Newark, Aug. 20, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global cold brew coffee market is expected to grow from USD 604.47 million in 2023 to USD 4,595.53 million by 2033, at a CAGR of 22.49% during the forecast period 2024-2033. North America emerged as the largest global cold brew coffee market, with a 49.17% market revenue share in 2023. The increasing number of companies focusing on launching new forms on different distribution channels is propelling the market's growth in this region. Furthermore, the increasing spending power of millennials & their preference for coffee over other beverages are anticipated to drive market growth in this region. In addition, the Asia Pacific region is anticipated to show the fastest CAGR growth over the projection period due to the growing product demand, especially in Japan, India, and China.
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Top companies are focusing on product innovation, strategic partnerships, and expanding their distribution networks to gain a competitive edge in the market. For instance, Starbucks has introduced a range of RTD cold brew options, including flavored and nitro variants, catering to diverse consumer preferences.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 22.49% |
| 2033 Value Projection | USD 4,595.53 Million |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product Type, Category, Distribution Channel, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Cold Brew Coffee Market Growth Drivers | The growing preference for cold brew over iced coffee |
Browse Detailed Summary of Research Report with TOC: https://www.thebrainyinsights.com/report/cold-brew-coffee-market-13629
Market Drivers
The global cold brew coffee market is set for substantial growth due to several key factors:
1. Rising Consumer Preference for Premium and Specialty Coffee: Consumers are increasingly seeking high-quality, artisanal coffee experiences, and cold brew fits perfectly into this trend. The smooth, rich flavor of cold brew, combined with its premium image, is attracting a growing number of coffee aficionados.
2. Health Consciousness Among Consumers: As consumers become more health-conscious, they are gravitating towards beverages that offer health benefits. Cold brew coffee is often perceived as a healthier alternative to traditional coffee due to its lower acidity and smoother taste, which can be easier on the stomach.
3. Innovation in Cold Brew Products: The market is witnessing a wave of innovation, with new product formats such as ready-to-drink (RTD) cold brews, flavored variants, and nitro cold brew. These innovations are expanding the consumer base and driving market growth.
4. Growing Popularity of On-the-Go Beverages: The increasing demand for convenient, on-the-go beverages is another factor contributing to the growth of the cold brew coffee market. Busy consumers appreciate the convenience of grab-and-go cold brew options, available in cans and bottles.
5. Expansion of Specialty Coffee Shops and Cafes: The proliferation of specialty coffee shops and cafes around the world is also boosting the cold brew coffee market. These establishments are increasingly featuring cold brew on their menus, often highlighting it as a premium offering.
Leading companies in the industry 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, and Schnobs which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The product segment is divided into robusta, arabica, and others. The arabica segment dominated the market, with a market share of around 43.20% in 2023. This growth is attributed to its mild and unique taste. The category segment is divided into traditional and decaf. The decaf segment dominated the market, with a share of around 58.17% in 2023. This growth is attributed to the increasing popularity of decaf coffee among young people. The distribution channel segment is divided into supermarket & hypermarket, convenience stores, company-owned outlets, online, and others. The company-owned outlets segment dominated the market, with a market share of around 34.06% in 2023. This growth is attributed to the growing number of outlets.
The increasing demand for cold brew coffee due to its increasing popularity among customers helps to drive the growth of the cold brew coffee market. Further, a significant shift from carbonated drinks to coffee, along with the rising consumption of ready-to-drink (RTD) drinks among the masses, is helping to stimulate the cold brew coffee market growth during the forecast period. Moreover, the growing urban population, e-commerce retail sales, and increasing disposable income are helping to boost market growth.
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