Statista predicts that revenue in the coffee segment will amount to US$93 billion in 2020. The market is expected to grow annually by 3.5% (CAGR 2020-2023).
The market’s largest segment is roast coffee, with a market volume of US$59 billion in 2019, while instant coffee has a market volume of almost US$30 billion. However, the instant coffee segment is predicted to experience higher revenue growth rate at 7.5% than 4.7% for roast coffee in 2019.
The top 5 economies predicted to generate the most revenue in the coffee market are Brazil, the United States, Japan, Germany and Italy.
Mordor Intelligence predicts China, Panama, Kenya, Senegal and the United States to be the highest potential markets in the coming years. Coffee is the highest consumed beverage in developed countries like the United States and European countries. Europe holds the highest share in the global coffee market, followed by North America, with new markets such as Ukraine and Russia also witnessing a sharp rebound in coffee consumption.
Asia-Pacific is the fastest growing market. China and India are experiencing higher coffee consumption as its consumer base of middle-class young professionals grows along with rising disposable income. Several Middle Eastern countries having higher disposable incomes are also predicted to offer good prospects for growth in the short-to-medium term period.
Global Marketing Associates has been helping food and beverage companies expand globally for over 15 years. Contact us for a free consultation to learn more about how we can help your company grow export sales.