In developed economies, some consumers are expected to switch from instant coffee to more premium options for reasons of quality and flavor. The market is driven by multiple factors, a few being the increasing demand for certified coffee products, acceptance of single-serve coffee brew systems by the consumers, and constant innovation led by the top players in the coffee market. For instance, as per the survey conducted by the National Coffee Association in the United States, more than 70% of consumers prefer at-home coffee preparation. The convenient forms of coffee, like coffee pods and capsules and instant coffee, are becoming popular among the masses (especially in North America and Western Europe) to prepare good coffee in the comfort of the home in less time. Coffee sales were particularly robust as consumers stockpiled essential items during the pandemic. For instance, companies such as Nestlé SA had reported a strong retail demand for food and beverage products globally, achieving 4.4% organic group sales growth in the first quarter of 2020. Therefore, this factor is expected to increase the consumption of coffee around the world. However, the current trend toward online shopping for at-home consumption is forcing retailers, roasters, and consumers to adapt to this new reality. ![]() Furthermore, governments have imposed measures like social distancing and lockdowns in place, which have had a huge impact on cafés, micro-roasters, restaurants, and other out-of-home outlets, which, in turn, had a dynamic impact on the market. ![]() The COVID-19 pandemic has placed additional pressure on the coffee sector, which is vulnerable to fluctuations in international coffee prices, low productivity levels, and climate change effects and damages caused by pests and diseases across the world. The coffee market is projected to register a CAGR of 4.28% during the forecast period (2022-2027).
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |