Rockville, Feb. 16, 2023 (GLOBE NEWSWIRE) -- In recent years, there has been a noticeable increase in the demand for drinks such as detox coffee, lemon tea, and green tea due to rising awareness among people about the health benefits associated with these drinks. Fact.MR, a market research and competitive intelligence provider, says in its recently published research report that the global hot beverages (coffee & tea) market is estimated to reach a valuation of US$ 1,390 billion by the end of 2033, increasing at a CAGR of 6% from 2023 to 2033.
The launch of numerous hot beverages that have different health benefits is estimated to boost their sales. Increasing installation of coffee vending machines in corporate places and offices around the world is also projected to stimulate the demand for hot drinks over the coming years.
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Consumers are opting for different hot drinks instead of carbonated drinks due to growing awareness about the harmful effects of carbonated drinks. The industry is expected to witness remarkable growth owing to rising awareness among youngsters about the numerous health benefits of consuming hot drinks, including coffee and tea. Hot drinks are also consumed to reduce the chances of getting afflicted with harmful diseases such as obesity, blood pressure, and diabetes.
Manufacturers, in recent years, have been opting for various ingredients and products that have certifications of good manufacturing practice (GMP), USDA Organic, hazard analysis critical control point (HACCP), Kosher, and generally recognized as safe (GRAS) to improve their products’ quality as well as expand their consumer base. They are coming out with some innovative flavors of coffee and tea with added health benefits, which will generate lucrative opportunities in the market.
Market players are also launching innovative products such as variation in instant coffee that can be prepared easily and quickly just by adding milk, hot water, and sugar. Instant coffee is attracting the attention of numerous corporate employees, which is expected to create opportunities for suppliers of hot beverages during the forecast period.
Key Takeaways from Market Study
- The global hot beverages (coffee & tea) market is valued at US$ 771 billion in 2023.
- Demand for hot beverages is anticipated to reach US$ 1,390 billion by the end of 2033.
- Sales of hot beverages are projected to increase at a CAGR of 6% during the forecast period from 2023 to 2033.
- The Canadian market is predicted to grow at a CAGR of 4.8% over the forecast period.
- Sales of coffee are projected to expand at a CAGR of 7.7% from 2023 to 2033.
- Demand for hot beverages in Germany is predicted to evolve at a CAGR of 4.3% through 2033.
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Key Market Players
Key providers of hot beverages are
- Celestial Seasonings, Inc.,
- Harney & Sons
- Jacobs Douwe Egberts
- Luigi Lavazza S.p.A.
- R. Twining and Company Limited
- Starbucks Corporation
- Tata Global Beverages
- Tim Hortons Inc.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global hot beverages (coffee & tea) market for the period from 2023 to 2033.
The study divulges essential insights into the market on the basis of product (coffee, tea, cocoa), consumption location (out of home, at home), and distribution channel (offline, online), across five major regions of the world (North America, Europe, the Asia Pacific, Latin America, the MEA).
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Table of Content
1. Global Market - Executive Summary
1.1. Global Market Overview
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Fact.MR Analysis and Recommendations
2. Global Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Introduction and Definition
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Hot Beverages (Coffee & Tea)
3.1.2. COVID-19 Crisis and Impact on Aprotic Solvent Prices
3.1.3. COVID-19 Impact Benchmark with Previous Crisis
TOC CONTD…
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