Global Coffee and Tea Market: Steaming Ahead, Projected Growth to $156.53 Billion by 2027
The Business Research Company’s Coffee And Tea Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, December 5, 2023 /EINPresswire.com/ — The global coffee and tea market, a rich tapestry of flavors and consumption habits, is strategically segmented to offer a nuanced perspective:
Market Size: A Steady Brew of Growth
The global coffee and tea market exhibited robust growth, expanding from $112.26 billion in 2022 to $120.88 billion in 2023, reflecting a commendable compound annual growth rate (CAGR) of 7.7%. Despite disruptions caused by the Russia-Ukraine war and the lingering impacts of the COVID-19 pandemic, the market is poised to ascend to $156.53 billion by 2027, showcasing a CAGR of 6.7%.
Driving Forces: Rise of Ready-to-Drink (RTD) Beverages
The coffee and tea marketisfueled by the escalating demand for ready-to-drink (RTD) beverages, a trend expected to shape its trajectory in the forecast period. RTD beverages, characterized by their convenience and clean labels, are gaining popularity, especially among working adults. The introduction of new flavors in the RTD tea and coffee range, coupled with ease of carrying, is anticipated to propel the demand further. The global market for RTD tea and coffee is projected to reach $116.1 billion by 2024, with a CAGR of 5.6%, while global RTD tea consumption alone is estimated to hit 50 billion liters in 2021, growing at a CAGR of 5.3%. The surge in demand for RTD beverages, including RTD coffee and tea, is a pivotal driving force for the overall market.
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Major Companies: Brewing Success
Key players in the coffee and tea market play a crucial role in shaping its landscape. Major companies such as Nestle S.A., Unilever plc, Suntory Holdings Limited, Ito En Ltd., Louis Dreyfus, Olam International, J.M. Smucker Company, Kerry Group plc, The Kraft Heinz Company, and Marubeni are instrumental in steering the industry forward.
COVID-19 Impact: Navigating Unprecedented Challenges
The outbreak of COVID-19 in 2020 posed unprecedented challenges for the coffee and teamarkets. Disruptions in supply chains due to trade restrictions and a decline in consumption during lockdowns globally impacted the industry. However, the market is expected to recover from the shock, considering the unique nature of the pandemic as a “black swan” event rather than a reflection of ongoing weaknesses in the market or the global economy.
Subscription Services: Brewing Innovation
Coffee companies are embracing innovation through coffee subscription services. These services provide home delivery of coffee products to consumers on a subscription basis, offering advantages such as sampling products from various roasters and ensuring freshness. Popular coffee subscription services, including Atlas Coffee Club, Driftaway Coffee, Blue Bottle Coffee, JavaPress Coffee, Mistobox, Bean Box, Craft Coffee, and Pact Coffee, are reshaping how consumers experience and access their favorite brews.
The global coffee and tea market is segmented –
1) By Type: Coffee, Tea
2) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
3) By Form: Liquid, Powder, Capsules
4) By Packaging: Containers, Bags , Packets or Pouches
Regional Dynamics: Asia-Pacific at the Forefront
In 2022, Asia-Pacific emerged as the largest region in the coffee and tea market, underscoring its prominence in global consumption habits. Following closely, Western Europe secured its position as the second-largest region. The comprehensive analysis covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Coffee And Tea Global Market Report 2023from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
TheCoffee And Tea Global Market Report 2023byThe Business Research Company is the most comprehensive report that provides insights on coffee and tea market size, coffee and tea market drivers and coffee and tea market trends, coffee and tea market major players, competitors’ revenues, coffee and tea market positioning, and coffee and tea market growth across geographies.The coffee and tea market report helps you gain in-depth insights oncoffee and tea market opportunities andcoffee and tea market strategies. Companies can leverage the data in thecoffee and tea market report and tap into segments with the highest growth potential.
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