Dublin, March 22, 2024 (GLOBE NEWSWIRE) -- The "Functional Coffee - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Functional Coffee Market size is estimated at USD 4.03 billion in 2024, and is expected to reach USD 4.45 billion by 2029, growing at a CAGR of 2.03% during the forecast period (2024-2029).
The functional coffee market is one of the fastest-growing areas in the beverage industry as it considers a healthy halo, offering drinks containing properties perceived as better and healthier. Subsequently, the growing health consciousness among global consumers is further propelling the functional coffee product demand. Coffee infused with cannabinoids (CBD) is becoming popular with consumers due to its health benefits, including pain and anxiety relief. Owing to this trend, the players are introducing innovative products. For instance, in August 2022, US-based Brewpoint Coffee launched cannabidiol (CBD) infused coffee, targeting consumers seeking jitter-free beverages infused with CBD's calming effects.
On the other hand, the drinks claiming to boost the immune system and contain antioxidants with powerful anti-inflammatory benefits have witnessed higher demand among consumers. Hence, manufacturers have infused turmeric, ginger, cardamom, and cinnamon into coffee grounds to aid digestion and strengthen immune function. For instance, in September 2022, Nutrocore, a premium USDA Organic and non-GMO certified grown coffee supplier, introduced cinnamon turmeric organic coffee in the market.
Global coffee producers have been adding ginseng to instant coffee for many years to offer additional benefits of improving blood circulation and memory. Manufacturers have combined the convenience and energy boost of instant coffee to increase these coffee beans' functionality. The market for functional coffee expanded to include products with weight-loss claims as well. For example, Bulletproof Coffees offer coffee combined with MCT oil (medium-chain triglycerides) and butter, which helps to support weight loss. The market is driven by multiple factors, including increasing demand for certified coffee products and consumers' acceptance of single-serve coffee brew systems.
North America holds the major share in the market
North America is the dominating region in the coffee market due to the growing trend of coffee consumption. Based on the National Coffee Association report, coffee consumption hit a two-decade high. Similarly, the Spring 2022 National Coffee Data Trends (NCDT) report shows that around 66% of Americans consume coffee daily. Moreover, 43% of coffee drinkers prefer specialty coffee with high-quality ingredients. The Asia-Pacific region is anticipated to be the fastest-growing region in the functional coffee market owing to the rising coffee culture associated with the increasing number of cafe.
Meanwhile, the COVID-19 impact shifted consumer coffee preference, increasing the inclination toward fortified coffee products. Thus, the key players are focused on producing functional coffee products. The growing trend of coffee consumption coupled with increasing health concerns is anticipated to raise the demand for functional coffee products in the market.
A selection of companies mentioned in this report includes
- Nestle SA
- Starbucks Corporation
- Ingenuity Beverages
- Tata Coffee
- Bulletproof 360 Inc.
- Eight O' Clock Coffee Company
- Luigi Lavazza SpA
- Gloria Jean's Coffees
- Dutch Bros Coffee
- Strauss Group Limited
- Kruger GmbH & Co. KG
For more information about this report visit https://www.researchandmarkets.com/r/pjtqio
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