The out-of-home coffee market is estimated at US$ 23.2 Billion in 2022 and is projected to reach US$ 36 Billion by 2032, at a CAGR of 4.5% from 2022 to 2032. Future Market Insights projects the out-of-home coffee market to remain steady, exhibiting growth at 4.5% CAGR between 2022 and 2032 in comparison to the CAGR of 3.3% posted between 2017 and 2021.
The growing acceptance of branded coffee shops and rising consumer spending power are opening up new markets for the coffee sector. The main factors driving the expansion of coffee chains, especially in the Asia-Pacific area, are the growing acceptance of international coffee brands, Western culture, and exposure to many cultures.
Coffee shops are becoming more and more of a favourite hangout for family, friends, and coworkers. In the upcoming years, there will likely be a rise in the demand for coffee consumed outside of the home due to informal business encounters held in coffee shops. Coffee chains have therefore experienced rapid growth in recent years. The growing craze for coffee culture can be attributed to companies like Starbucks Corporation, Coffee Day Enterprises Ltd., and Barista Coffee Co. Ltd. adding new locations, which boosts the market as a whole.
Request Sample Report
https://www.futuremarketinsights.com/reports/sample/rep-gb-14906
Key Takeaways from the Market Study
- Europe is expected to dominate the global market by accounting for the maximum market value share of about 25% by 2022 end, followed by North America
- U.S. is to account for the maximum market share of nearly 78% of the North American out-of-home coffee market
- Rising coffee culture over tea consumption among youths in different regions across the globe is predicted to result in surging demand during the assessment period (2022–2032)
- By product type, instant coffee is expected to account for the maximum market value share of the global market by 2022 end
- Higher income groups and working population has an increased spending capacity which is likely to increase the demand for premium coffee brands of out-of-home coffee in the near future
- Indirect channel is expected to account for a higher market value share than direct channel by 2032 end
Coffee with low caffeine content helps in building the metabolism and improve the functioning of the brain. Owing to these factors, consumers are preferring coffee over tea. Furthermore, increased spending capacity of working population have convinced them to switch to premium coffee brands which is expected to fuel the out-of-home coffee market growth over the forecast period (2022–2032).
In addition, the covid-19 pandemic has had a significant impact on the market because to supply chain disruptions caused by global lockdowns. Exports and imports of coffee beans were impeded, resulting in decreased revenue for various firms. Almost all offices, restaurants, and coffee shops were ordered to close during lockdown, stifling the expansion of the out-of-home coffee industry.
However, as the restrictions have been relaxed, market actors have begun to accelerate their efforts to attain a better position in the market by meeting their consumers’ demands and increasing brand loyalty. This is projected to have a beneficial impact on market growth during the next years.
“Increasing consumption of instant coffee has resulted in the installation of coffee machines at commercial places such as offices or communities where consumers have all-time access to drink coffee with varied flavors which is prophesied to increase the demand for out-of-home coffee in the coming decade”, –Nandini Roy Choudhury, Client Partner at Future Market Insights
Purchase this Premium Research Report | Immediate Delivery Available
https://www.futuremarketinsights.com/checkout/14906
Competitive Landscape
Key market participants are following different marketing and promotional strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to address the needs of the consumers and serve accordingly, thus, creating a larger customer base in the coming years. For instance,
- In 2020, a company named Tchibo introduced ground and whole bean coffee products with a light, medium, and dark roasted beans, particularly in the United States. These products were widely available at retailers like Jewel and Hy-Vee in the regional market.
- Many manufacturers have started introducing new and innovative products by adding different flavors such as Italian roast, green bean, and mocha to attract a larger audience.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global out-of-home coffee market, presenting historical data (2017–2021) and estimation statistics for the forecast period of 2022–2032.
The study offers compelling insights based on product type (instant coffee, portioned coffee and roasted coffee), end use (HoReCa and commercial/office), and distribution channel (direct and indirect) across seven (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa) major regions of the world.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
