Newark, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the cold brew coffee market will grow to USD 650.91 million in 2022 and reach USD 5478.01 million by 2032. In just ten years, the changing customer preference towards food & beverages, along with the considerable investments in the research & development of efficient products, are helping to boost the market growth over the forecast period. Moreover, the consumer preference for distinctive coffee beverages, expanding disposable income, rise in coffee consumption, changing customers' consumption patterns, and innovative packaging are expected to propel market growth over the forecast period.
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Key Insight of the Cold Brew Coffee Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in cold brew coffee. Key factors favouring the growth of the cold brew coffee market in North America include the rising spending power of millennials & their preference for coffee over other beverages. Further, the high adoption of speciality coffee beverages and increasing awareness about health benefits associated with cold brew coffee among individuals in countries are expected to stimulate market growth over the forecast period in this region.
The arabica segment is expected to augment the cold brew coffee market during the forecast period.
The product segment is divided into robusta, arabica, and others. The arabica segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing number of Arabic-based cold brew coffee options. Further, arabica includes a variety of health advantages, including antibacterial features that keep stress reduction, a healthy mouth, enhanced metabolism, and skin hydration. These factors are also helping to boost the segment's market growth.
The decaf segment market size was USD 379.08 million in 2022
The category segment is divided into traditional and decaf. The decaf segment market size was USD 379.08 million in 2022 due to increased awareness of the harmful physiological effects of caffeine.
The online segment is anticipated to dominate the market by 45.08% in 2032.
The distribution channel segment is divided into supermarkets & hypermarkets, convenience stores, company-owned outlets, online, and others. The online segment is anticipated to dominate the market in the forthcoming years due to the increased popularity of e-commerce channels.
Advancement in market
For example, in February 2020, Starbucks Company announced the launch of its new ready-to-drink Nitro Cold Brew coffee, which comes in three flavours: dark caramel, black coffee, and sweet vanilla cream.
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Market Dynamics
Driver: The rising penetration of RTD (Ready Drink) drinks:
The rising penetration of RTD (Ready to Drink) beverages is one of the driving factors of the market growth. Further, the increasing popularity of iced coffee has pushed key companies such as Starbucks to grow its product offerings to contain cold brew is expected to drive the market growth over the forecast period. Additionally, the rising inclination of the youth towards sports, gymming and physical activities resulted in a greater need for RTD coffee with antioxidants, also helping to stimulate the market growth. Furthermore, with the increasing popularity of healthy lifestyle practices, manufacturers are gaining a more extensive customer base by including healthy elements in ready-to-drink coffee is expected to drive market growth over the forecast period.
Restraint: The fluctuation in coffee prices:
The unstable climate conditions and the fluctuation in coffee prices are restraining factors of market growth. Moreover, the availability of cold brew coffee alternatives, including hot coffee, tea, and others, hinders market growth.
Opportunity: The popularity of handcrafted and premium products:
The rising popularity of instant coffee among millennials and product launches, and the expansion of organized retailing outlets worldwide are expected to drive market growth over the forecast period. Further, the increasing number of mergers and acquisitions and the opening of new chains are helping to boost market growth. Additionally, the frequent launching of innovative & new coffee products by prominent manufacturers, along with the high focus of manufacturers on creative packaging of premium coffee drinks, are expected to drive market growth.
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Some of the major players operating in the cold brew coffee market are:
• Lucky Jack
• Grady’s
• KonaRed
• Caveman
• Groundwork
• Seaworth Coffee Co
• Sandows
• Stumptown
• Slingshot Coffee Co
• Wandering Bear Coffee
• ZoZozial
• Nestlé
• 1degreeC
• Secret Squirrel
• La Colombe
• Califia Farms
• STATION
• High Brew
• Julius Meinl
• Red Thread Good
• Villa Myriam
• Venice
• Cove Coffee Co
• Schnobs
Key Segments cover in the market:
By Product:
• Robusta
• Arabica
• Others
By Category:
• Traditional
• Decaf
By Distribution Channel:
• Supermarket & Hypermarket
• Convenience Stores
• Company-Owned Outlets
• Online
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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