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Brief Global Coffee Market: Consumption And Forecast in 2024

Brief Global Coffee Market Consumption And Forecast in 2024

Coffee is the most obsessive beverage on the planet earth. Even during the lockdown of COVID-19 , the biggest coffee companies in Europe, North America, and Asia had encountered an enormous tremor. However, the prevailing technology these day has converted the problem into opportunity. For example, every business transaction now can be greatly dependent on virtual operation to make everything work.

The introduction to the new normal has urged people to adjust their lifestyles quite swiftly. For instance, customers can order coffee and make payment online with less-to-non trouble. This is the reason why, there’s no obvious signs implying the plummeted demand of coffee consumption.

According to National Coffee Association (NCA), people all around the world drink over 400 billion cups yearly. Likewise, International Coffee Organization (ICO) showcased a concrete figure that the global coffee consumption yields an annual growth rate up to 1.3%.

The truth is Europe is the biggest coffee market, accounting for 30% of global coffee industry. On the other hand, the Sydney Morning Herald projects that Australians consume an average of 1.3 million cups daily. Also, 64% of Americans drink coffee every day. They consume coffee nearly 400 million cups of coffee every single day, which is equivalent to 146 billion cups annually.

However, the growth of global coffee obsession in Europe, Asia and the Middle East could make coffee business confront an intensifying competition. Now, let’s have a look at how coffee industry will embrace in the future.

High Demand for Certified Coffee Products 

Consumers will be well-informed about the supply chain of coffee. So, they are going to demand certified coffee products. This attitude makes them feel secure about the coffee’s sustainability and credibility that they consume.

Certified coffee is important because it assures consumers to trust in the quality of products. For instance, UTZ Certification is the leading certification program for coffee and cacao. This program encourages farmers to plant safe and organic agricultural products like coffee. Not only does it’s beneficial for the consumers, but also the mother earth. Other popular certified products include the Rainforest Alliance and Fair Trade Certification.

Increment of Bean To Cup Solution 

The rise of global coffee culture and specialty coffee stimulates a new market. Not long ago, people appreciate instant coffee. This coffee is instant as its name, easy to make as its sound, and supremely cost-wise to purchase. However, we now see that coffee options, be it instant, ground coffee or roasted whole beans, are broader than we can imagine. 

These days, coffee machine producers have so many unique options such as Wi-Fi coffee makers, coffee makers with grinders, portable espresso machines, single-serve, capsules or k cup coffee. People can’t resist these new advancements. These charismas grow people’s passion for the modern bean-to-cup solution gradually.

Enlargement of Industry Competition 

As coffee aligns on the upward trend with an ever-evolving movement, customers will anticipate more from the coffee market. These manners stipulate each coffee business to segregate themselves by offering more than casual customers’ expectations.

With obvious competitors, like Nestle, McCafé, Peet’s Coffee, or Starbucks, they are engaging their market to the consumers with various incredible product innovations and win-win strategies to scale their business and maintain their market share regionally and globally. While coffee industry faces extreme worldwide competitiveness, it is challenging one another via new product launches in a sole proprietorship, acquisition, merger, partnership or joint ventures.

Here Are The Top Trends Coming To Cafés & Coffee Shops Presented To You By Seven Miles Coffee Roasters