Specialty coffee shops market size to grow by USD 39.17 billion From 2022 to 2027: A Descriptive Analysis of Customer Landscape, Vendor Assessment, & Market Dynamics - Technavio
NEW YORK, Nov. 29, 2022 /PRNewswire/ -- Technavio categorizes the global specialty coffee shops market as a part of the hotels, restaurants, and leisure market, the parent market. The hotels, restaurants, and leisure market covers companies engaged in operating hotels, resorts, and cruise ships, including travel agencies, tour operators, and related services. The global specialty coffee shops market size is estimated to increase by USD39.17 billion from 2022 to 2027. The market's growth momentum will accelerate at a CAGR of 7.43%.
Global specialty coffee shops market - Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines ?
Key purchase criteria
Adoption rates
Adoption lifecycle
Drivers of price sensitivity
Global specialty coffee shops market? Vendor Analysis
Vendor Landscape - The global specialty coffee shops market is fragmented, with the presence of numerous players. Several local players are operating in the market. Therefore, established brands adopt various strategies to expand their businesses and increase their market shares. Vendors invest heavily in building infrastructure and product portfolios to differentiate themselves. They also provide service innovation to stay ahead of their competitors to attract new/existing customers.
In such a fragmented market, players with wide product portfolios provide numerous options to buyers, which is expected to increase the competition in the global specialty coffee shops market during the forecast period.
Vendor Offerings -
Barista Coffee Co. Ltd.: The company offers specialty coffee shops for choco affair range including box, slabs, and pouches with the taste of pure cocoa.
Brew Berrys Hospitality Pvt Ltd.: The company offers specialty coffee shops to gain a big share of the ever-growing coffee consumption market.
Caffe Nero Group Ltd.: The company offers specialty coffee shops to offer coffee, roastery, and food.
Coffee Day Enterprises Ltd.: The company offers specialty coffee shops such as e-shops, local retailers, and mobile shops.
For details on vendor and its offerings ?Buy report!
Global specialty coffee shops market - Segmentation Assessment
Geography Overview
By geography, the global specialty coffee shops market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and an accurate estimation of the contribution of all regions to the growth of the global specialty coffee shops market.
North America held a 32% share of the global specialty coffee shops market in 2022. The market in the region is estimated to grow at the fastest pace during the forecast period. The limited time to prepare food and beverages at home is resulting in the population opting for specialty coffee shops for coffee and breakfast daily. In addition, the increasing hectic lifestyles of the working population and rising number of students is contributing to the growth of the specialty coffee shops market in North America.
Segment Overview
By type, the global specialty coffee shops market is segmented into independent coffee shops and chain coffee shops.
The market share growth of the independent coffee shops segment will be higher than the other segments during the forecast period. The segment is primarily driven by the growth in the number of gourmet coffee shops globally. The growing popularity of gourmet coffee shops among the urban population is encouraging vendors to expand their business to cater to the population in developed countries, thereby contributing to segment's growth.
Global specialty coffee shops market? Market Dynamics
Impactful Driver - The increasing consumption of coffee is driving the growth of the market. Coffee is the second-most traded commodity in the world after oil. The demand for coffee has increased significantly over the years. This is due to the growing popularity and the easy availability of coffee. The consumption of coffee in developing countries such as China, India, and Brazil has been increasing at a significant rate. Coffee consumption is also increasing in developed regions. It is estimated that an average consumer in the US consumes 363 cups of coffee per year, and an average consumer in the UK consumes around 250 cups of coffee per year. This has resulted in an increased growth opportunity for vendors, which is driving them to focus on product diversification, the introduction of new flavors, and brand extensions to increase revenue. Thus, the increasing consumption of coffee worldwide is expected to drive the growth of the global specialty coffee shops market during the forecast period.
Key Trend - The increasing popularity of coffee among millennials is the key trend in the market. The millennial population spend more on premium beverages and are also keen on experimenting with new drink types, brands, and flavors. To cater to this population group, vendors are expanding their coffee chain operations by opening new specialty coffee shops. In addition, rising disposable incomes in Asian, Eastern European, and Latin American economies and the growing coffee shop culture among millennials are positively influencing the growth of the market in focus.
