Monday, May 27, 2024

Global specialty coffee market to reach $51 billion by 2030


DUBLIN, Ireland – The global specialty coffee market size is expected to reach USD 51, 404.0 million by 2030, expanding at 11.3% CAGR from 2023 to 2030. The market expansion is anticipated to be fueled by the rising preference for ready-to-drink coffee and premium coffees and increasing number of coffee shops globally, says the Specialty Coffee Market Size, Share & Trends Analysis Report By Age Group, By Application, By Distribution Channel, By Region, And Segment Forecasts, 2023 – 2030″, recently released by ResearchAndMarkets.com

The growing demand for specialty coffee can be attributed to a variety of factors, including the desire for high-quality, flavorful coffee experiences, and increased awareness of ethical & sustainable sourcing practices.

As coffee culture continues to thrive, consumers are seeking unique experiences, with specialty coffee shops and cafes serving as popular social destinations.

Health-conscious individuals are also drawn to specialty coffee, which often uses higher quality beans and more refined roasting processes. Social media has further amplified interest in specialty coffee by showcasing new products and trends.

The Report highlights on the global specialty coffee market

The 18-24 age group segment held the largest share of 32.7% in 2022. This age group often seeks out new and unique flavors, leading them to prefer the taste and quality of specialty coffee. However. The age group of 25-39 is expected to expand at the fastest CAGR of 12.0% over the forecast period owing to the desire for authenticity and unique brewing methods, which cater to this demographic’s desire for novelty and unique experiences

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The commercial segment held a significant share of 74.3% in 2022. The growing awareness and appreciation for higher quality coffee has led to an increase in demand for specialty coffee.

This drives commercial businesses, such as coffee shops and restaurants, to offer specialty coffee options to attract customers and stay competitive in the market. The home segment is expected to expand at the fastest CAGR of 11.8% over the forecast period

The online segment dominated the market and is expected to continue to maintain its dominance over the forecast period. It is expected to expand at a highest CAGR of 12.3% during the forecast period.

Shopping for specialty coffee through online distribution channels such as Walmart and Amazon allows consumers to easily compare prices, features, and reviews of different products. This helps them make an informed decision about which product to buy, ensuring that they get the best value for their money

Europe held the highest market share of 30.8% in 2022. The presence of various leading market players, among others in the region is a major factor contributing to the market growth.

Also, Europe has a long-standing and well-established coffee culture, with countries like Italy, France, and Spain being famous for their coffee traditions. This makes Europeans more open to exploring and appreciating high-quality coffee experiences. Asia Pacific is expected to expand at the fastest CAGR of 13.6% over the forecast period



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