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Global Coal Market, Industry Dynamics, Trends, Growth 2024
Coal, Global Market Trends, Growth, Insights 2024
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According to The Business Research Company's, The coffee and tea market size has grown strongly in recent years. It will grow from $117.72 billion in 2023 to $125.75 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased coffee and tea consumption, increasing focus on ready-to-drink (rtd) beverages and government initiatives.
The coffee and tea market size is expected to see strong growth in the next few years. It will grow to $159.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing investments, rising popularity of coffee among millennials and increasing number of coffee shops. Major trends in the forecast period include focusing on premium products, manufacturing organic products, leveraging blockchain technology and introducing artificial intelligence to improve the product quality.
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Market Drivers and Trends:
The increasing demand for ready-to-drink (RTD) beverages is expected to drive the coffee and tea markets in the forecast period. An RTD is a single-use packaged beverage that is ready for immediate consumption at the time of purchase. RTD drinks are gaining popularity among working adults due to their clean labels and functionality. The introduction of new flavours in the range of RTD tea and coffee, ease of carrying, and convenience are expected to boost the demand for RTD tea and coffee. It is expected that the global market for RTD tea and coffee will reach $116.1 billion by 2024 at a CAGR of 5.6%, while the global consumption of RTD tea alone will reach 50 billion litres in 2021 at a CAGR of 5.3%. Increasing demand for RTD beverages, including RTD coffee and tea, is expected to drive the coffee and tea market going forward.
Coffee companies are increasingly offering coffee subscription services to consumers. Coffee subscription services provide home delivery of coffee products to consumers for a subscription fee charged on a weekly or monthly basis. A subscription service offers a number of advantages to consumers. It allows consumers to sample products from far more specialist roasters than is possible in even the most coffee-saturated areas. Some services can ship products from hundreds of different roasters. It is also the best way to ensure freshness, as most shipments are made immediately after roasting, eliminating the time the beans would otherwise have spent on store shelves. Popular coffee subscription services include Atlas Coffee Club, Driftaway Coffee, Blue Bottle Coffee, JavaPress Coffee, Mistobox, Bean Box, Craft Coffee, and Pact Coffee.
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Major Key Players of the Market:
Nestle S.A., Louis Dreyfus Company B.V., Unilever plc, J.M. Smucker Company, The Coca-Cola Company, Suntory Holdings Limited, Ito En, Ltd., Uni-President Enterprises Corporation, The Kraft Heinz Company, Tata Consumer Products Limited, CCL Products, Neelamalai Agro, Fukujuen, Harada Seicha, Cantarella Holdings Pty Ltd, Vittoria Food & Beverage, D E Holding Australia Pty Ltd, Caffe Bene, Luckin Coffee, Coffee Box, Pacific Coffee, Javaphile, JAB Holding Company, J Darboven GmbH & Co. KG, Alois Dallmayr KG, Tchibo, Golden Monkey Tea Company Limited, Olam International, Kerry Group plc, Orimi Ukraine, Greenfield, TESS, Java Coffee Company Sp. Z O.O, All4vending, Predom Service Fhu, Lafaye Sp. Z O.O, Serwis Ekspresow Do Kawy, Microcoff / Coffice Sp. Z O.O, Brijoye International Sp. Z O.O, PepsiCo, Tyson Foods Inc, Mondelez International Inc, ADM, General Mills, Coco-Cola, The Hain Celestial Group, Campbell Soup Company, Adams & Brooks Inc, Danone, Dr. Pepper Snapple Group, Hearthside Food Solutions LLC, Cafe Arabo, Bienvenidos al mundo de Lipton, Brazilian Canadian Coffee Co, Casa Fuentes, AVANTCHA Tea, RAW Coffee Company, AL Daria International, Afreeqya Naturally, Joffreys Coffee & Tea Company, & M. Smith (Pty) Ltd, Ethiopian Harrar Coffee, Kenya AA Coffee, Kaldi coffee.
Coffee And Tea Market 2024 Key Insights:
• The coffee and tea market size is expected to see strong growth in the next few years. It will grow to $159.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Rising Demand For Ready-To-Drink (RTD) Coffee And Tea
• Increasing Coffee Subscription Services
• Asia-Pacific was the largest region in the coffee and tea market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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