Speciality Coffee Market Revenue Data Historic and Forecast Analysis

The specialty coffee market share was valued at USD 30.45 Billion in 2021 and is projected to reach USD 74.32 Billion by 2028. It is expected to grow at a CAGR of 14.5% from 2021 to 2028.

Specialty coffee refers to the highest quality coffee available, usually involving the entire supply chain and using single origin or single estate coffee. On the 100-point Coffee Review scale, specialty coffee is described as coffee that receives 80 or more points. Specialty coffee grown in ideal conditions of perfect weather and fertile soil, carefully processed and roasted to perfection. For example, Tata Coffee Limited, a subsidiary of Tata Consumer Products Limited, launched an e-commerce site www.coffeesonnets.com. The website is launched with three exclusive single-origin specialty coffee varieties entitled "The Sonnets - Voice of our Estates". The coffees are all from the same winery and not blended. Also, the coffee is produced in specific regions and processed in a special way, combining uniqueness and limited edition coffee.

Market Dynamics

Rise in American specialty coffee selection and growing popularity of specialty coffee among customers are expected to boost the demand for specialty coffee market during the forecast period. In addition, rapid urbanization, rising disposable income, and rising number of specialty coffee shops across the globe also contribute to drive the market growth over the forecast period. Moreover, growing popularity of subscription coffee and expanding consumer purchasing power is an opportunity for market growth. Coffee subscription allows the customers to sample different types of coffee beans, roasts, and origin. Additionally, in line with recent headlines about socially conscious customers seeking authentic experiences, shoppers are more likely to pay for coffee if they have a decent story about its social and environmental entitlements. Additionally, coffee makers and other related companies interested in entering this market are looking to labels based on high-quality beverages with strong roots in environmental considerations.

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The leading market players focus on new product development and innovation to improve specialty coffee production and gain competitive market shares on a global scale. Additionally, some regional and national players are investing heavily in expanding their product portfolios and increasing sales. In addition, manufacturers have set up coffee centers on their farm grounds to share knowledge and innovative media with farmers and improve staff skills in farm, post-harvest and promotion. Adopting the above strategies will increase sales for the major market players and create a certain amount of competition in the specialty coffee market. For instance, in 2020, coffee roasters offered subscription coffee services and direct sales with the help of coffee software and easy integration with ecommerce platforms. Ready-to-drink coffee is seen as a healthier alternative to soda, and the rise of iced coffee as a popular beverage has helped maintain its premium position in this market.

However, fluctuations in coffee bean prices and supply shortages due to bad weather are factors that hinder the growth of the market. In addition, despite rising raw material costs, suppliers are operating at low profit margins due to increased market competition among suppliers. This reason, combined with the need to remain competitive in the market, drives manufacturers to try cost-effective alternatives such as low-quality coffee beans and instant coffee powder.

Impact of Covid-19

Prudent measures taken by governments of various countries during the Covid-19 pandemic resulted in the temporary suspension of organizations and curtailment of specialty coffee production, and the closure of specialty coffee shops as well which slowed market growth to some extent. However, Increased numbers of people staying at home and working from home increase workload and anxiety which can be reduced by stimulating health drinks like coffee.

Application Insights

In 2022, the commercial application segment dominated the market with the largest market share of 60.17%. High innovation and accelerated technical improvement are the driving factors for the commercial application segment. In addition, strong growth in the commercial sector also favours coffee makers, especially in developing countries. The rise of the hospitality business as a major end-user, with more offices in addition to kitchenettes, could also boost sales of advanced coffee machines in the coming years. Additionally, players are focusing on incorporating various technological features into coffee machines, which also helps drive the market growth.

Regional Insights

By region, the global speciality coffee market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. The Europe region was the largest market for the global specialty coffee market, with a market share of 48.21% in 2022. Europe dominates the specialty coffee market as the number of coffee shops in the region is growing rapidly. Additionally, rising demand for licensed coffee products and an increasing number of local small brands and baristas, coffee bars and chains, and small roasters are also contributing to the growth of the market in the region. Moreover, the North America region is expected to register the fastest CAGR of 20.06% during the forecast period. Due to an increase in coffee house culture and freshly ground organic coffee pods. Additionally, increasing retail e-commerce sales and rising demand for specialty coffee are likely to support market growth during the forecast period.

Key Companies Insights

Key players are focusing on technology collaborations, partnerships, mergers and acquisitions strategies to gain competitive advantage and expand product portfolios and business footprints. Manufacturers introduce product innovations in terms of products, ingredients, flavours, prices, and packaging, resulting in a high level of competition in the market. For example, Caffe Nero Group Ltd Company offers comprehensive range of products such as vanilla syrup, skim milk, muffins, coffee, snacks, cakes and sandwiches with strong network of coffee shops chains. Furthermore, the specialty coffee market is a highly fragmented market with many small to medium market players.

Some of the key players operating in the global speciality coffee market include:

· Dunkin' Brands Group

· Starbucks

· Coffee Beane Peet's Coffee

· Whitbread

· Barista

· Restaurant Brands International

· Tea and Global Baristas US

· McDonald's

· Caribou Coffee

· Caffe Nero

· Keurig Green Mountain

· Coffee Day Enterprises

· Eight O'Clock Coffee

· Blue Bottle

· M. Smucker

· Jammin Java Group

· Don Fransisco's Coffee

· Costa

· Bulletproof

· Strauss

· Stumptown

· Gevelia

· Others

· Other Players

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Segments

By Grades

· 90-100

· 85-89.99

· 80-84.99

By Application

· Commercial

· Household

Key Points:
Define, describe and forecast Speciality Coffee product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.

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