Specialty Coffee Shops Brew a $39B Market Growth by 2027

Specialty Coffee Shops Brew a $39B Market Growth by 2027

The specialty coffee shops market is projected to grow by USD 39.17 billion between 2022 to 2027, at a compound annual growth rate (CAGR) of 7.43%. The growth is predominantly driven by North America, which is expected to contribute 32% to the global market. The demand for customization among Millennials is a significant growth factor, as is the convenience sought by working people and students with busy lifestyles. Prominent companies like Starbucks and McDonald's are enhancing their offerings to include customizable beverages and food bowls. Despite the fragmented nature of the market, the specialty coffee shops sector is experiencing a surge in consumer demand for high-quality coffee experiences, with sustainability and ethical sourcing becoming increasingly important to customers.

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