According to a new report published by Allied Market Research titled, Coffee Beans Market by Product and End Use: Global Opportunity Analysis and Industry Forecast, 2017-2024,” the global coffee beans market size was valued at $10,471 million in 2017, and is expected to reach $15,635 million by 2024, registering a CAGR of 6.1% from 2018 to 2024. Europe dominated the global market, accounting for around one-third share of the total revenue.
The global coffee beans market is driven by increased coffee consumption across nations, expansion in retail market, and health benefits associated with coffee. Moreover, decrease in consumption of carbonated drinks is anticipated to boost the growth of the global coffee beans market. However, availability of substitute such as tea is projected to impede the coffee beans market growth in future.
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Carbonated drinks are harmful beverages containing dissolved carbon dioxide, usually prepared by mixing sweet flavored syrup and carbonated water in their chilled state. Currently, the demand for these drinks is reported to continuously decrease, owing to its different side effects such as belching, heartburn, increase in risk of obesity, tooth decay, reduced bone strength, and others. The carbonated drinks sale is anticipated to decrease further during the forecast period, owing to surge in awareness among people regarding the aforementioned side effect. This in turn increases the consumption of coffee beans.
Two types of coffee beans, i.e. arabica and robusta are quite popular in the coffee beans industry. Brazil is the largest arabica coffee beans producer while Vietnam produces robusta beans in large volumes, thereby increasing the global coffee beans market share. Arabica is easy to grow and roast, and hence accounts for the maximum production in the coffee beans market. While, robusta is gaining popularity as it contains three times more caffeine than arabica and is more insect and disease resistant. Thus, the robusta coffee beans market is anticipated to grow at the fastest rate by 2024.
The coffee beans market trends are witnessing an economy slowdown as the consumers focus on affordability and thus, shift their preference to inexpensive varieties of coffee. The low cost of production of robusta caf beans has resulted in high demand for robusta. This further fuel the growth in consumption of coffee.
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Based on end use, the personal care industry in the global coffee beans market is likely to witness a robust growth. While coffee beans are commonly found in the beverage form, the skin care products made from coffee are also gaining popularity in the world. The incorporation of coffee beans in natural skin care products has benefited the customers in the global skin care industry. For instance, the green coffee oil made from fresh green coffee beans contains the necessary fatty acids that are used in spa treatments and mature skin care. This oil has anti-aging properties that result in supple and smooth skin. In addition, the aroma of coffee beans butter makes an enticing addition to balms, and body butters. This butter soothes the red and dry skin, and protects the skin from harsh climate.
The usage of coffee beans in pharmaceutical industry is augmenting the global coffee beans market. The health-benefits associated with coffee beans in form of dietary supplements has given rise to its consumption. Green coffee beans extracts have a higher level of chlorogenic acid as compared to other roasted and regular coffee beans because green coffee beans are not roasted. Thus, the adoption of green coffee beans in form of weight loss supplements has been widely observed among consumers.
Key Findings of the Coffee Beans Market:
- In terms of value, the arabica caf beans generated the maximum revenue in 2017 and is expected to grow at a CAGR of 5.5% during the forecast period.
- The pharmaceutical industry is likely to grow at the fastest rate at a CAGR of 6.9% by 2024.
- Europe is expected to dominate the market, registering the CAGR of 5.4% in terms of value.
- Asia-Pacific is projected to show exponential growth in demand throughout 2024, growing at a CAGR 7.6% of in terms of value.
- India and China are expected to witness considerably high growth rates at a CAGR of 10.9% and 9.0% respectively, during the forecast period.
The European consumers prefer high-value specialty coffee that offer a unique experience and are knowledgeable about coffee varieties. In addition, increase in health consciousness of the young population boosts the adoption of black coffee, which drives the market growth. This further offers opportunities for coffee beans suppliers to provide unique blends, flavors, and ready-to-drink coffee.
LAMEA is one of the emerging regions in terms of coffee consumption, as Brazil, South Africa, Saudi Arabia, and Turkey offer potential opportunities for the coffee beans market. New product offerings and flavor differentiation are the key strategies adopted by manufacturers to increase their market share. Furthermore, manufactures have introduced promotional pricing strategies to increase their sales. Moreover, introduction of appealing packaging and new flavors combined with campaigns through social events and networks a fuel the growth of the market.
The impact of competitive rivalry in the global coffee beans market is moderate because of large number of players, moderate strategies adopted by operating companies, high innovation pursued, and higher growth rate in the global market. Major players in the global coffee beans market are focusing on new product development to gain a strong foothold in the market. Key players profiled in the report include Kicking Horse Whole Beans, Death Wish Coffee, La Colombe Corsica Blend, Caribou Coffee, Luigi Lavazza S.P.A., Illycaff S.p.A., Hawaiian Isles Kona Coffee Company, Ltd., La Colombe Torrefaction, INC., Peets Coffee & Tea, Inc., Coffee Beans International, Inc.