USD 19.68 Billion
Report ID: SQMIG30G2036 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 62 | Figures: 75
Global Specialty coffee Market size was valued at USD 19.68 Billion in 2021 and is poised to grow from USD 21.9 Billion in 2022 to USD 51.58 Billion by 2030, at a CAGR of 11.3% during the forecast period (2023-2030).
The purpose of the specialty coffee market is to cater to coffee enthusiasts and connoisseurs who appreciate the nuances and complexities of coffee flavor profiles. This market aims to provide a unique and elevated coffee experience, highlighting the origin, processing methods, and distinctive characteristics of the coffee beans. It offers consumers a chance to explore a wide range of flavors and discover new taste sensations. The driving factors behind the growth of the specialty coffee market is the rising consumer interest in unique and high-quality food and beverage experiences. Consumers are becoming more discerning and willing to pay a premium for products that offer exceptional quality and taste. Specialty coffee satisfies this demand by offering a diverse range of coffee varieties, brewing methods, and flavor profiles. Another challenge is the potential for market saturation and competition.
As the popularity of specialty coffee continues to grow, more players enter the market, leading to increased competition among coffee roasters, cafes, and retailers. Maintaining a competitive edge and differentiating oneself in a crowded market becomes crucial for long-term success. The global specialty coffee market caters to consumers seeking exceptional coffee experiences. It offers unique flavors, origins, and brewing methods, providing a distinct and elevated coffee journey. While facing challenges such as limited supply and market competition, there are opportunities to leverage sustainability practices and tap into the growing home brewing trend. The specialty coffee market continues to evolve and captivate coffee enthusiasts worldwide.
Global Market Size
USD 19.68 Billion
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The global specialty coffee market is segmented on the basis of application, distribution channel, and region. By application, the market is segmented into home, and commercial. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, and online. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Application
In 2022, The commercial segment holds a significant share in the application segment of the global specialty coffee market. With a share of 74.3% commercial establishments such as coffee chains, cafes, and restaurants dominate this segment. These businesses have a wide network of stores, enabling them to cater to a larger consumer base across different regions. As consumers become more aware and appreciative of higher-quality coffee, the demand for specialty coffee continues to rise. To meet this demand and stay competitive, commercial establishments are increasingly offering specialty coffee options to attract customers and enhance their overall coffee experience.
The home application segment is expected to witness substantial growth during the forecast period, with a projected CAGR of 11.8%. This growth is driven by several factors, including the increasing availability and affordability of specialty coffee brewing equipment. Home consumers now have access to a wide range of equipment such as espresso machines, pour-over setups, and high-quality grinders that allow them to replicate the cafe experience in the comfort of their own homes. This trend has empowered coffee enthusiasts to experiment with different brewing methods, explore unique coffee flavors, and enjoy specialty coffee without the need to visit commercial establishments.
Analysis by Distribution Channel
In 2022, the online distribution channel held the largest share in the distribution channel segment of the global specialty coffee market, accounting for 44.4%. It is also projected to exhibit the highest compound annual growth rate (CAGR) of 12.3% during the forecast period. This dominance can be attributed to the shifting consumer preference towards online channels for purchasing specialty coffee. Online platforms offer numerous conveniences, including attractive discounts, a wide range of products from different brands, easy payment options, doorstep delivery, and more. Consumers can explore and choose from a diverse selection of specialty coffees, including popular brands like Blue Tokai, Araku Coffee, Grey Soul, and Coffeeza, which may not be readily available at traditional brick-and-mortar stores. The online distribution channel provides consumers with the flexibility to find and purchase specialty coffee that aligns with their specific preferences and needs.
The convenience stores distribution channel segment is estimated to witness significant growth during the forecast period, with a projected CAGR of 10.8%. Convenience stores are strategically located in easily accessible areas such as neighborhoods or near workplaces, making it convenient for consumers to grab their preferred specialty coffee on the go. These stores often offer in-store tasting or sampling events, allowing customers to experience the flavors and aromas of specialty coffee before making a purchase. This interactive approach creates opportunities to engage with customers, generate interest, and drive sales of specialty coffee products. The accessibility and promotional activities of convenience stores contribute to the growth of this distribution channel segment in the global specialty coffee market.
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In 2022, Europe emerged as the dominant region in the global specialty coffee market, capturing a significant share of 30.8%. This dominance can be attributed to the rising interest in premium specialty coffee varieties among European consumers. A report by CBI highlights the rapid growth of specialized coffee shops in Western Europe, where consumption of high-quality coffees is on the rise. Between 2018 and 2020, the number of coffee shops offering specialty coffee in Western Europe increased by 18% to reach 24,290 in 2020. The expansion of mainstream coffee players, increasing disposable incomes, and a more sophisticated coffee culture are driving the growth of the specialty coffee market in this region.
The Asia Pacific region is expected to witness the fastest growth in the specialty coffee market, with a projected CAGR of 13.6% from 2023 to 2030. This growth is fueled by several factors, including the growing popularity of pickup shops, rapid urbanization, and the adoption of modern lifestyles. As the region embraces Western coffee culture, there is an increasing demand for specialty coffee among Asian consumers. The emergence of pickup shops, which offer convenient access to specialty coffee on-the-go, has further contributed to the market's expansion. The evolving preferences and lifestyles of consumers in Asia Pacific present a significant opportunity for the specialty coffee market to thrive in the coming years.
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Growing Consumer Preference for High-Quality Coffee
Expansion of Specialty Coffee Chains
Supply Chain Challenges
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The global specialty coffee market is highly competitive, with the presence of numerous players vying for market share. These companies are constantly striving to differentiate themselves by offering unique flavors, sourcing practices, and innovative brewing techniques. companies, along with several other players in the market, compete through product innovation, brand positioning, distribution channels, and marketing strategies. They continuously invest in research and development to introduce new coffee varieties, brewing methods, and customized offerings to meet evolving consumer preferences. The competitive landscape of the global specialty coffee market remains dynamic, driven by the quest for superior quality, sustainability, and the ability to capture the attention of coffee enthusiasts worldwide.
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According to our global specialty coffee market analysis, the increasing consumer demand for premium and specialty coffee experiences are the key growth drivers. The key factors driving the specialty coffee market is the rising consumer preference for unique and flavorful coffee. Consumers are becoming more knowledgeable about coffee varieties, brewing methods, and the overall coffee experience. They seek out specialty coffee to indulge in the rich flavors, aroma, and craftsmanship that goes into each cup. The global specialty coffee market has witnessed substantial growth due to consumer demand for unique and high-quality coffee experiences. While cost and supply chain challenges exist, the market offers opportunities for brands that focus on sustainability and ethical practices. With the rising appreciation for specialty coffee and the emergence of innovative distribution channels, the market is poised for continued growth in the coming years.
|Market size value in 2021||USD 19.68 Billion|
|Market size value in 2030||USD 21.9 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Specialty Coffee Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Specialty Coffee Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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