Coffee is one of the most widely consumed beverages globally. It contains caffeine that acts as a stimulant providing energy and alertness. Coffee flavors can range from mild to strong and is majorly consumed as brewed coffee or espresso at cafes. The growing culture of socializing over coffee among millennials is accelerating the demand.
The global Coffee Market is estimated to be valued at US$ 132.99 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand from millennials is one of the key trends driving the growth of the global coffee market. Millennials prefer to socialize over coffee and consider it as a way of connecting with friends. This has boosted the cafe culture across the world with specialty coffee shops becoming a popular hangout place. Moreover, coffee consumption is no longer limited to morning hours and millennials are open to consuming coffee anytime. The innovative flavors, variety in brewing methods and premiumization of coffee experience is attracting more millennials. This trend is positively impacting the coffee market revenues. Focus on marketing campaigns targeting millennials will continue to accelerate the market growth during the forecast period.
Segment Analysis
The global coffee market is segmented by type into roast & ground coffee, instant coffee, and others. The roast & ground coffee segment is expected to dominate the market during the forecast period. Roast & ground coffee allows consumers to brew coffee as per their preference in terms of strength and taste which makes it a popular choice. Additionally, the wide availability of both specialty as well as regular varieties of ground coffee accessible across major grocery stores and supermarkets also contributes to the high demand for this segment.
Key Takeaways
The Global Coffee Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The global Coffee Market is estimated to be valued at US$ 132.99 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031.
Regional analysis indicates that North America is currently the fastest growing as well as dominating regional market for coffee. The high consumption of coffee and the rising popularity of specialty coffee culture among consumers in countries like the United States is driving the North American coffee market.
Key players operating in the coffee market are Bristol-Myers Squibb Company, Novartis AG, Merck & Co., Inc., Genentech Inc., F. Hoffmann-La Roche AG., Amgen Inc., AstraZeneca, Daiichi Sankyo Company, Limited., AB Sciences., AgonOX, Inc., Eisai Co., Ltd, GlaxoSmithKline, plc., Pfizer, Inc., and Vical, Inc. Bristol-Myers Squibb Company and Novartis AG captured significant market share in 2024 owing to their wide product portfolios and strong global presence.
For more insights, Read- https://www.insightprobing.com/coffee-market-trends-size-and-share-analysis/
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