Global Coffee Market: Overview
Coffee refers to a brewed drink that is made from roasted coffee beans. These beans are the seeds of berries that come from certain species of Coffee. When coffee beans change its color to bright red from green, they are first picked, processed, and then dried finally. Change in the color indicates ripeness of the berries. Coffee offers an effect of revitalization due to the presence of caffeine in the beverage, which is likely to play an important role in the growth of the global coffee market over the timeframe of analysis, from 2024 to 2030.
This beverage is consumed widely and is considered one of the most popular drinks in the world. Coffee is presented and prepared in different ways and is served either as iced or hot coffee. According to some of the clinical studies, coffee consumption in modest amount is slightly advantageous for healthy adults. These factors are estimated to drive the growth of the global coffee market in the years to come. Emerging trend of café culture amongst the young generation along with rapid urbanization is further anticipated to drive the demand for coffee in the near future.
The global coffee market has been segmented on the basis of three important parameters, which are product type, distribution channel, and region.
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Global Coffee Market: Notable Developments
One of the latest developments in the global coffee market that is likely to leave an impact on the market is mentioned as below:
- In July 2018, Keurig Dr Pepper made an announcement of successful merger of Dr Pepper Snapple Group and Keurig Green Mountain. This merger has resulted in the formation of the seventh largest food and beverage firm in the US.
Some of the leading companies in the global coffee market include the following:
- The Coca-Cola Company
- Starbucks Corporation
- JAB Holding Company
- Keurig Dr Pepper Inc.
- The Kraft Heinz Company
- JM Smucker Company
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Global Coffee Market: Key Trends
The global coffee market is characterized by the prevalence of the following challenges, market drivers, and promising opportunities.
Rise in the Disposable Income and Improvement in Standard of Living to Shoot Up Demand
A rise in the disposable income of the people together with presence of white collar demographics and rising number of food service outlets are likely to play an important role in the growth of the global coffee market over the timeframe of analysis, from 2024 to 2030. Improved standard of living along with shifting of work culture, particularly in the corporate world has generated immense demand for coffee. Rise in demand for organic coffee owing to increasing awareness about its health benefits is estimated to work in favor of the global coffee market over the timeframe of assessment, from 2024 to 2030.
In addition to that, introduction of different flavors of coffee by various companies, such as Starbucks Corporation, Café Coffee Day (CCD), and Barista Coffee Company Limited are likely to help coffee gather momentum in the years to come.
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Global Coffee Market: Geographical Analysis
In the global coffee market, it is estimated that Latin America will dominate the market accounting for a sizeable chunk of the market. Such prominence of the Latin America region is expected to be driven by the presence of some of the leading coffee producers in the world.
Asia Pacific is estimated to come up as a rapidly growing region in the global coffee market and is expected to exhibit high growth during the timeframe of analysis, from 2024 to 2030. Driven by coffee production in countries like India, Vietnam, Thailand, and Indonesia, the Asia Pacific coffee market is estimated to observe high growth in the years to come.
