Is the growth rate of specialty coffee faster than global coffee consumption?
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Is the growth rate of specialty coffee faster than global coffee consumption? Currently, specialty coffee is gradually asserting its attraction and position in the coffee market. Growth figures are the best proof of this.
Is the growth rate of specialty coffee faster than global coffee consumption?
According to the International Coffee Organization, global coffee consumption is expected to reach 170.3 million 60kg bags by 2021/22, with Europe and North America accounting for about half of this volume.
In its recently published National Coffee Data Trends (NCDT) spring edition report, the National Coffee Association found that last-day specialty coffee consumption in the United States in 2022 is the highest recorded.
To answer the question “Is the growth rate of specialty coffee faster than global coffee consumption?” many other aspects still need to be considered.
The growth rate of specialty coffee in the world
Find out the growth rate of specialty coffee in regions that specialize in coffee consumption:
North America
In the NCA’s spring NCDT report, it was found that about 60% of the US population drinks coffee every day – a 20-year high.
The report also shows that specialty coffee consumption has reached a five-year high. About 43% of respondents said they had drunk a special coffee beverage the day before, up 20% from January 2021.
Furthermore, according to The Brainy Insights, the North American specialty coffee market is predicted to grow 20% year-on-year through 2030, which would make it the fastest growing market in the world. world.
Europe
Europe currently has the largest share of the global specialty coffee market with around 46.2% and Europe’s market growth is expected to grow by 9% by 2026.
In particular, the Scandinavian coffee market is growing significantly as consumers in countries such as Sweden, Denmark, Finland and Norway are willing to pay more for higher quality coffee.
According to CBI, along with North America, Europe is the largest and most important market for specialty coffee. This is due to the growing number of specialty coffee roasters and coffee shops across the continent, which improves consumer education and knowledge.
Asia Pacific
The Asia-Pacific region is estimated to be the fastest growing specialty coffee market in the world. According to Research and Markets, the region’s specialty coffee industry will experience 15.3% annual growth between now and 2030.
In China especially, the spike in average incomes in the country’s major cities means that more and more people are drinking specialty coffee – especially the younger generation.
Meanwhile, after the European Union and the US, Japan is the world’s third largest coffee import market, according to statistics from the ICO. Furthermore, the coffee sector outside of the country is booming, with 86% of consumer spending reported going to coffee shops, restaurants and other hospitality businesses.
Forecasting the growth rate of specialty coffee
The ICO predicts that by 2021/22, global coffee consumption will increase by 3.3% to 170.3 million 60kg bags – indicating that the global coffee market is definitely growing. The organization recently downgraded its consumption growth forecast to 1% to 2% by 2030 – showing steady growth nonetheless.
Meanwhile, Brainy Insights estimates that the value of the global specialty coffee industry is expected to reach $152.69 billion by 2030, representing a growth rate of 12.32% over the forecast period.
As such, the specialty coffee industry has experienced rapid growth but is still a small percentage of the overall market share. Consumers are willing to pay a high price for high-quality coffee, and specialty coffee will continue to grow, but to exceed overall consumption, further considerations are needed. The growth of specialty coffee plays a large role in the overall development of the coffee industry as a whole.
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