Coffee Beans Market Excessive Growth Opportunities Estimated to be Experienced 2024 | Caribou Coffee, Illycaff S.p.A
August 5, 2022
Coffee Beans Market Market by Product, by End Use, and Region: Global Opportunity Analysis and Industry Forecast, 2020-2030
PORTLAND, OR, UNITED STATES, August 4, 2022 /EINPresswire.com/ -- The global coffee beans market growth is driven by increase in coffee consumption among consumers. In addition, health benefits associated with coffee and expansion of retail market makes the buying process easy for the consumers, which boost the global coffee beans market. Moreover, decrease in consumption of carbonated drinks has supplemented the coffee beans market growth. However, availability of tea is projected to restrain the global coffee beans market.
The Global Coffee Beans Market size was valued at $10,471 million in 2017 and is likely to reach $15,635 million at a CAGR of 6.1% during the forecast period. The demand for coffee beans in Asia-Pacific has grown significantly over the years, owing to increase in its consumption. Japan, India, and Philippines are the major contributors to its growth.
Research has proved that coffee lowers the risk of type 2 diabetes, protects the liver, and prevents certain types of cancer. Moreover, increase in the trend of out-of-home coffee consumption indicate an increase in the consumption of coffee in recent years. Thus, increase in coffee consumption is projected to drive the global coffee beans market.
The coffee beans market trends are witnessing an economy slowdown as the consumers focus on affordability and thus, shift their preference to inexpensive varieties of coffee. The low cost of production of robusta caf beans has resulted in high demand for robusta. This further fuel the growth in consumption of coffee.
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The report segments the coffee beans market based on product, end use, and geography. Based on product, the coffee beans market is categorized into arabica, robusta, and others. By end use, it is classified into food, personal care, and pharmaceuticals. Bakers have been integrating coffee into muffins, cookies, and cakes for years. The different flavors, such as baking with espresso provides a richer, deeper flavor to the recipe than the lighter roasts. These coffee-made cookies and cakes are gaining popularity and hence, supplementing the coffee beans in the food products industry. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The impact of competitive rivalry in the global coffee beans market is moderate because of large number of players, moderate strategies adopted by operating companies, high innovation pursued, and higher growth rate in the global market. Major players in the global coffee beans market are focusing on new product development to gain a strong foothold in the market. Key players profiled in the report include Kicking Horse Whole Beans, Death Wish Coffee, La Colombe Corsica Blend, Caribou Coffee, Luigi Lavazza S.P.A., Illycaff S.p.A., Hawaiian Isles Kona Coffee Company, Ltd., La Colombe Torrefaction, INC., Peets Coffee & Tea, Inc., Coffee Beans International, Inc.
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Key Findings of the Coffee Beans Market:
In terms of value, the arabica caf beans generated the maximum revenue in 2017 and is expected to grow at a CAGR of 5.5% during the forecast period.
The pharmaceutical industry is likely to grow at the fastest rate at a CAGR of 6.9% by 2024.
Europe is expected to dominate the market, registering the CAGR of 5.4% in terms of value.
Asia-Pacific is projected to show exponential growth in demand throughout 2024, growing at a CAGR 7.6% of in terms of value.
India and China are expected to witness considerably high growth rates at a CAGR of 10.9% and 9.0% respectively, during the forecast period.
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