In-Depth 2024 Coffee And Tea Market Analysis: Growth, Share, and Emerging Trends
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2024-2033 Coffee And Tea Market Growth Rate: What’s the Forecast?
The size of the tea and coffee market has significantly expanded over the last few years. It is projected to rise from $117.72 billion in 2023 to $125.75 billion in 2024, maintaining a compound annual growth rate (CAGR) of 6.8%. This remarkable growth during the historic period can be linked to the heightened consumption of tea and coffee, a growing emphasis on ready-to-drink (rtd) beverages, and various government initiatives.
The market size for coffee and tea is anticipated to witness robust expansion in the coming years, with a projection to reach $159.34 billion by the year 2028, growing at a compound annual growth rate (CAGR) of 6.1%. The expected growth during the forecast period is resultant of increased investment, heightened coffee consumption among millennials, and a surge in the count of coffee shops. Noteworthy trends during the projection period include highlighting high-end products, production of organic products, utilization of blockchain technology, and the implementation of artificial intelligence to enhance product quality.
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What Drivers Are Accelerating the Growth of the coffee and tea Market?
The growing preference for ready-to-drink (RTD) beverages is likely to act as a catalyst for the growth of the coffee and tea markets in the predicted timeline. Ready for immediate use upon purchasing, RTDs are single-use drinks packed for convenience, gaining significant traction among working-age grown-ups because of their unambiguous labels and usefulness. With the advent of new flavours in RTD tea and coffee, coupled with their portability and handiness, an upsurge in demand for these beverages is likely. The global RTD tea and coffee industry is projected to attain $116.1 billion by 2024, demonstrating a CAGR of 5.6%, and the global consumption of RTD tea alone is expected to hit 50 billion litres in 2021, growing at a CAGR of 5.3%. The future upswing in the coffee and tea market is likely to be driven by increased preference for RTD beverages, and this includes RTD coffee and tea.
What Key Segments Can Be Identified in the Coffee And Tea Market?
1) By Type: Coffee, Tea
2) By Form: Liquid, Powder, Capsules
3) By Packaging: Containers, Bags, And Packets Or Pouches.
4) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce And Other Channels
Sub segments: Roasted Coffee, Coffee Concentrates, Essences And Extracts, Other Coffee Products, Black Tea, Green Tea, Specialty Tea, Other Tea
What Trends Are On the Rise in the Coffee And Tea Market?
The trend of coffee firms providing subscription-based services to customers is on the rise. Such services, which typically charge weekly or monthly fees, deliver coffee products directly to the customer’s home. This subscription model has its perks, allowing individuals to try coffee from a wider range of specialty roasters than their localities might offer. Some of these services even feature product selections from hundreds of varied roasters. Moreover, this approach optimizes freshness, as the beans are often shipped immediately post-roasting, bypassing extended stays on retail racks. Prominent services in this genre include Atlas Coffee Club, Driftaway Coffee, Blue Bottle Coffee, JavaPress Coffee, Mistobox, Bean Box, Craft Coffee, and Pact Coffee.
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What Regions Are Steering Growth in the Coffee And Tea Sector?
Asia-Pacific was the largest region in the coffee and tea market in 2023. Western Europe was the second-largest region in the coffee and tea market. The regions covered in the coffee and tea market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Coffee And Tea Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the coffee and tea market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Coffee And Tea Market Include
1. Coffee And Tea Market Executive Summary
2. Coffee And Tea Market Segments
3. Coffee And Tea Market Size And Template Market Growth Rate
4. Key Coffee And Tea Market Trends
5. Major Coffee And Tea Market Drivers
……
25. Key Mergers And Acquisitions In The Coffee And Tea Market
26. Top Coffee And Tea Companies
27. Coffee And Tea Market Opportunities And Strategies
28. Coffee And Tea Market, Conclusions And Recommendations
29. Appendix
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