The Global Coffee Market Growth Accelerated By Demand From Millennials And Gen Z Population
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| Coffee Market |
Coffee is a popular beverage consumed worldwide for its
stimulant properties and unique flavor. Coffee beans contain caffeine that
stimulates the central nervous system and increases energy levels. Major
products in the coffee market include whole coffee beans, ground coffee, coffee
pods, instant coffee, and canned or bottled coffee. Coffee promotes mental
clarity and alertness and offers antioxidant and anti-inflammatory benefits.
The global coffee market is estimated to be valued at US$ 132.99 billion in
2023 and is expected to exhibit a CAGR
of 4.7% over the forecast period 2023-2030, as highlighted in a new report
published by Coherent Market Insights.
Market key trends:
The increasing demand for coffee from the millennial and Gen Z population is
one of the key trends driving the growth of the global coffee market.
Millennials and Gen Z are the primary consumers and account for over 50% of
total coffee consumption globally. These younger demographics view coffee as a
lifestyle beverage and socializer. They are willing to pay more premium prices
for specialty coffee and unique flavors. Consequently, coffeehouses and cafes
are innovating their menu offerings to cater to the tastes and preferences of
younger consumers. The expansion of chains such as Starbucks and specialty
coffee shops focus on customization and flavors to attract millennial and Gen Z
customers. This rising demand from younger populations is expected to
accelerate the growth of the global coffee market over the forecast period.
Segment Analysis
The global coffee market is dominated by the roasted coffee segment. This
segment holds around 80% share in the overall market owing to the increasing
preference of consumers for ready-to-drink coffee available in different
formats. The rising popularity of specialty coffee culture, growing trend of
young professionals opting for gourmet and premium coffee and increasing coffee
shop chains have further boosted the demand for roasted coffee globally.
Key Takeaways
The global coffee
market forecast is expected to witness high growth over the forecast period
of 2023 to 2030. Rapid urbanization, increasing disposable incomes and changing
lifestyles are driving the growth of coffee consumption worldwide. The market
is estimated to surpass a valuation of US$ 200 Mn by 2030.
Regional Analysis
The North American region currently dominates the global coffee market owing to
high coffee consumption in countries like the United States. With the presence
of major roasters and retailers, North America accounts for more than one-third
of the global market share. However, the Asia Pacific region is expected to
showcase impressive growth over the forecast period led by China, India,
Indonesia and Vietnam. Availability of cheap labour and ideal climate
conditions for coffee cultivation make Asia Pacific an attractive destination
for farming and production of coffee.
Key Players
Key players operating in the coffee market are The Kraft Heinz Company,
Starbucks Coffee Company, The J.M. Smucker Company, Luigi Lavazza SPA, Nestle
SA, The Coca-Cola Company, JAB Holding Company, Tata Global Beverages, Tchibo
GmbH, and Strauss Group Ltd. Major players are focusing on strategic
acquisitions and collaborations with regional players to strengthen their
market presence. Companies are also introducing new product lines and
innovative packaging formats to appeal to the young population.
Get more insights on this topic https://www.newswirestats.com/coffee-market-industry-insights-trendscoffee-market-2023-2030/
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