June 15, 2024

Coffee Market Propelled By Rising Health Consciousness Among Consumers

The global coffee market is a multibillion-dollar industry that provides a convenient and tasty beverage enjoyed by millions of people worldwide daily. Coffee contains antioxidants and caffeine that can boost energy levels and mental alertness. It is also reported to have various health benefits like reduced risk of type 2 diabetes, Parkinson’s disease, and liver cancer. The global coffee market generates revenue from the sale of green coffee beans that are roasted, grounded and brewed into beverages. The market also earns revenue from processed and packaged coffee available in whole beans, grounded powder, liquid concentrates and capsule formats. The global coffee market is estimated to be valued at US$ 153.21 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising health consciousness among consumers regarding benefits of coffee such as antioxidants, reduced risk of diseases and weight management has been a key trend propelling the growth of the global coffee market. Regular consumption of coffee in moderation is reported to offer various health advantages. Research studies have indicated coffee drinkers have lower risks of type 2 diabetes, Parkinson’s disease, liver cancer and other health conditions. This has boosted coffee consumption globally as people recognize it as a healthy beverage choice. Product innovations involving coffee infused with herbs, superfoods and functional ingredients to offer additional health benefits have also gained popularity. Major coffee producers are launching new product lines focussed on health-conscious demographics,capitalizing on the trend of preventive healthcare and wellness.

SWOT Analysis
Strength
: The coffee market has a large and loyal consumer base globally. Coffee drinking is a daily habit for many and part of popular culture.

Weakness: Prices of coffee beans are highly volatile depending on weather conditions, political stability and other external factors in producing regions. This brings uncertainty in costs.

Opportunity: Emergence of specialty coffee shops has widened the consumer base. Young consumers are experimenting diverse flavors and brewing methods offered at these shops.

Threats: Substitutes like tea and other beverages are increasing in popularity. Changing lifestyle and health concerns also impact coffee consumption patterns.

Key Takeaways
The Global Coffee Market Scope is expected to witness high in the forecast period due to rising consumer base in developing nations.

Regional analysis shows that Asia Pacific region is growing the fastest due to rising disposable incomes, urbanization and adoption of Western lifestyle. North America and Europe currently dominate the global coffee market.

Key players operating in the coffee market are Bristol-Myers Squibb Company, Novartis AG, Merck & Co., Inc., Genentech Inc., F. Hoffmann-La Roche AG., Amgen Inc., AstraZeneca, Daiichi Sankyo Company, Limited., AB Sciences., AgonOX, Inc., Eisai Co., Ltd, GlaxoSmithKline, plc., Pfizer, Inc., and Vical, Inc. Emergence of specialty coffee chains focused on premiumization and unique experiences will strengthen positions of leading brands. Adapting to evolving consumer preferences through new flavors and formats is key to success.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it