Specialty Coffee Shops Market, 32% of Growth to Originate from North America, Technavio
PR Newswire
7 min read
NEW YORK, Dec. 15, 2024 /PRNewswire/ -- The global specialty coffee shops market size is estimated to grow by USD 57.41 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 7.83% during the forecast period.
Technavio has announced its latest market research report titled Global Specialty Coffee Shops Market 2024-2028
Type (Independent coffee shops and Chain coffee shops), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)
Key Companies Covered
Barista Coffee, Brew Berrys Hospitality Pvt Ltd., Caffe Nero Group Ltd, Caribou Coffee Operating Co. Inc., Costa Ltd., Inspire Brands Inc., Luckin Coffee Inc., McDonald Corp., MTY Food Group Inc., Nestle SA, Peets Coffee Inc., Starbucks Corp., Coffee Beanery, Coffee Day Enterprises Ltd., Doutor Coffee Co. Ltd., EDIYA COFEE CO., Grupo Herdez, La Colombe Coffee Roasters., PILOT COFFEE ROASTERS, and Blue Tokai Coffee
Regions Covered
North America, Europe, APAC, South America, and Middle East and Africa
Region Outlook
North America
Europe
Asia
Rest of World
1. North America - North America is estimated to contribute 32%. To the growth of the global market. The Specialty Coffee Shops Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. The specialty coffee market in North America is witnessing significant growth, driven by the increasing demand for customized coffee experiences. Espresso culture and latte artistry continue to be popular trends, with independent cafes and local roasters showcasing barista expertise through intricate designs and unique flavor profiles. Cold brew techniques and sustainable sourcing practices, including fair trade and direct trade relationships, are also gaining traction. Sustainable and ethical practices, such as organic offerings and community engagement, are becoming essential components of the coffee culture. Roasting mastery and brewing methods are key focus areas for artisan coffee market players, offering consumers a diverse range of specialty drinks and coffee education opportunities. Specialty coffee events, coffee workshops, and coffee subscription services further enhance the consumer experience. Premium coffee market players are investing in innovative beverage offerings, such as craft brewing and single-origin beans, to cater to the evolving tastes of consumers. The third-wave movement, which quality and transparency in every aspect of the coffee production process, is fueling the growth of micro-roasteries and specialty coffee brands. The increasing popularity of coffee culture and the convenience of coffee consumption habits make the sector an attractive investment opportunity.
The specialty coffee shop market in North America is experiencing growth due to the increasing demand for customization among consumers, particularly millennials. Vendors such as McDonald, Coffee Day, and Starbucks offer customizable beverage options, and some are even introducing customizable food bowls. The hectic lifestyles of working populations and students contribute to the market's growth, as people opt for specialty coffee shops for daily coffee and breakfast. However, the COVID-19 pandemic temporarily halted the industry in 2020, with lockdowns and stay-at-home regulations leading to temporary closures. In 2021, the initiation of vaccination drives and the resumption of commercial operations led to a rebound. Additionally, the rise of online food ordering and the increasing popularity of pickup stores and app-based technologies have driven coffee consumption, resulting in the expansion of specialty coffee shops. According to Technavio, these factors will lead to market growth during the forecast period.
For more insights on North America's significant contribution along with the market share of rest of the regions and countries - Download a FREE Sample
The independent coffee shop market, defined as coffee businesses operating at under five locations, is projected to experience consistent expansion in the forecast period. This growth is primarily driven by the increasing number of gourmet coffee shops worldwide. The preference for artisanal coffee among urban populations in developed countries is leading vendors to expand their businesses to cater to this demographic. However, independent coffee shops face significant competition from multinational chain coffee shops. Despite this challenge, the independent coffee shop segment is a significant contributor to the global specialty coffee market. These establishments distinguish themselves through their focus on quality beans from ethical and sustainable sources, artisanal brewing methods, and personalized customer experiences. Independent coffee shops often function as community hubs, fostering a sense of connection and supporting local economies and small-scale coffee producers. Their adaptability enables them to cater to niche markets and experiment with unique flavors, brewing techniques, and menu offerings, making them an attractive choice for discerning coffee enthusiasts.
Research Analysis
The Specialty Coffee Sector, also known as the Premium Coffee Market, is a niche segment of the global coffee industry that focuses on high-quality, unique, and distinctive coffee beans. Specialty Coffee Brands and Coffee Roasters prioritize single-origin beans, artisanal roasting, and ethical sourcing practices such as Sustainable Sourcing, Fair Trade, and Direct Trade Relationships. Espresso Culture and Latte Artistry are key elements of the Specialty Coffee experience, showcasing the expertise of skilled Baristas. Cold Brew Techniques and Specialty Blends offer diverse and innovative coffee experiences. Micro-roasteries and Tasting Experiences allow consumers to explore Roasting Mastery and Brewing Methods. Coffee Subscription Services provide regular access to freshly roasted beans, while Specialty Coffee Trends continue to push the boundaries of the industry.
Market Overview
The Specialty Coffee Sector, also known as the Artisan Coffee Market, is a thriving industry characterized by Independent Coffee Shops and Local Coffee Shops that prioritize quality and unique coffee experiences. The Premium Coffee Market caters to consumers seeking out exceptional beans and innovative beverages. Coffee Roasters and Specialty Coffee Brands play a crucial role in sourcing and producing Single-origin Beans, while Artisanal Roasting and Craft Brewing bring out the distinct flavors and aromas. Espresso Culture and Latte Artistry have gained significant popularity, with Barista Expertise and Specialty Blends adding to the allure. Cold Brew Techniques and Sustainable Practices, including Fair Trade Practices, Direct Trade Relationships, Organic Offerings, and Ethical Sourcing, are essential aspects of the Specialty Coffee Culture. Third-wave Movement innovations include Roasting Mastery, Brewing Methods, Coffee Knowledge, and Flavor Profiles. Community Engagement, Atmosphere Design, Menu Diversity, and Specialty Coffee Events contribute to the overall experience. Coffee Subscription Services, Coffee Workshops, and Coffee Education further enhance the connection between consumers and their favorite brews.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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