Increase in the consumption of coffee and coffee beverages to escalate coffee beans market at 5.6% CAGR during 2019-2027
NEW YORK, UNITED STATES, November 22, 2021 /EINPresswire.com/ — According to The Insight Partners study on "Global Coffee Beans Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product (Arabica, Robusta, and Others), End Use (Personal Care, Food and Beverage, and Pharmaceutical), and Geography," the market was valued at US$ 25,591.68 million in 2018 and is projected to reach US$ 41,962.43 million by 2027; it is expected to grow at a CAGR of 5.6% from 2019 to 2027.The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Report Coverage Details
Market Size Value in- US$ 25,591.7 Million in 2018
Market Size Value by- US$ 41,962.4 Million by 2027
Growth rate- CAGR of 5.6% from 2019-2027
Forecast Period- 2019-2027
Base Year- 2019
No. of Pages- 140
No. Tables- 69
No. of Charts & Figures- 52
Historical data available- Yes
Segments covered- Product , End Use , and Geography
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Coffee beans are the seeds produced by coffee plants, which are the rich source of coffee. The coffee beans are not exactly beans, but they are called coffee beans as they resemble true beans in their appearance. Just like ordinary cherries, the coffee beans are also a so-called stone fruit. The two most important varieties of coffee plants are arabica and robusta. According to some studies, the coffee plant was first discovered in Ethiopia by a goat herder named Kaldi. Coffee beans are a major cash crop and a crucial product for export.
The consumption of coffee has also grown significantly amongst professionals. The opening and expansion of local coffee stores and new coffee stores is another factor propelling the demand for coffee, which in turn raises the need for coffee beans. Also, an increase in consumption of milk favors the market growth as consumers mix coffee in milk for better taste. The opportunity to linger and stay for a quality long time in coffee shops also attracts the attention of the consumers, which in turn increases the demand for coffee. Besides this, coffee shops act as an alternative to the library. The students spend most of their time in coffee shops reading and consume coffee & coffee beverages. There is a tendency to believe that people who drink coffee are cool, so the young generation starts consuming coffee to appear cool. Besides, drinking coffee is regarded as a kind of fashion and relaxed lifestyle for young people. This in turn leads to the upsurge in demand for coffee.
Effect of COVID-19 on Coffee Beans Market
COVID-19 outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As of March 2020, China, Italy, Iran, India, Russia, Spain, republic of Korea, France, Germany, and the US are some of the worst affected countries in terms confirmed cases and reported deaths. According to the latest WHO figures, there are ~9,843, 073 confirmed cases and 495,760 deaths globally. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food processing industry is one of the major industries facing serious disruptions such as factories shut down, supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak.
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Based on end use, the coffee beans market has been segmented into food & beverages, personal care, and pharmaceutical. The food & beverages segment accounted for the largest share in the global coffee beans market in 2018, and is expected to register the fastest growth rate during the forecast period. Coffee is one of the commercialized food products and is the most widely consumed beverage worldwide. The reasons behind increase in coffee consumption include improvement in coffee quality through the selection of different varieties, improvement in agricultural practices and creation of specialty shops. Coffee beans are used in different varieties of food as they are rich in antioxidants and reduced the risk of diabetes and combat inflammation.
Coffee Beans Market: Competitive Landscape and Key Developments
Bharat Coffee Depot, Death Wish Coffee Co., Gold Coffee Company, Hawaiian Isles Kona Coffee Company, Ltd., Kicking Horse Whole Beans, Illycafe S.P.A, Starbucks Corporation and The Coffee Beans Co. are among the key players in the global Coffee Beans market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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Coffee Beans Market is expected to reach US$ 41,962.4 Mn by 2027 | The Insight Partners
Source: EIN Presswire