Instant coffee is a popular beverage that can be easily prepared by just adding boiling water. It offers convenience and flexibility to customers leading busy lifestyles. The increasing demand for convenience food and beverages has propelled the growth of the instant coffee market. Instant coffee saves preparation time and its solubility properties make it ideal for traveling or office use. The global Instant Coffee Market is estimated to be valued at US$42.05 billion in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers accelerating the growth of the instant coffee market is the increased consumption among millennials. Millennials prefer foods and beverages that offer convenience without compromising on taste. Instant coffee perfectly meets this demand profile of millennials as it can be easily prepared without complex brewing processes. Furthermore, the changing lifestyle patterns and hectic schedules of millennials have boosted the popularity of instant coffee. The availability of innovative instant coffee products such as flavored coffee mixes and premium instant coffee offerings like Brazilian and Ethiopian coffee are especially appealing to the millennial demographic. This rising demand from millennials is a major trend that is expected to contribute significantly to the market growth over the forecast period.
Segment Analysis
The global instant coffee market is dominated by the single-serve coffee sub-segment. Single-serve coffee comes in packs of one or two coffee sachets designed for making a single cup of coffee. They are very convenient to use and produce coffee quickly without any mess or fuss, which has made them extremely popular among busy consumers. The single-serve format allows people to make coffee anytime anywhere easily and so it fits well into the fast-paced lifestyle of many modern consumers.
Key Takeaways
The Global Instant Coffee Market Size is expected to witness high growth over the next few years to reach a value of US$ 42.05 billion by 2024 as rising incomes and changing consumer preferences continue to drive demand.
Regional Analysis: Europe currently dominates the global instant coffee market. Countries like Italy, Germany, and Switzerland have established strong coffee culture and traditions in the region. Changing tastes of younger consumers towards more convenient foods on-the-go have boosted the popularity of instant coffee in Europe. The Asia Pacific region is expected to be the fastest growing market during the forecast period owing to rising living standards in populous countries like India and Indonesia. Rapid urbanization and increasing population are encouraging the development of more convenient food options in Asia Pacific, providing opportunities for instant coffee sales growth.
Key players operating in the instant coffee market are Nestle, Jacobs Douwe Egberts, Starbucks, and Strauss Group. Nestle enjoys the largest market share due to its wide distribution and popular brands such Nescafe and Nespresso. Jacobs Douwe Egberts and Starbucks also have sizable market shares and focus on single-serve pods and cups formats. Strauss Group has a strong presence in emerging Asia and Middle East regions.
Get More Insights Here
https://www.newswirestats.com/instant-coffee-market-size-share-growth-outlook-2023/
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian