PUBLISHER: Grand View Research | PRODUCT CODE: 1575159
PUBLISHER: Grand View Research | PRODUCT CODE: 1575159
The global coffee market size is expected to reach USD 323.72 billion by 2030, according to a new report by Grand View Research, Inc., growing at a CAGR of 5.4% from 2024 to 2030. One of the major market drivers is the overall demand for coffee. Coffee is one of the most popular beverages in the world, and demand for it is only increasing, especially in developing economies such as Asia Pacific. The global rise in coffee culture among consumers increased disposable incomes of consumers, and changing lifestyles are all factors in the market's overall expansion.
Consumer trends and preferences are always changing, and this has a significant impact on the coffee business. Market dynamics are influenced by elements including the rising demand for specialty and gourmet coffees, organic and sustainable sourcing, and the acceptance of expensive and single-origin coffee varietals. Gourmet coffee and specialty coffee are often considered to have superior quality and distinctive flavor profiles. Customers are becoming more willing to pay more for these coffees, enhancing the market's overall worth. Such factors are driving the overall growth of the coffee market.
Roasted coffee led the market in 2022 and is expected to witness progressive growth in demand during the forecast period. Consumers' interest in specialty and craft coffee is growing as they search for distinctive and high-quality coffee experiences. Freshly roasted beans with distinctive flavor profiles that are frequently sourced from certain places are in high demand as a result of this trend. In addition, the popularity of home brewing has increased the need for roasted coffee. Nowadays, many customers spend money on premium coffee beans and brewing supplies to get the same coffee shop experience at home.
Europe dominated the global coffee market in 2022. High-quality coffee is becoming more and more popular among consumers in the area. This is mostly due to the considerable rise in consumption at specialty coffee shops in Western Europe, which specialize in serving high-quality coffee. Due to the rising interest in both Arabica and Robusta specialty coffees among European customers, there are more prospects for suppliers. It is anticipated that these opportunities will be especially appealing to exporters who can consistently offer high-quality coffees.
Prominent market players for coffee include Nestle, Starbucks Coffee Company, JDE Peet's, Tchibo Coffee, LUIGI LAVAZZA SPA, Strauss Coffee BV, The J.M. Smucker Company, Melitta, UCC UESHIMA COFFEE CO., LTD., and Massimo Zanetti Beverage USA. Various steps are adopted by these companies including global expansion, partnerships, acquisitions & mergers, development & launch of new products, and others to gain more share of the market.