Global Specialty Coffee Market to 2030: Rising Preference for Ready-to-drink Coffee Drives Growth - ResearchAndMarkets.com

The "Specialty Coffee Market Size, Share & Trends Analysis Report By Age Group (18-24, 25-39, 40-59, Above 60), By Application, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global specialty coffee market size is expected to reach USD 51, 404.0 million by 2030, expanding at 11.3% CAGR from 2023 to 2030.

Companies Mentioned

• Starbucks Coffee Company
• F. Gavina & Sons, Inc. (Don Francisco's Coffee)
• Barista Coffee Company Limited
• Coffee Day Enterprises Ltd.
• Blue Bottle Coffee, Inc.
• Eight O'Clock Coffee Company
• Keurig Green Mountain Inc.,
• Costa Coffee
• The J.M. Smucker Company
• Inspire Brands (DD IP Holder LLC)

The market expansion is anticipated to be fueled by the rising preference for ready-to-drink coffee and premium coffees and increasing number of coffee shops globally.

The growing demand for specialty coffee can be attributed to a variety of factors, including the desire for high-quality, flavorful coffee experiences, and increased awareness of ethical & sustainable sourcing practices.

As coffee culture continues to thrive, consumers are seeking unique experiences, with specialty coffee shops and cafes serving as popular social destinations. Health-conscious individuals are also drawn to specialty coffee, which often uses higher quality beans and more refined roasting processes.

Social media has further amplified interest in specialty coffee by showcasing new products and trends. In November 2021, Lavazza Group and Ducasse Paris have collaborated to establish a new specialty coffee range and brand. They've released seven coffee bean flavors, each with a unique blend of components.

The COVID-19 pandemic had a significant impact on the market for specialty coffee. The pandemic caused disruptions in the global supply chain, affecting the availability and cost of raw materials, including coffee beans. This resulted in higher prices for specialty coffee and potential shortages in some regions.

However, with people staying home and working remotely, there was a surge in demand for online coffee sales and delivery services. Specialty coffee roasters and retailers pivoted to e-commerce platforms to cater to this demand, which helped mitigate some of the losses from in-person sales.

Specialty Coffee Market Report Highlights

• The 18-24 age group segment held the largest share of 32.7% in 2022. This age group often seeks out new and unique flavors, leading them to prefer the taste and quality of specialty coffee. However. The age group of 25-39 is expected to expand at the fastest CAGR of 12.0% over the forecast period owing to the desire for authenticity and unique brewing methods, which cater to this demographic's desire for novelty and unique experiences
• The commercial segment held a significant share of 74.3% in 2022. The growing awareness and appreciation for higher quality coffee has led to an increase in demand for specialty coffee. This drives commercial businesses, such as coffee shops and restaurants, to offer specialty coffee options to attract customers and stay competitive in the market. The home segment is expected to expand at the fastest CAGR of 11.8% over the forecast period
• The online segment dominated the market and is expected to continue to maintain its dominance over the forecast period. It is expected to expand at a highest CAGR of 12.3% during the forecast period. Shopping for specialty coffee through online distribution channels such as Walmart and Amazon allows consumers to easily compare prices, features, and reviews of different products. This helps them make an informed decision about which product to buy, ensuring that they get the best value for their money
• Europe held the highest market share of 30.8% in 2022. The presence of various leading market players such as Square Mile Coffee Roasters, Gardelli Specialty Coffees, Tim Wendelboe, among others in the region is a major factor contributing to the market growth. Also, Europe has a long-standing and well-established coffee culture, with countries like Italy, France, and Spain being famous for their coffee traditions. This makes Europeans more open to exploring and appreciating high-quality coffee experiences. Asia Pacific is expected to expand at the fastest CAGR of 13.6% over the forecast period

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