Coffee Beans Market Expected to Reach $15,635 Million by 2030 | Caribou Coffee, Luigi Lavazza S.P.A., Illycaff
In 2017, the market for coffee beans worldwide was worth $10,471 million. Analysts predict that by 2024, it will be valued at $15,635 million, showing a Compound Annual Growth Rate (CAGR) of 6.1% from 2018 to 2024.
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The report features detailed profiles of major contributors such as Kicking Horse Whole Beans, Death Wish Coffee, La Colombe Corsica Blend, Caribou Coffee, Luigi Lavazza S.P.A., Illycaff S.p.A., Hawaiian Isles Kona Coffee Company, Ltd., La Colombe Torrefaction, INC., Peets Coffee & Tea, Inc., and Coffee Beans International, Inc.
Europe was the strongest player in the worldwide market, making up about 33% of the total revenue. The global coffee beans market is experiencing growth due to a rise in coffee consumption worldwide, an expanding retail market, and the health benefits associated with drinking coffee. Additionally, a decrease in the consumption of carbonated beverages is expected to further drive the growth of the global coffee beans market. However, the presence of alternatives like tea could hinder the future growth of the coffee beans market.
Fizzy beverages are unhealthy drinks that have carbon dioxide dissolved in them. They are made by combining sweet syrup and carbonated water while keeping them cold. At the moment, there is a decline in the popularity of these drinks because they can cause various unpleasant effects like burping, heartburn, higher chances of becoming obese, tooth decay, weaker bones, and more. As people become more aware of these negative effects, the sale of carbonated drinks is expected to decrease even more in the future. As a result, there is a growing interest in consuming more coffee beans.
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In the coffee beans industry, there are two main types of coffee beans that are popular: arabica and robusta. Brazil is the biggest producer of arabica beans, while Vietnam produces a large volume of robusta beans. This has led to an increase in the global market share of coffee beans. Arabica beans are known for being easy to grow and roast, which is why they are the most widely produced in the coffee beans market. On the other hand, robusta beans are becoming more popular because they contain three times more caffeine than arabica and are more resistant to insects and diseases. As a result, it is expected that the robusta coffee beans market will experience the fastest growth by 2024.
The current state of the coffee beans market is experiencing a decline in economic activity, as customers prioritize affordability and consequently, gravitate towards cheaper types of coffee. The relatively low expenses associated with producing robusta coffee beans have led to a surge in demand for this particular variety. As a result, the consumption of coffee continues to proliferate.
The personal care industry in the global coffee beans market is expected to experience strong growth depending on how it is used. While coffee beans are typically used for drinks, there is also growing popularity for skincare products made from coffee. The inclusion of coffee beans in natural skincare products has been beneficial for customers in the global skincare industry. For example, fresh green coffee beans can be used to make green coffee oil, which contains important fatty acids that are used in spa treatments and skincare for mature skin. This oil also has anti-aging properties that help make the skin supple and smooth. Additionally, the scent of coffee beans butter adds to the appeal of balms and body butters. This butter is effective in soothing red and dry skin, and provides protection against harsh weather conditions.
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The global coffee beans market is growing due to the increased use of coffee beans in the pharmaceutical industry. People are consuming coffee beans in the form of dietary supplements because of the health benefits they provide. Green coffee beans extracts contain a higher amount of chlorogenic acid compared to regular and roasted coffee beans because they are not roasted. As a result, many consumers are using green coffee beans as weight loss supplements.
Important Discoveries in the Coffee Beans Industry:
The top earner in 2017 was the arabica coffee beans when it comes to worth, and there are predictions that it will continue to grow steadily with a compounded annual growth rate (CAGR) of 5.5% in the projected period. Anticipated to display the most rapid expansion, the pharmaceutical sector is estimated to achieve a CAGR of 6.9% by 2024.
Europe is anticipated to control the market, with a forecasted Compound Annual Growth Rate (CAGR) of 5.4% in value.
The demand in the Asia-Pacific region is expected to experience a significant increase in the next five years, specifically between now and 2024. This growth is expected to be rapid, with a compounded annual growth rate (CAGR) of 7.6% in terms of value.
India and China are projected to experience significant increases in their growth rates, with India estimated to achieve a compound annual growth rate (CAGR) of approximately 10.9% and China expected to reach a CAGR of around 9.0% throughout the predicted period.
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European customers have a preference for specialty coffee that is of high quality and provides a distinctive experience. They are also well-informed about the different types of coffee available. Furthermore, the growing health-consciousness among young people is leading to increased consumption of black coffee, which is driving the expansion of the market. This trend also presents an opportunity for suppliers of coffee beans to offer distinctive blends, flavors, and convenient ready-to-drink coffee options.
The LAMEA region is rapidly becoming a hub for coffee lovers, with countries like Brazil, South Africa, Saudi Arabia, and Turkey presenting great opportunities for the coffee industry. To gain a bigger share of the market, manufacturers are focusing on creating new and unique coffee products and flavors. They are also using promotional pricing strategies to boost their sales. Additionally, attractive packaging and innovative flavors, coupled with marketing campaigns through social events and networking, are driving the growth of the market.
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