The Global Coffee Market is Estimated to Witness High Growth Owing to Rising Health Consciousness Among Consumers
Coffee is one of the most popular beverages consumed worldwide. It is prepared from roasted coffee beans extracted from the coffee plant. Coffee contains caffeine which acts as a central nervous system stimulant and is widely consumed for its stimulative effect. Besides providing energy, coffee consumption is also linked to various health benefits such as reduced risk of type 2 diabetes, Parkinson's disease, and liver cancer. Its antioxidant and anti-inflammatory properties play an important role in these health benefits. Coffee is consumed hot as well as cold beverages like iced coffee and cold brew coffee.
The global coffee Market is estimated to be valued at US$ 132.99 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global coffee Market size is witnessing high growth owing to rising health consciousness among consumers. Coffee's anti-cancer and antioxidant properties appeal health-conscious consumers. Furthermore, rising disposable income is also supporting the growth of the coffee market as consumers are willing to pay premium prices for specialty coffee that offers unique flavors. Growing urbanization in developing countries is also contributing to market growth as fast-paced lifestyle drives the demand for on-the-go coffee beverages. Changing preferences towards premium coffee products is another driver of market growth. Coffee producers are introducing innovative flavors and formats such as cold brew, nitro brew coffee to appeal evolving preferences of millennials. Widening distribution channels including online retail are further supporting market expansion.
SWOT Analysis
Strength: Coffee contains antioxidants that may provide health benefits such as reducing risk of type 2 diabetes, Parkinson's disease, and liver cancer. It contains caffeine which acts as a mild stimulant and can improve mood, alertness and mental performance. Many people enjoy the taste of coffee and it serves as an important social product. The coffee industry provides sustainable income for millions of farmers globally.
Weakness: Coffee is acidic in nature and drinking too much can cause acid reflux and heartburn. Consuming more than 400 mg of caffeine per day has been linked to insomnia, anxiety, restlessness and irregular heartbeats. Coffee is a daily consumption product but demand fluctuates based on economic conditions. Some people are sensitive to caffeine and it can cause unpleasant side effects like jitteriness.
Opportunity: Emerging economies like India and China are witnessing growing disposable incomes and westernization of lifestyles which is driving higher coffee consumption. Premium and specialty coffee segments focused on quality, sustainability and health factors are gaining popularity. Technology and automation in coffee production offer opportunities to reduce costs and improve efficiencies. Growth of coffee shops, cafes and on-the-go consumption trends present new opportunities.
Threats: Volatility in green coffee prices due to factors like weather conditions, crop diseases and speculative trade poses risks. Substitution threat from tea and other beverages that are often consumed as alternatives. Increasing health consciousness may reduce coffee consumption levels if negative health perceptions emerge strongly. Increased regulations and standards around sustainability and fair trade practices influence production costs.
Key Takeaways
The global coffee market is expected to witness high growth. Demand is rising in developing countries due to income growth, western influence and on-the-go consumption trends. Premiumization is a key trend driving market expansion through focus on specialized coffee types and artisanal techniques. Robusta variety accounts for about 40% of global production owing to its lower price while Arabica variety is gaining market share due to superior quality. The global coffee Market is estimated to be valued at US$ 132.99 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis related content comprises
The Asia Pacific region is expected to be the fastest growing market for coffee globally driven by widening consumer base in countries such as India and China. Rising youth population, increasing disposable incomes and growing cafe culture is fueling coffee consumption. Western European countries such as Germany, Italy and France account for around 30% share of global coffee consumption due to strong coffee drinking culture and tradition. Brazil is the largest producer and exporter of green coffee beans globally dominating over 30% share. Other major coffee producing regions are Vietnam and Colombia.
Key players related content comprises
Key players operating in the coffee market are Bristol-Myers Squibb Company, Novartis AG, Merck & Co., Inc., Genentech Inc., F. Hoffmann-La Roche AG., Amgen Inc., AstraZeneca, Daiichi Sankyo Company, Limited., AB Sciences., AgonOX, Inc., Eisai Co., Ltd, GlaxoSmithKline, plc., Pfizer, Inc., and Vical, Inc. The Asia Pacific region is expected to be the fastest growing market with countries like China and India emerging as major consumers.
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