preferences and tastes.
From traditional espresso drinks to trendy cold brews and flavoured lattes, coffee companies continually innovate to introduce new and exciting products that appeal to different segments of the market. Product variety and innovation drive consumer interest and stimulate demand for coffee. Research highlighting the potential health benefits of coffee consumption has contributed to its growing popularity. Studies have suggested that moderate coffee consumption may be associated with various health benefits, such as improved cognitive function, a reduced risk of certain diseases, and increased longevity. Consumer awareness of these potential health benefits can drive demand for coffee products.
Furthermore, effective marketing strategies and branding initiatives play a crucial role in shaping consumer perceptions and driving demand for coffee products. Coffee companies invest in advertising, promotions, and brand partnerships to build brand awareness, create emotional connections with consumers, and differentiate their products in a competitive market.
Market Drivers
- Cultural Significance: Coffee holds significant cultural importance in many societies around the world. It is often associated with social gatherings, hospitality, and rituals. For example, in countries like Ethiopia, coffee ceremonies are a traditional practice that symbolises friendship and community bonding. Similarly, in countries like Italy, coffee culture is deeply ingrained in daily life, with espresso being a staple beverage enjoyed throughout the day. This cultural significance creates a strong demand for coffee, as it is not just a beverage but also a symbol of social connection and tradition.
- Increasing Urbanisation: The global trend of urbanisation, with more people moving to cities and urban areas, is driving the growth of the coffee market. Urban dwellers often lead busy lifestyles and rely on coffee to fuel their day and keep them energized. Coffee shops and cafes thrive in urban environments, offering convenient locations for people to grab a cup of coffee on their way to work or during social outings. As urbanisation continues to increase, so does the demand for coffee, making it a key driver of the global coffee market's growth.
Market Challenges
- Social and Economic Inequality: One of the significant challenges facing the global coffee market is the prevalence of social and economic inequality within the coffee supply chain. Many coffee-producing regions are characterised by poverty, a lack of infrastructure, and limited access to resources and opportunities. Smallholder farmers, who account for a significant portion of coffee production, often face challenges such as low incomes, limited access to credit, and inadequate healthcare and education services. Additionally, there are disparities in wealth distribution and power dynamics within the coffee industry, with large corporations and middlemen often benefiting more than farmers from the sale of coffee. Addressing social and economic inequality is crucial for creating a more sustainable and equitable coffee industry.
- Climate Change: Climate change poses a serious threat to coffee production worldwide. Rising temperatures, changes in rainfall patterns, and extreme weather events such as droughts, floods, and storms can negatively impact coffee yields, quality, and resilience. Coffee plants are sensitive to changes in climate conditions, and prolonged exposure to heat stress, pests, and diseases can lead to reduced productivity and increased vulnerability. Moreover, climate change exacerbates existing environmental challenges such as deforestation, soil degradation, and water scarcity, further compromising the sustainability of coffee production. Mitigating the effects of climate change and building resilience within the coffee sector are critical for ensuring the long-term viability of coffee farming and securing the livelihoods of coffee farmers.
Competitive Landscape
- Competitive Dashboard
- Business Strategies Adopted by Key Players
- Key Players Market Share Insights and Analysis, 2022
- Key Players Market Positioning Matrix
- Porter's Five Forces
Company Profiles
- Starbucks Corporation
- Company Snapshot
- Company Overview
- Financial Highlights
- Geographic Insights
- Business Segment & Performance
- Product Portfolio
- Key Executives
- Strategic Moves & Developments
- Nestle S.A.
- The Kraft Heinz Company
- Tata Consumer Products Limited
- Luigi Lavazza S.p.A.
- The Coca-Cola Company
- Peet's Coffee
- Strauss Group Ltd
- Gloria Jean's Coffees
- Tim Hortons Inc.
By Product Type
- Instant Coffee
- Ground Coffee
- Whole Bean
- Coffee Pods and Capsules
By Nature
- Conventional
- Organic
By Source
- Arabica
- Robusta
By Distribution Channel
- Off-trade (Supermarkets/hypermarkets, Convenience Stores, Specialist Retailers, Other Off-trade Channels)
- On-trade
For more information about this report visit https://www.researchandmarkets.com/r/3bo552
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