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Coffee Concentrates, Essences And Extracts Market Key Trends and Strategies for Expansion 2024-2033
Coffee Concentrates, Essences And Extracts Market Key Trends
According to The Business Research Company's, The coffee concentrates, essences and extracts market size has grown strongly in recent years. It will grow from $24.55 billion in 2023 to $26.2 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to changing consumer preferences, convenience and on-the-go lifestyles, rising demand for artisanal and craft coffee products, globalization and trade..
The coffee concentrates, essences and extracts market size is expected to see strong growth in the next few years. It will grow to $33.09 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to health and wellness trends, premiumization of coffee, sustainable and ethical sourcing, e-commerce and online retail, functional and specialty coffee.. Major trends in the forecast period include customization and diy trends, collaborations and limited edition offerings, health and wellness focus, packaging innovations for convenience, global exploration of coffee origins..
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Market Drivers and Trends:
The increasing consumption of coffee is expected to propel the growth of the coffee concentrate, essence, and extract market going forward. Coffee refers to a beverage that is prepared from roasted coffee beans, whereas coffee consumption refers to the amount of caffeine an individual consumes per day. People are preferring coffee due to its various benefits such as it improves mental acuity, freshening the mood of a person, and boosting metabolism, as a result, this increases the demand for coffee concentrate, essence and extract markets. For instance, in November 2022, according to International Coffee Organization (ICD), a UK-based federal agency for coffee, the export of coffee extract in the first two months of 2022/23 increased by 1.6% to 19.56 million bags compared with 19.25 million bags in the same period in 2021/22. Therefore, increasing consumption of coffee drives the coffee concentrate, essence, and extract market.
The introduction of innovative products has emerged as a key trend gaining popularity in the coffee concentrate, essence, and extract market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market and companies are paying greater emphasis on product differentiation and product innovation. For instance, in March 2023, Reborn Coffee, a US-based retailer of specialty coffee, launched a line of unique and super-premium cold brew ice creams using coffee extract and concentrates. This new line of products is unique as it uses natural ingredients to provide excellent flavors, with a rich and creamy texture that sets it apart from other ice cream brands.
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Major Key Players of the Market:
Nestlé SA; The Kraft Heinz Company; Starbucks Corporation; The J. M. Smucker Company; JAB Holding Company; Strauss Coffee B.V.; Luigi Lavazza S.p.A.; Tata Consumer Products Limited; UCC Europe Limited; Steamy Bean Coffee LLC; The Busy Bean Coffee Co.; BostonbeaN Coffee Company; JumpStart Coffee; Trung Nguyen; The Steam Room; Keurig Dr Pepper Inc.; Massimo Zanetti Beverage Group S.p.A.; Melitta Group; Tres Coracoes Alimentos S.A.; Dunkin' Brands Group Inc.; Jacobs Douwe Egberts B.V.; Illycaffe S.p.A.; Segafredo Zanetti S.p.A.; Lavazza S.p.A.; Peet's Coffee Inc.; Coffee Day Enterprises Ltd.; Dallmayr; Café de Colombia; Matthew Algie & Company Ltd.; Löfbergs Lila AB
Coffee Concentrates, Essences And Extracts Market 2024 Key Insights:
• The coffee concentrates, essences and extracts market will grow to $33.09 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Surging Coffee Consumption Drives Growth In The Coffee Concentrate, Essence, And Extract Market
• Product Innovation Transforming The Coffee Concentrate, Essence, And Extract Market
• North America was the largest region in the coffee concentrates, essences and extracts market in 2023
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