Coffee Global Market Report 2024

The coffee concentrates, essences and extracts market size has grown strongly in recent years. It will grow from $24.55 billion in 2023 to $26.2 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. During the historical period, the growth in the coffee industry was driven by shifts in consumer preferences, catering to convenience and on-the-go lifestyles, an increasing desire for artisanal and craft coffee products, and the expanding reach of globalization and trade. These factors collectively contributed to the evolution and expansion of the coffee market.

The coffee concentrates, essences and extracts market size is expected to see strong growth in the next few years. It will grow to $33.09 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. In the upcoming forecast period, the growth in the coffee industry is anticipated to be fueled by the increasing focus on health and wellness, the rising trend towards premium coffee experiences, emphasis on sustainable and ethical sourcing practices, the growth of e-commerce and online retail avenues, and the emergence of functional and specialty coffee varieties. Notable trends expected in this period encompass customization and do-it-yourself approaches, partnerships for limited edition offerings, a stronger emphasis on health and wellness attributes, innovative packaging for enhanced convenience, and a global exploration of diverse coffee origins.

The anticipated increase in coffee consumption is set to drive the growth of the coffee market. Coffee, a beverage made from dark brown powder extracted from crushed coffee beans, is gaining popularity due to its taste and various nutritional benefits. Rich in antioxidants and vitamins such as riboflavin, magnesium, and potassium, coffee is also associated with a reduction in the onset of heart diseases. The heightened consumption of coffee has significantly boosted sales and revenue. As of March 2022, statistics from the National Coffee Association, a US-based coffee industry trade association, revealed that 66% of Americans consume coffee every day, surpassing other beverages, including tap water, and witnessing a growth of nearly 14% since January 2021. The increasing consumption of coffee is a key driver propelling the coffee market.

The growing e-commerce industry is expected to further propel the growth of the coffee market. E-commerce, involving the online buying and selling of goods and services, provides a dynamic and efficient channel for coffee producers and retailers. This platform offers consumers a convenient and diverse shopping experience, contributing to the overall expansion of the coffee market. According to a report published by the International Trade Administration in October 2021, e-commerce for consumer goods is projected to represent about 22% of all global retail sales by 2024, growing at an average rate of over 1%. The report also indicates a consistent, long-term increase of 8% in global retail e-commerce sales through 2024. The growing e-commerce industry plays a pivotal role in driving the growth of the coffee market.

Product innovation emerges as a notable trend gaining popularity in the coffee market. Major companies in the coffee sector are actively launching innovative products to enhance customer experience and solidify their market position. A case in point is Blue Bottle, a Nestle-owned US-based cafe retailer and specialty coffee roaster, which introduced Craft Instant Espresso in October 2022. This premium instant coffee is produced using premium beans, a unique roasting method, and a slow freeze-drying process. Craft Instant Espresso aims to empower consumers to prepare premium drinks at home without the need for expensive equipment or brewing knowledge. Product innovation remains a crucial factor in shaping the coffee market's landscape and meeting evolving consumer preferences.

Major players in the coffee market are actively pursuing innovations, such as the development of fully automated drive-thru kiosks, as part of their strategy to reach larger customer bases and drive increased sales and revenue. A fully automated drive-thru kiosk represents a self-service ordering and payment system that enables customers to place and pay for their orders without the need for interaction with a human employee. A notable example is Octane Coffee, a US-based coffee roasting company, which launched a Drive-thru Kiosk in March 2023. This innovative kiosk employs a robotic system to prepare and dispense beverages. Customers utilize the Octane Coffee app for order placement and payment, with the system utilizing GPS technology to track the customer's car and ensure that their order is ready upon arrival.

In March 2021, Stonewall Kitchen, a prominent US-based specialty food producer, acquired Vermont Coffee Company for an undisclosed amount. This acquisition is part of Stonewall Kitchen's plan to enhance its product portfolio and reinforce its position in the food industry. Vermont Coffee Company, a US-based organic coffee producer, aligns with Stonewall Kitchen's objective of expanding its offerings and diversifying its presence in the market. The introduction of fully automated drive-thru kiosks and strategic acquisitions are key initiatives undertaken by major companies to drive innovation and strengthen their market positions in the dynamic coffee market.

Major companies operating in the coffee market report are Grady's Cold Brew LLC, PepsiCo Inc., Tata Coffee Limited, Kraft Foods Group Inc., Royal Cup Inc., Ueshima Coffee Co. Ltd., Red Thread Coffee Co., Christopher Bean Coffee, Nestle SA, Slingshot Coffee Co., Synergy Flavors Inc., Artemis Brew LTD., Monin Incorporated, S&D Coffee Inc., Aspen Beverage Group, The J.M. Smucker Company, Illycaffe SpA, The Coca-Cola Company, Tate & Lyle PLC, Jacobs Douwe Egberts BV, Folgers Coffee Company, Sensient Technologies Corporation, Cafe de Colombia, Keurig Dr Pepper Inc., Tchibo GmbH, Strauss Group Ltd., Massimo Zanetti Beverage Group S.p.A., The Kraft Heinz Company, Segafredo Zanetti S.p.A., UCC Holdings Co. Ltd.

Europe was the largest region in the coffee market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the coffee market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the coffee market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

There are several types of coffee products available, including whole bean, ground coffee, instant coffee, coffee pods, and capsules. Whole bean coffee refers to the seeds that have undergone all production phases except grinding. These variations are used in preparing hot drinks, ready-to-drink coffee, and flavored beverages. They are accessible through various distribution channels such as supermarkets, convenience stores, specialty outlets, online platforms, catering to end users in Horeca (hotels, restaurants, cafes & caterers), and the general retail market.

The coffee market research report is one of a series of new reports that provides coffee market statistics, including coffee industry global market size, regional shares, competitors with a coffee market share, detailed coffee market segments, market trends, and opportunities, and any further data you may need to thrive in the coffee industry. This coffee market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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