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Preparation of Coffee Extracts Market 2024 - By Size, Share, Trends, Growth Analysis And Outlook By 2033
Preparation of Coffee Extracts Market
According to The Business Research Company's, The preparation of coffee extracts market size has grown strongly in recent years. It will grow from $6.66 billion in 2023 to $7.12 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to growing coffee consumption, consumer preferences for convenience, expansion of coffee culture, rising awareness of health benefits, diverse product applications..
The preparation of coffee extracts market size is expected to see strong growth in the next few years. It will grow to $9.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to innovations in coffee products, health and wellness trends, premiumization and specialty coffee trends, global expansion of coffee shops, e-commerce growth.. Major trends in the forecast period include artisanal and small-batch production, premiumization of coffee extracts, innovations in extraction techniques, packaging innovations, focus on health-conscious consumers, global exploration of coffee origins..
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Market Drivers and Trends:
Increasing consumption of coffee extract by individuals is expected to propel the preparation of the coffee extracts market going forward. Coffee beans and alcohol are combined to produce a coffee extract, a concentrated coffee flavoring that can be added to desserts, ice cream, and drinks. Coffee extracts are commonly used by many individuals due to their various health benefits and their application in products that are involved in the treatment of obesity, diabetes, high blood pressure, high cholesterol, and others due to the presence of chlorogenic acid, antioxidant, anti-inflammatory, and anti-hypertensive bioactive ingredients presence. For instance, in October 2022, according to the report published by the International Coffee Organization (ICO), a UK-based intergovernmental organization for the import and export of coffee, in 2021/22, global coffee consumption increased by 3.3% to 170.3 million 60-kg bags. And the consumption was projected to be 3.1 million bags greater than the output in 2021-2022. Therefore, increasing consumption of coffee extract by individuals is anticipated to fuel the preparation of the coffee extracts market.
Technological advancement is a key trend gaining popularity in the preparation of coffee extracts market. Major market players are concentrating their efforts on creating innovative technologies to strengthen their position in the market. For instance, in November 2022, Nescafé Dolce Gusto (Nestle), a Switzerland-based company operating in coffee extraction, introduced Neo, next-generation coffee machines and pods with its proprietary cutting-edge technology known as SmartBrew, to create sustainability and the ultimate coffee experience. Through adjusting the extraction parameters for each beverage using a connected application, SmartBrew technology offers three different brewing techniques, allowing customers to experience premium espressos, Americanos that are similar to those served in coffee shops, and drip-style coffees without any hassle.
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Major Key Players of the Market:
NatureWise Inc.; Sports Research Corporation; McCormick & Company, Incorporated; J.R. Watkins; The Coffee Bean & Tea Leaf; Naturex S.A; Softigel by Procaps; Kerry Group; Treatt plc; Purely Inspired; Nestle S.A.; J.M. Smucker Company; Starbucks Corporation; Keurig Dr Pepper Inc.; Tata Consumer Products; Strauss Group Ltd.; Tchibo GmbH; Luigi Lavazza S.p.A.; UCC Holdings Co. Ltd.; Massimo Zanetti Beverage Group S.p.A.; Melitta Group; Tres Coracoes Alimentos S.A.; Dunkin' Brands Group Inc.; The Kraft Heinz Company; Jacobs Douwe Egberts B.V.; Illycaffè S.p.A.; Luigi Lavazza S.p.A.; Aspen Beverage Group; Monin Incorporated; S&D Coffee Inc.
Preparation of Coffee Extracts Market 2024 Key Insights:
• The preparation of coffee extracts market will grow to $9.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Growing Individual Consumption Drives The Preparation Of The Coffee Extracts Market
• Revolutionizing Coffee Brewing With Smartbrewtm Technology In The Preparation Of Coffee Extracts
• Asia-Pacific was the largest region in the preparation of coffee extracts market in 2023
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