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Coffee concentrates are formulated using the cold brew method, in which grounded coffee is soaked in water for hours to obtain absolute liquid coffee concentrate. The coffee concentrate is a ready-to-drink variant of coffee that can either be consumed directly or mixed with milk. The changing coffee culture has led the manufacturers to focus more on versatility and quality. Further, the availability of various flavours such as caramel, chocolate, sea salt caramel toffee, and others has gained the consumer's attention which has also aided in its market growth.
The high-paced lifestyles of the consumers have led them to shift their preferences from traditional coffee to concentrated coffee due to its ease of consumption. Along with this, the rise in the working population has supported its market growth. According to OECD, in the year 2019, the working-age population increased to 68.9%, thus indicating the increase in demand for RTD beverages.
The increase in demand of millennials for convenient and ready-to-drink products is one of the major reasons driving the coffee concentrates market. Coffee is one of the most popular beverage and the availability of artisanal and premium variants in coffee concentrates have drawn the consumers’ attention. Further, the ease of formulation offered by the coffee concentrates has also driven its global market growth.
Tea and coffee both contain caffeine and the coffee is preferred more in North American and European regions, whereas tea is widely consumed in other parts of the world. Thus, the wide consumption of tea as a substitute for coffee is impeding its market growth.
Key Market Driver -
Increasing Demand among Millennials for Convenient Products
Key Market Restraint -
Availability of Substitutes
The key companies operating in the global coffee concentrates market are, Nestlé SA, PepsiCo, Inc., Kraft Foods Group, S&D Coffee Inc., Aspen Beverage Group, LLC, Christopher Bean Coffee Company, Ueshima Coffee Co. Ltd., Death Wish Coffee Company LLC, and Kohana Coffee.
The global coffee concentrates market is segmented by variety, caffeine content, product type, and distribution channel. The Arabica coffee variant is accounted for holding the largest market as it is widely used for preparing coffee concentrates due to its mild and unique taste.
On the basis of caffeine content, the regular coffee concentrate variant is leading as consumers prefer them due to its comparatively lower price and wide availability. The black coffee concentrate segment is holding the major share as it can be directly consumed without further processing coupled with its already established consumer base.
The hypermarkets and supermarkets are the major sales channel for coffee concentrate as it has numerous product offerings in various brand and price range. Coupled with this, the convenience of shopping offered by them and various bundling schemes on products has contributed in increased coffee concentrates’ sales.
North America is witnessing strong growth in the coffee concentrates market due to the extensive consumption of coffee on regular basis by the consumers. Further, the significant decline in the consumption of carbonated beverages has supported the coffee concentrates regional market growth.
Europe is projected to foresee significant growth in the market due to the increase in demand for high-quality and single origin coffees. Additionally, the increase in consumption of coffee concentrates in the region has boosted the regional market growth. According to Europe Ministry of Foreign Affairs, the region consumed 33% of the global coffee consumption, which has supported its regional sales.
Asia Pacific is anticipated to witness moderate growth in the market owing to the rise in millennial population. Also, the increase in per capita consumption of coffee concentrates and rising demand for millennials for ready-to-drink beverages along has aided in the market growth.
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