Global Coffee Market Perks Up - Forecast to Hit $40.23B in 2024

Global Coffee Market Perks Up - Forecast to Hit $40.23B in 2024

The global roasted coffee market is experiencing a significant growth spurt, with the market size increasing from $37.42 billion in 2023 to an anticipated $40.23 billion in 2024, marking a CAGR of 7.5%. This growth is expected to continue, reaching $52.11 billion by 2028 at a CAGR of 6.7%. The expansion is driven by the rising popularity of coffee, the growth of coffee shop culture, the demand for specialty and single-origin brews, and a growing emphasis on health and wellness within the coffee industry. Europe currently leads the market, with Asia-Pacific projected to be the fastest-growing region. The report also highlights consumer trends, such as a 14% increase in coffee consumption in the U.S., as well as product innovations and strategic acquisitions by key players like Nestlé and Lavazza, which stimulate market dynamism. Additionally, the report details the market segmentation between Arabica and Robusta and the various distribution channels, providing a comprehensive overview for stakeholders in the industry.

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