Global Coffee Market Overview
The valuation of the global coffee shops market is US$ 169 billion in 2022 and expected to reach US$ 243 billion by 2032-end, expanding at a CAGR of 3.7%. Northeast U.S. leads in coffee consumption, with 60% of the population being regular consumers.
Coffee Shop Industry Insights
- Coffee shops generate $12 billion annually.
- US has 24,000 traditional coffee shops, expected to surpass 50,000 soon.
- Specialty coffee drinkers consume 2.97 cups daily.
- Starbucks is a key player in single-serve coffee sales.
- Scandinavian markets show varying sales trends with slow growth forecasts.
Emerging Trends in Coffee Consumption
- Cold coffee demand, especially among younger consumers, is rapidly increasing.
- Potential market research emphasis: ensuring demand surpasses supply, identifying customer gaps, quality matching, and diversification into ready-to-drink beverages.
Coffee Demand and Market Growth
- Global coffee market expected to reach $53.5 billion by 2033.
- The UK coffee and tea industry generated £2.1 billion in 2019.
- US specialty coffee market experiences a 2.4% annual growth rate.
Conclusion
- Cold coffee’s popularity is rising, possibly surpassing hot coffee in the next decade.
- Adapting to customization and experiential preferences becomes vital, ensuring product diversification alongside traditional offerings.