INDONESIA, Nov 7 – The global coffee market keeps transforming in the preference and the number of coffee intake in daily life. The fans of coffee increase their knowledge in process and result taste of a single dose of it. This trend makes the market start to move to higher quality than bigger quantity which will boost the price of specialty coffee. According to National Coffee Association, the global specialty coffee market is estimated to be worth $30 billion and is expected to grow to $50 billion by 2025.
By 2028, the global specialty coffee market is expected to have grown to more than %117.89 billion. Customers have gradually shifted aways from soft drinks in favor of coffee drinks. Coffee itself is the world’s second most traded commodity after oil. The global coffee market is expected to grow at a CAGR of 4.28% between 2017 and 2027. Moreover, an expansion in consumer’s spending ability with the increasing popularity of coffee as a subscription is the opportunity for market growth. Farmers are aware of the change and are adapting to produce better coffees.
Growth of the specialty coffee market is mostly driven by the rising potential for agri-tourism and ready-to-drink coffee ready to grow. There is increasing demand for high-quality coffee among cupping scores over 80 points. Moreover, according to CBI, customers would pay for coffee with a good story related to its social & environmental facets.
How Fast is the Coffee Industry Growing?
In 2022, the coffee segment will earn $85.16 billion in revenue to be predicted. For the next four years, the market is expected to grow by 63.16% (CAGR 2022-2025).
Is the Coffee Shop Industry Growing or Declining?
Every day, approximately 2.97 cups of gourment coffee are consumed worldwide. By 2019, there are 2,950 coffee shops in Indonesia and keeps growing until now. In US, there are over 6,600 coffee shops, a growth rate of 2.4% per year over the last five years.
How Big is the Specialty Coffee Market?
The specialty coffee market is estimated to be worth around $30 billion. The market keeps growing, with a compound annual growth rate of around 5%. The United States is the largest market for specialty coffee. Lets take a look at that country. There are around 36% of Americans aged 18 and up consume specialty coffee within a day. The term “specialty coffee” refers to both espresso-based and non-espresso-based beverages such as cold brew made with premium coffee beans. Many business were affected by the COVID-19 virus, but the specialty coffee industry benefited from a surge in Americans experimenting with homemade coffee. All of the data are directing to the increase sales and number of coffee consumption in US. Nowadays, not only older people consume big number of coffee, the millennials spending more per cup and there are some changes in the habitual of enjoying coffee.