LONDON--(BUSINESS WIRE)--Technavio analysts forecast the office and commercial coffee services market in North America to grow at a CAGR of almost 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the office and commercial coffee services market in North America for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
As the office and commercial coffee services market in North America is a mature market, it will experience a stiff year-over-year (Y-o-Y) growth rate during the forecast period. The US is the largest market in this region. Product line extension through the introduction of innovative products is the major factor contributing to the growth of the office and commercial coffee services market in North America.
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Technavio analysts highlight the following three factors that are contributing to the growth of the office and commercial coffee services market in North America:
- Increasing demand for premium coffee
- Growing number of restaurants and coffee chains across North America
- Technological advances
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Increasing demand for premium coffee
With employees expecting a gourmet coffee experience similar to that of a coffee shop, the demand for premium varieties of coffee is also increasing. In a drive to improve employee engagement initiatives, employers are willing to provide good quality coffee even if it incurs sizeable costs. Employers are also willing to buy different varieties of coffee that are rated high on green initiatives to improve their green footprint.
Sharan Jaganathan, a lead retail goods and services research analyst at Technavio, says, “The price drop of green coffee in recent years is also prompting many employers to opt for those varieties. As premium varieties of coffee earn higher profit margins, great marketing effort is made to promote the sales of premium coffee. The national brands of coffee that are also considered of premium quality formed nearly 38% of all varieties of coffee supplied by office and commercial coffee service operators in 2015.”
Growing number of restaurants and coffee chains across North America
The growing number of coffee chains across North America drive the market for office and commercial coffee services market in the region. Vendors serve bakeries, breakfast stops, cafeterias, catering services, coffee shops, delicatessens, family establishments, fast casual, fine dining, local cafes, and QSRs.
“On an average, American coffee drinkers drink three to nine ounces or 400 million cups of coffee in a day. Coffee is the most popular beverage among consumers in the US. These factors have created ample opportunity for office and commercial coffee service providers In North America,” adds Sharan.
High consumption of coffee among employed population in the US
The US is the largest market for office and commercial coffee services market in North America. The high consumption of coffee among the employed population in the US drives the market for office and commercial coffee services market in the region. In 2015, 68.21% of the US population was employed.
Employers in the US install coffee service machines in their office premises. This boosts the office and commercial coffee services market in North America. The entry of retail coffee sellers and coffee bars and restaurants further pushes the office and commercial coffee services market in the region. For instance, Mars Inc., a known vendor in the confectionery market, operates with their brand called FLAVIA in the US office and commercial coffee services market.
- Farmer Bros.
- Keurig Green Mountain
- PEET'S COFFEE & TEA
- ROYAL CUP COFFEE
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