Pune, India, April 16, 2019 (GLOBE NEWSWIRE) -- Coffee Market is poised to touch USD 102,279.2 Mn by 2023 at an impressive 4.32% CAGR during the forecast period (2018-2023), reveals the latest report by Market Research Future (MRFR).
Coffee is a beverage being largely consumed by the millennial populace. The popularity of the drink combined with its preparation in a variety of ways has led to its proliferation globally.
Market Scope
The global coffee market is predicted to expand at 4.32% CAGR from 2018 to 2023 (forecast period), as per the latest report by Market Research Future (MRFR). It is consumed in high volume thanks to its caffeine content, taste, and mouthfeel. MRFR projects its valuation to touch USD 102,279.2 million by 2023.
Urbanization has led to the emergence of coffee shops which is likely to drive the sales in the coffee market. The rise of new retail outlets which act as a focal point for meetings and offer coffee in various styles to appeal to consumer tastes can augur well for the market. Launch of new brews, changing tastes of consumers, and rise in disposable incomes of consumers are other factors deemed to spur the market growth over the forecast period. The massive growth is indicated by the growing yields of coffee-producing nations such as India, China, Kenya, and Senegal.
Fluctuating prices of coffee beans can act as a possible growth deterrent. But large beverage manufacturers are showing increasing interest in the hot beverages segment. This is instanced with the acquisition of the Costa retail chain by Coca-Cola in August 2018 to increase its share in the highly competitive market.
Key Players
Major producers in the coffee market include Nestlé SA (Switzerland), Tchibo Coffee International Ltd (U.K.), The Kraft Heinz Company (U.S.), Strauss Group Ltd (Israel), The Coca Cola Company (U.S.), Tata Global Beverages Ltd (India), Jacobs Douwe Egberts (The Netherlands), J.M. Smucker Company (U.S.), Unilever PLC (U.K.), and Starbucks Corporation (U.S.).
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Segmentation Analysis
The global coffee market is segmented by variety, form, and distribution channel.
By variety, Robusta is expected to exhibit an exemplary growth on account of containing high amounts of asparagine, which is deemed to be vital in brain development. The need for instant coffee mixes is expected to propel the demand for Robusta in the forthcoming years. On the other hand, Arabica can display 4.07% CAGR over the assessment period.
By form, ground held the largest share of the coffee market in 2017. It will continue to be the favored form till 2023. The segment can exhibit 4.45% CAGR over the review period to garner a value of USD 63,644.5 million. On the flip side, the whole form is projected to expand at 4.12% CAGR over the assessment period to touch a value of USD 38,634.7 million.
By distribution channel, the non-store based channel is expected to exhibit 4.59% CAGR over the assessment period to touch a size of USD 30,592.9 million by 2023. This can be credited to the slew of ecommerce stores available which offer a plethora of coffee mixes at affordable rates. Moreover, this mode is likely to net in higher revenues and consumer mindshare thanks to consumers able to access them via smartphones.
Industry Innovation
Coffee pods are containers which contain pre-packaged or grounded Coffee Market which can dole out portions for a single person. In addition, efforts by manufacturers for developing recyclable pods which can play a major role in sustainability initiatives of various countries is expected to spur the coffee market growth. For instance, Nespresso has partnered with Ag Choice for recycling aluminum pods.
Ready-to-drink brews are another strategy by coffee manufacturers in gaining customer attention. The indulgence of customers in cold beverages coupled with their partnership with respected retail chains can ensure high bottom line margins.
Browse the market data and information spread across 119 pages with 80 data tables and 24 figures of the report “Coffee Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/coffee-market-6889
Regional Analysis
Regions taken under consideration with respect to the coffee market include North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).
The North American region is expected to display a stellar CAGR of 23.88% during the review period to generate USD 24,277.8 million for the coffee market. The consumption of Arabica blend of coffee and launch of new offerings by coffee manufacturers are factors expected to usher in massive demand for the market. Promotional activities via social media or print channels for enticing customers is likely to net in significant revenues.
The APAC coffee market is envisioned to be highly lucrative due to the growth in middle-class and rapid urbanization. The region can exhibit 4.94% CAGR over the review period to attain a valuation of USD 28,031.9 million by 2023. In addition, the conferring of geographical indicator (GI) to local varieties of coffee for promoting the domestic flavors is expected to bode well for the market. The willingness of consumers to pay for premium blends is a good indicator for manufacturers to invest in R&D to capitalize on the trend.
Browse Related Report:
Coffee Pods and Capsules Market Research Report by Serving Size (Single Serving, and Multi Serving), Coffee Type (Traditional, Decaf), Distribution Channel (Store Based, and Non-Store Based), and Region - Forecast till 2023
https://www.marketresearchfuture.com/reports/coffee-pods-and-capsules-market-6883
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