LONDON--(BUSINESS WIRE)--The global espresso coffee market is expected to post a CAGR close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing number of new product launches by vendors. Successful new product launches help increase the revenue flow for vendors. For instance, in January 2018, Starbucks Coffee launched Starbucks Blonde Espresso in the US market. The product was the first new espresso launched by the company in the last 43 years. The company also claims that the new product has a mild and smooth taste as compared to other espressos. Thus, the increasing number of new product launches will have a positive impact on the global espresso coffee market during the forecast period.
As per Technavio, the growing popularity of espresso-based cocktails will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global espresso coffee market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global espresso coffee market: Growing popularity of espresso-based cocktails
The increasing popularity of espresso-based cocktails is one of the positive trends influencing the global espresso coffee market. Bars and pubs in the US are introducing espresso-based cocktails using products such as espresso martini cocktail mixer, which is made from Arabica cold brew coffee, coffee extract, and vanilla. Such products help pubs and bars serve cocktails without the need for coffee brewing equipment. Another product launched in the market was an espresso style martini ready-to-drink (RTD) cocktail. This RTD can feature a nitrogen widget that forces bubbles to the surface as soon as the can is opened to form a distinctive creamy foam of the classic cocktail. Therefore, the launch of such innovative cocktails is expected to boost market growth during the forecast period.
“Another key factor driving the growth of the market is the increasing popularity of espresso among millennials. Vendors are offering new flavored espresso drinks and tonics to target the millennial population. Thus, the increasing popularity of espresso among millennials will support the growth of the global espresso coffee market during the forecast period,” says a senior analyst at Technavio.
Global espresso coffee market: Segmentation analysis
This market research report segments the global espresso coffee market by end-user (homes and offices and coffee shops and others) and geographical regions (Europe, North America, APAC, South America, and MEA).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the South American region is expected to register the highest incremental growth due to the increased demand for premium espresso coffee in the country.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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