Coffee market to hit $112.8bn by 2030
By Ibidunni Banjoko
A prediction has come that the coffee market size is estimated to hit 112.8 billion by 2030 at 5.12% Compound Annual Growth Rate (CAGR). This is according to Statista report, a global data and business intelligence platform.
According to the report, the revenue in coffee market amounts to US$88.3bn in 2023. The market is expected to grow annually by 4.61% (CAGR 2023-2028). In global comparison, most revenue is generated in the United States (US$11,000m in 2023).
In relation to total population figures, per person revenues of US$11.50 are generated in 2023. In the coffee market, volume is expected to amount to 6.8bn kg by 2028. The market for coffee market is expected to show a volume growth of 2.4% in 2024.
The average volume per person in the coffee market is expected to amount to 0.80kg in 2023. Coffee continues to thrive as one of the most consumed beverages globally.
The report indicated that one notable trend in the coffee market is the growing demand for specialty coffee. Consumers are seeking unique and high-quality coffee experiences while exploring various flavour profiles.
Also, coffee brewing methods continue to evolve, offering consumers diverse and personalized coffee experiences. Alternative brewing methods like capsule coffee, AeroPress, and cold brew have gained ascendency. These methods allow coffee lovers to experiment with different brewing techniques, extraction times, and flavour profiles, enhancing their overall coffee enjoyment.
Another significant trend in the coffee market is the increasing emphasis on sustainability and ethical sourcing. Consumers are becoming more conscious of the environmental and social impact of coffee production. They seek out brands that prioritize fair trade practices, promote sustainable farming methods, and support the livelihoods of coffee farmers. This trend has led to the rise of certifications like Rainforest Alliance and Fairtrade, which assure consumers that the coffee they purchase meets certain social and environmental standards.
The platform noted that the coffee market is expected to continue its upward trend, driven by factors such as expanding coffee consumption in emerging markets, premiumization, and the rising demand of organic and fairly traded products.
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