Rockville, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals that global demand for coffee shops is projected to increase at a CAGR of 3.7% and the market is likely to reach a valuation of US$ 243 billion by the end of 2032.
Coffee is considered one of the most popular beverages consumed around the world. A wide variety of coffee beans is easily accessible for franchised and local coffee shops due to them being one of the highest exported commodities of agriculture. Increasing disposable income of young people and rising urban population are anticipated to bolster demand for new-generation cafes in semi-urban and urban cities. In recent years, coffee shops are being designed for business meetups, formal or informal meetings, and socializing purposes, which has further created a dimensional shift from the conventional coffee shop structure.
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Specialty cafes have been gaining traction in recent years as they provide premium quality coffee and coffee beans. Further, exotic coffee beans, one of the varieties of coffee types that are available in the global market, require fancy preparation. Rising use of cafes as an alternative to present co-working spaces is expected to bolster growth opportunities in the market.
Various canned coffee products are gaining traction among consumers. These products have been introduced by Starbucks, Nescafe, and CCD, which is likely to push growth opportunities in the retail sector under the same brands of coffee.
Key Takeaways from Market Study
- The projected valuation of the global coffee shops market is US$ 243 billion for 2032.
- Demand for coffee shops is likely to expand at a CAGR of 3.7% through 2032.
- The coffee shops market in the U.S. reached a value of over US$ 36 billion in 2021.
- The market of Germany is projected to expand at a CAGR of 3.2% through the forecast period.
- Demand for coffee is anticipated to reach US$ 130 billion by the end of 2032.
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Market Competition
The market for coffee shops is highly concentrated at the top. Competition also comes from some other industries (donut shops, fast food restaurants, convenience stores, and others). There is cut-throat competition among key players who offer various loyalty programs, have premium locations, offer outstanding environment/service (short waiting queues, comfortable seating areas, etc.), and provide special offers (new offerings).
Companies owning coffee shop chains are incorporating various strategies and developing many new methods and techniques to increase their customer base.
For instance, state-of-the-art technology is serving as a pivotal factor in coffee shops to serve differentiated and high-quality products. The advantages related to high-level machines and technology are shorter waiting times for consumers. In addition, this high-level technology can create various unique, new, and fresh flavors.
Key Companies Profiled
- Costa Coffee
- Café Coffee Day
- Starbucks Corporation
- CaffeRitazza
- Caribou Coffee Company
- Coffee Republic
- Dutch Bros Coffee
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Segmentation of Coffee Shops Industry Research
- By Product:
- Coffee
- Other Products
- By City Size:
- Metropolitan
- Urban
- Rural
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global coffee shops market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights into the market on the basis of product type (coffee, other products) and city size (metropolitan, urban, rural), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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Coffee Concentrate Market - The worldwide coffee concentrate market size valuation is USD 1227.27 Million in 2022. The market is further expected to reach a valuation of USD10,954.36 Million by the end of 2032. Owing to the rising coffee concentrate brands, the coffee concentrate market is anticipated to grow with a CAGR of 24.47% in assessment duration, i.e. 2022-2032.
Coffee Fruit Extract Market - The global market of coffee fruit extract is likely to increase in the forecast period because of its three primary end-use industries, including Food, pharmaceutical, and cosmetic industry according to Fact.MR its market is likely to grow with a lower-digit CAGR (compound annual growth rate) in the forecast period.
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