| Source: FACT.MR FACT.MR
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Dublin, Ireland, Sept. 12, 2022 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global coffee subscription market has reached a valuation of US$ 685.7 million and is expected to expand rapidly at an impressive CAGR of 10.9% during the forecast years of 2022-2032.
Coffee is becoming a daily need for a huge pool of the population, making coffee subscriptions a popular choice in the bargain. Manufacturers are offering sample/tasting kits with a variety of coffees, from single or multiple origins to refundable first orders, to boost their subscription sales.
Change in consumer behaviour led by the COVID-19 pandemic has revolutionized the coffee subscription market across regions. Restricted mobilization increased consumer dependence on online purchases, which has continued even after the loosening of restrictions. Providers or roasters have also boosted coffee subscription industry. Offering bespoke subscription plans with customized subscription frequency, choice of beans, choice of roast, etc., has instilled a sense of power among consumers, driving this subscription market.
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Fact.MR’s analysis suggests that add-on services and discounts by service providers/roasters could help the coffee subscription industry acquire rapid traction in the near future. As the aforementioned offerings will increase market penetration and consumer retention, the market for coffee subscriptions will ultimately benefit in the long run.
Additionally, the popularity of coffee subscriptions has also increased due to the trend of people practicing their barista skills at home. Increasing variety and sophistication of at-home coffee products point to a more profound change in how coffee is viewed, sold, and consumed around the world. Also, Increasing adoption of single cup brewing machines owing to the rising trend of home-based coffee consumption will lead to an absolute $ opportunity of US$ 447.6 million from 2025 to 2028.
Expanding Coffee Consumption Creates An Opportunity For The Development of The Coffee Subscription Market
The U.S. is the second-leading coffee-consuming nation. Consequently, the country’s expanding coffee consumption creates an opportunity for the development of the coffee subscription market. For this, U.S. coffee subscription providers are offering customized coffee by importing it from well-known coffee-producing countries around the world and delivering the same at the right time and in the right place all across the country.
The main driver for market growth over the past few years has been the COVID-19 pandemic. Restricted outdoor movement pushed the population’s dependency on online platforms for sourcing home essentials, including refreshment drinks and coffee.
Overall, the U.S. market for coffee subscriptions is expected to surge at a CAGR of 10.3% between 2022 and 2032.
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Coffee subscription providers are targeting product cost reduction by partnering with roasters. This has also aided in a smoother supply chain and diversified the product portfolios of several providers.
As one of the most widely consumed refreshment drink, coffee is desired in various flavours. Pursuing this, coffee subscription providers are offering customized coffee with imports from varied coffee-producing countries around the world and delivering it anywhere. Providers are also boosting consumer penetration by strengthening their distribution networks in growing markets such as the United States.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global coffee subscription market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of coffee type (single origin, blend, espresso, decaf, others), roast type (dark, medium, light), grind type (whole beans, ground), and frequency (weekly, biweekly, monthly, annually), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
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Coffee Market: The coffee market is anticipated to value more than US$ 32 billion in 2021. Coffee sales are expected to increase by 4.7% in 2021 over 2020, owing to increased demand during lockdown and shelter-at-home restrictions. The demand for coffee is increasing in emerging markets, wherein exports are at the forefront of supply chain. In the years to come, coffee will remain as a predominant staple dairy beverage in consumer diets across the globe, but its consumption levels are less likely to attain a new high.
Coffee Substitutes Market: The global coffee subscription market is currently valued at US$ 685 million and is forecasted to expand at a high-value CAGR of 10.9% to reach US$ 1.98 billion by the end of 2032. Increased consumption of coffee over the decades has encouraged new entrants in the market all around the globe. The consequent rise in competition has pushed established manufacturers to focus on brand loyalty, which has led to the introduction of coffee subscriptions.
Coffee Grinder Market: Coffee grinder is gaining immense traction among coffee enthusiasts on the back of its importance in enhancing the taste attributes. The demand for coffee grinder of various shapes and sizes remain influenced by requirements of the target audience or application making use of it. Manufacturers of coffee grinders are offering their products at reasonable costs for gaining competitive benefits.
Coffee Pods Market: Coffee Pods Market to expand at a CAGR of nearly 2% during the period, 2019-2029. Gourmet coffee pods to gain significant traction in the global market. Key players in the market are the forerunners of the movement. The adoption of sustainable coffee pods by manufacturers is likely to boost the future prospects of the coffee pods landscape and help alter consumer perception regarding coffee pods.
Coffee Concentrate Market: The major drivers for the coffee concentrate market are the growing ready-to-drink market and coffee industry. Coffee is the one of the most popular beverages in the world. The increasing popularity of ready-to-drink products is increasing the demand for coffee concentrates in the market. The sales of coffee concentrate products have witnessed a significant increase in the U.S., U.K., Germany, France, Italy, and other European countries in the recent past.
Espresso Powder Market: The global espresso powder market is moderately fragmented allowing new competitors to enter the market and improve their market position. The espresso powder market is growing at a significant rate and the foremost reason for such growth is the changing, culture of drinking coffee on the go. The burgeoning popularity of espresso among millennials due to increase in purchasing power is expected to advance the espresso powder market.
Espresso Salt Market: According to the latest research by Fact.MR, the Espresso salt market is set to witness steady growth during 2021-2031. Demand for espresso salt will witness steady recovery in the short-term, with an optimistic growth outlook in the long run.
Chewable Coffee Market: With the changing lifestyle and developing tastes, the demand of for ready to eat food is increasing which in turn increases the demand for chewable coffee in the market. According to National Coffee Association, it is observed that coffee drinkers under the age of 35 are likely to drink coffee on the go which drives the demand for chewable coffee in the market.
Mushroom Coffee Market: The global coffee consumption has seen moderate growth in the last few years, according to the International Coffee Organization. In emerging markets, demand for coffee is growing, where exports are at the forefront of the supply chain. While coffee remains a predominant staple, the recent introduction of mushroom coffee is witnessing lucrative opportunities.
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