Coffee Market to Hit USD 166.39 bn by 2031, at a CAGR of 4.72% | The Kraft Heinz Company, Starbucks Coffee Company

Market Overview:

The global coffee market size was valued at USD 127 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 4.72% from 2023 to 2030.

Market Dynamics:

The global coffee market is projected to witness significant growth owing to rising consumer spending on premium and specialized coffee products. Consumer preference for high-quality single-origin coffee and customized blends is encouraging coffee shops and restaurants to expand their product offerings. Furthermore, the increasing number of third wave coffee shops that focus on specialty coffee brewing techniques is also fueling the market growth. Growing Millennial population along with their rising disposable income levels is driving the demand for specialty coffees across the world. Ease of buying coffee via e-commerce channels is further expanding the outreach of key players.

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Coffee Market Drivers for 2023 to 2031

The rising health consciousness and awareness of benefits of coffee consumption

Coffee is being increasingly promoted as a beverage rich in antioxidants that can help prevent chronic diseases. Regular coffee drinkers have lower risks of Type 2 diabetes, Parkinson's disease, liver diseases and some cancers. As more scientific research emerges highlighting coffee's health benefits, its perception as an unhealthy indulgence is changing. Many coffee drinkers are turning to it not just for its buzz but also its perceived health advantages. This rising health consciousness is driving greater demand for premium coffee varieties and fuelling the coffee market growth.

Coffee Market Opportunity for 2023 to 2031

The rapidly growing ready-to-drink coffee segment

The ready-to-drink or RTD coffee segment which includes tea/coffee-based chilled drinks as well as canned/bottled coffee is gaining mainstream popularity worldwide. Busy lifestyles and on-the-go consumption patterns are driving the huge demand for convenient RTD coffees. Especially among the young, always-connected demographic, these portable energy drinks are fast becoming meal/snack replacements. Besides, they also appeal to health-conscious consumers as an alternative to high-calorie specialty coffees or soda beverages. The innovations in flavors, formats and functional ingredients are escalating the potential of RTD coffee as one of the most promising growth avenues for the industry.

Coffee Market Trends for 2023 to 2031

The increasing adoption of sustainable coffee farming practices

There is growing consumer awareness and preference for ethically-sourced, eco-friendly coffee. Many roasters and retailers now focus on supporting sustainable farming through programs like fair trade, organic and rainforest alliance certifications. Meanwhile, innovative agriculture tech solutions are enabling smallholder farmers increase productivity in an environmentally-responsible way. Moreover, sustainability has become a key strategic priority for major coffee companies to secure supply and build brand credibility. The rising adoption of sustainable practices indicates the coffee industry's evolution towards a more responsible, greener future benefiting farmers and the environment. It reflects the positive market trend of prioritizing ethical coffee consumption.

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Top Companies Included in This Report:

• 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
• Strauss Group Ltd

Market Segmentation:

Based on Product Type:

• By Product Type: Whole Bean, Ground Coffee, Instant Coffee, Coffee Pods and Capsules
• By Distribution Channel: On-trade, Off-trade (Supermarkets/hypermarkets, Convenience Stores, Specialist Retailers, Other Off-trade Channels)

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)

» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)

» South America (Brazil, Argentina, Rest of SA)

» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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