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Description
The coffee market was valued at USD 109.01 Billion in 2021 and is anticipated to grow at a CAGR of 4.6% over 2022-2028. Coffee has a revitalizing effect due to the presence of caffeine. It is quite perhaps the most consumed and popular beverage on the planet. In the coming years, the global coffee market has experienced tremendous expansion. Several reasons fuel the worldwide coffee market: rising demand for certified coffee products, consumer acceptance of single-serve coffee brew systems, and ongoing innovation spearheaded by the industry’s leading players. For quality and flavor reasons, some customers in wealthy economies are projected to convert from instant coffee to more premium options. Instant coffee was originally seen as a high-end commodity, but it has begun to lose its younger customer base, causing market dynamics to shift. Coffee production is also likely to benefit from attractive government subsidies to encourage cash crop growth. In emerging markets, coffee consumption is increasing, with exports driving the supply chain. In the coming years, coffee will remain a popular dairy beverage in consumer diets worldwide, although consumption levels are unlikely to hit new highs. Furthermore, the introduction of new flavors and perfumes is projected to provide lucrative chances for participants worldwide. Based on product type, the coffee pods segment holds the largest share. The convenient forms of coffee, like coffee pods and capsules and instant coffee, are becoming popular among the masses (especially in North America and Western Europe) to prepare good coffee in the comfort of the home in less time.
Recent Market Developments:
In July 2021, Food giant Nestle, and U.S. coffee chain Starbucks are extending their partnership to launch ready-to-drink coffee beverages in markets across Southeast Asia, Oceania, and Latin America, the two partners said.
In June 2021, The Kraft Heinz Company announced that it has reached an agreement to purchase Assan Foods from privately held Turkish conglomerate Kibar Holding in a deal that values the enterprise at approximately $100 million.
