In the next 10 years, the annual growth rate of the global cold brew coffee market is expected to exceed 20%
According to a report released by an international consulting agency, the global cold brew coffee is expected to grow from US$604.47 million in 2023 to US$4,595.53 million in 2033, with a compound annual growth rate of 22.49%.
The popularity of the cold brew coffee market is growing significantly, with North America expected to become the largest market for this refreshing beverage. This growth is driven by a variety of factors, including the launch of new product formats by coffee brands and the increased spending power of millennials who favor coffee over other beverages.
In recent years, there has been a clear trend for coffee brands to launch new product formats and expand their influence in different channels. This strategic move is designed to capture the attention of consumers looking for innovative and convenient ways to enjoy their favorite coffee beverages. As a result, the cold brew market has seen significant expansion, with a range of ready-to-drink, espresso and flavored coffee varieties hitting shelves.
The rise of cold brew coffee can also be attributed to changing consumer preferences, especially among millennials, who are known for their love of coffee. As their spending power continues to increase, Millennials are driving demand for premium and specialty coffee products, including cold brew coffee. This demographic's preference for coffee compared to other beverages is expected to play a key role in driving market growth in North America.
According to market research, North America is expected to dominate the global cold brew coffee market, accounting for 49.17% of the market share by 2023. This forecast highlights the region’s strong position as a key market for cold brew coffee. The convergence of consumer preferences, industry innovation and strategic marketing efforts.
One of the key factors driving the growth of the North American cold brew coffee market is the changing consumer lifestyle. As more people seek on-the-go beverage options that fit their busy schedules, the convenience and portability of cold brew coffee make it an attractive option. Additionally, the rise in health-conscious consumer trends has led to increased demand for cold-brew coffee, which is often considered a healthier alternative to traditional hot-brew coffee due to its lower acidity and smoother taste.
Additionally, the influence of social media and digital platforms has played a significant role in the popularity of cold brew coffee among consumers. Coffee brands use these channels to showcase their innovative cold brew coffee products, engage with their target audiences, and create buzz around their latest product launches. This digital presence not only increases consumer awareness but also contributes to overall market growth by driving product trial and adoption.
In order to meet the growing demand for cold brew coffee, coffee brands have been actively expanding their product portfolios to meet the preferences of different consumers. This has led to the launch of flavored cold brew coffees, nitro-infused varieties, and even partnerships with other beverage and lifestyle brands to create unique cold brews. By offering a wide range of choices, coffee brands are able to capture the attention of different consumer groups and drive continued growth in the market.
The foodservice industry has also played a significant role in driving the expansion of the cold brew coffee market. Cafes, restaurants, and specialty coffee shops have made cold brew a staple to satisfy discerning coffee drinkers. Additionally, the emergence of cold brew coffee and the inclusion of cold brew beverages on the menus of popular dining establishments has also contributed to the widespread adoption of this trend.
Looking ahead, the North American cold brew coffee market appears to be on a steadily upward trajectory, driven by consumer demand, industry innovation and strategic market positioning. The market is expected to continue growing as coffee brands continue to launch new product formats and expand their presence across various channels. With the increasing spending power of Millennials and their strong preference for coffee, especially cold brew, North America will solidify its position as the leading market in this emerging beverage category.
This is a new growth point for the packaging industry and a new market challenge for coffee shops. While finding coffee beans that consumers love, they also need to find a long-term packaging supplier, whether it is bags, cups, or boxes. This requires a manufacturer that can provide one-stop packaging solutions.
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Post time: Aug-30-2024