Major Challenge - The fluctuating prices of coffee beans is the major challenge in the market. Factors such as disparity in demand and supply of coffee beans, decreased production of coffee beans, unfavorable weather conditions, and rising labor costs are leading to fluctuations in the prices of coffee beans. In addition, the need to remain competitive in the market is forcing vendors to offer low-cost substitutes such as low-grade coffee beans and instant coffee powder. Moreover, the increasing competition in the market is compelling vendors to operate on low-profit margins despite the increasing cost of raw materials. All these factors are hindering the growth of the market in focus.
The cafe market share in Australia is expected to increase by USD 422.19 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.19%. The market is segmented by product (beverages and food) and service (dine-in and takeaway).
The quick service restaurants market share is expected to increase by USD 107.69 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.62%. The market is segmented by service (eat-in service, takeaway service, drive-thru service, and home delivery service) and geography (North America, APAC, Europe, South America, and the Middle East and Africa).
Specialty Coffee Shops Market Scope
Report Coverage
Details
Page number
154
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 7.43%
Market growth 2023-2027
USD 39.17 billion
Market structure
Fragmented
YoY growth (%)
7.08
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 32%
Key countries
US, China, Japan, UK, and Germany
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Barista Coffee Co. Ltd., BLUE BOTTLE COFFEE Inc., Brew Berrys Hospitality Pvt Ltd., Caffe Nero Group Ltd., Caribou Coffee Operating Co. Inc., Coffee Beanery, Coffee Day Enterprises Ltd., Costa Ltd., Doutor Coffee Co. Ltd., Ediya Co. Ltd., Gloria Jeans Coffees International Pty Ltd., Grupo Herdez SAB de CV, Inspire Brands Inc., Keurig Green Mountain Inc., and La Colombe Torrefaction Inc.
Market dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents:
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Type
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Distribution Channel
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global specialty coffee shops market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on Global specialty coffee shops market 2017 - 2021 ($ billion)
Exhibit 136: Inspire Brands Inc. - Product / Service
Exhibit 137: Inspire Brands Inc. - Key offerings
12.13 Keurig Green Mountain Inc.
Exhibit 138: Keurig Green Mountain Inc. - Overview
Exhibit 139: Keurig Green Mountain Inc. - Product / Service
Exhibit 140: Keurig Green Mountain Inc. - Key offerings
12.14 McDonald Corp.
Exhibit 141: McDonald Corp. - Overview
Exhibit 142: McDonald Corp. - Business segments
Exhibit 143: McDonald Corp. - Key news
Exhibit 144: McDonald Corp. - Key offerings
Exhibit 145: McDonald Corp. - Segment focus
12.15 MTY Food Group Inc
Exhibit 146: MTY Food Group Inc - Overview
Exhibit 147: MTY Food Group Inc - Business segments
Exhibit 148: MTY Food Group Inc - Key offerings
Exhibit 149: MTY Food Group Inc - Segment focus
12.16 Restaurant Brands International Inc.
Exhibit 150: Restaurant Brands International Inc. - Overview
Exhibit 151: Restaurant Brands International Inc. - Business segments
Exhibit 152: Restaurant Brands International Inc. - Key news
Exhibit 153: Restaurant Brands International Inc. - Key offerings
Exhibit 154: Restaurant Brands International Inc. - Segment focus
12.17 Starbucks Co.
Exhibit 155: Starbucks Co. - Overview
Exhibit 156: Starbucks Co. - Business segments
Exhibit 157: Starbucks Co. - Key news
Exhibit 158: Starbucks Co. - Key offerings
Exhibit 159: Starbucks Co. - Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 160: Inclusions checklist
Exhibit 161: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 162: Currency conversion rates for US$
13.4 Research methodology
Exhibit 163: Research methodology
Exhibit 164: Validation techniques employed for market sizing
Exhibit 165: Information sources
13.5 List of abbreviations
Exhibit 166: List of abbreviations
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