Categories: Food & Beverages

Coffee Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Coffee by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Coffee, 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..

Increasing consumption of coffee is expected to propel the growth of the coffee market going forward. Coffee is a beverage made from dark brown powder obtained from crushed coffee beans. People are consuming coffee beverages highly due to its taste and nutritional benefits, such as high antioxidants and vitamins such as riboflavin, magnesium, and potassium. It is also found to reduce the onset of heart diseases, and this increased consumption has further boosted the sale and revenue of coffee. For instance, as per statistics published in March 2022, by the National Coffee Association, a US-based coffee industry trade association, Coffee is consumed by 66% of Americans every day, more than any other beverage, including tap water, and has grown by nearly 14% since January 2021. Therefore, the increasing consumption of coffee drives the coffee market.

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The coffee market covered in this report is segmented –

1) By Product Type: Whole-Bean, Ground Coffee, Instant Coffee, Coffee Pods, Capsules

2) By Application: Hot Drinks, Ready-To-Drink Coffee, Flavored Beverages

3) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Speciality Stores, Online, Other Channels

4) By End Use: HoReCa (Hotels, Restaurants, Cafe And Caterers), Retail

Product innovation is a key trend gaining popularity in the coffee market. Major companies in the coffee sector are focused on launching innovative products to improve customer experience and strengthen their market position. For instance, in October 2022, Blue Bottle, a Nestle-owned US-based cafe retailer and specialty coffee roaster, launched premium instant coffee, Craft Instant Espresso, produced using premium beans, a unique roasting method, and a slow freeze-drying procedure. Craft Instant Espresso was introduced to enable consumers to prepare premium drinks at home without expensive equipment or brewing knowledge.

The coffee market report table of contents includes: