Pune, INDIA., Aug. 18, 2021 (GLOBE NEWSWIRE) -- Coffee Machines Market: Key Insights
According to our new research study on “Coffee Machines Market to 2028 – Global Analysis and Forecast – by Type, Category, End-User and Geography,” the Coffee Machines Market Size is projected to reach US$ 14,879.48 million in 2020 and is projected to reach US$ 20,596.79 million by 2028; it is expected to grow at a CAGR of 4.3% from 2021 to 2028 to reach US$ 1,810.56 million by 2027.
Coffee Machines Market: Competition Landscape and Key Developments
Some A few of the prominent players operating in the global coffee machines market include are Keurig Green Mountain, Inc. Robert Bosch Gmbh; Electrolux Ab.; Illycaffè S.P.A.; Koninklijke Philips N.V; Krups Gmbh; Morphy Richards; Nestlé S.A.; Panasonic Corporation; and Luigi Lavazza S.P.A. among others. These companies provide a wide range of products within the coffee machines market. They have established presence in various developed and developing economies, which provides a lucrative opportunity for growth and expansion. These market players are highly focused on developing high quality and innovative products to fulfill the constantly evolving customer requirementsThe mvarious strategies and key developments such as that is needed.
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Europe held the largest share of the global coffee machines market in 2020. High consumption of coffee in the region is one of the factors driving the market growth. Moreover, presence of a large number of commercial complexes and offices have aided the product sales. Consumers in the region are interested in different varieties of coffee and this has significantly aided the growth of coffee machines in residential applications. The market has seen promising growth in recent years, and this trend is expected to continue due to the millennials' growing preference for advanced kitchen equipment.
Caffeinated drinks have been witnessing high demand growth in the recent years, with the demand growing significantly over the past decade. Consumer awareness of reduced sugar and non-alcoholic drinks, hectic work schedules, and changing consumer preferences are some of the factors propelling the popularity of caffeinated beverages such as coffee. Caffeine has also been found effective in many studies in preventing Parkinson’s disease. According to a coffee support report published in June 2021, there is evidence that people who drink caffeinated beverages, including coffee, tea, and cola, have a lower risk of Parkinson's disease. However, the impact on males appears to be dependent on the quantity of caffeine taken. Men who consume the most caffeinated coffee, about 28 ounces (three to four cups) per day, appear to be at the lowest risk. Whereas ingesting only one or two cups of coffee reduces their chance of Parkinson's disease. Increasing popularity of coffee have alerted the manufacturers of coffee and coffee makers to offer different varieties of coffee sourced from across the globe. These factors have aided the growth of coffee machines market on a global level.
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Coffee Machines Market: Segmental Overview
Based on type, the coffee machines market is segmented into coffee machines, espresso coffee machines, capsule and pod coffee machines, and others. Filter coffee machines were the largest segment of the global coffee machines market. The ability to make multiple servings have aided the adoption of filter coffee machines. Traditional coffee drinkers and new home brewers opt for automatic filter coffee machines owing to the ease of usage. However, espresso coffee machines have been growing in popularity and is expected to grow at the highest CAGR over the forecast period. Based on category, the global coffee machines market is segmented into manual, automatic & semi-automatic. Automatic and semi-automatic segment accounted for the largest share and is expected to witness significant growth over the forecast period. Based on application, the global coffee machines market is segmented into residential and non-residential. Residential segment accounted for the largest share and is expected to exhibit the highest CAGR over the forecast period. Increasing number of home brewers and shift in preference to coffee over tea has aided the adoption of coffee machines in the residential sector.
Impact of COVID-19 Pandemic on Coffee Machines Market:
As of April 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among of the worst-affected countries by the COVID-19 pandemic, in terms confirmed cases and reported deaths. COVID-19 outbreak pandemic has significantly affected the global coffee machines market. The outbreak has declined operational efficiency and interrupted supply chains owing to the sudden closure of national and international boundaries, thereby creating revenue loss and damage. The disruptions in supply chain has restricted the supply of raw materials, which, in turn, is hindering the growth of the market and affecting the production of coffee machines.
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While the demand for coffee machines in non-residential applications fell significantly, demand for coffee machines in residential applications has increased primarily owing to the shutdown of most cafes as well as the shift to work-from-home by the corporates. This also increased the demand for specialty coffee or café-like coffee that can be prepared at home. This has aided the sales of coffee machines. According to the All Japan Coffee Association, the concept, "café at home" has become quite popular in 2020, consequently increasing the consumption of coffee at home rapidly. As more and more people become interested in different ways to brew coffee at home, people who are working from home have started to drink higher amounts of coffee. Moreover, as the international vaccine campaign gathers momentum and the pandemic gradually being brought under control across the developed economies, consumers and companies are slowly returning to normalcy and this is expected to offer further opportunities for growth.
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