LONDON--(BUSINESS WIRE)--The global office and commercial coffee equipment and supplies market is expected to post a CAGR of nearly 5% during the forecast period 2019-2023, according to the latest market research report by Technavio.
The growing adoption of automatic dispensing machines in the corporate sector has increased the demand for hot beverages, which has also augmented the need for coffee beans. Vendors in the market are offering a wide range of advanced coffee dispensing machines based on the use in commercial spaces. Business expansion plans by several companies, hotels, and restaurants have enhanced the growth of the working population, which has increased the popularity of automatic coffee dispensing machines. The rising popularity of automatic coffee dispensing machines is one of the key trends fueling the growth of the global office and commercial coffee equipment and supplies market over the forecast period.
As per Technavio, the product innovations in coffee equipment and supplies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global office and commercial coffee equipment and supplies market 2019-2023 research report also analyze other important trends and market drivers that will affect market growth over 2019-2023.
Global office and commercial coffee equipment and supplies market: Product innovations in coffee equipment and supplies
Vendors in the market are consistently improving their products by incorporating the latest technologies and newer designs. Some vendors within the global office and commercial coffee equipment and supplies market are developing fully automatic coffee machines that are capable of brewing multiple beverages, including espresso, long espresso, drip-style coffee, and iced tea. Certain vendors are increasing their investments in developing cutting-edge science and technology to address evolving consumer expectations. This is helping vendors scale up their profit margins by offering new and technologically advanced coffee machines. The increased focus on product innovation among vendors is one of the key factors driving the growth of the market.
“The office segment is the largest revenue contributor to the market. The growth in the number of tech parks and corporate offices have increased the number of employees. The employment rate in the service sector is expected to post strong growth over the forecast period. Additionally, the increase in the number of food service chains and restaurants and the flourishing retail market will increase the demand for office and commercial coffee equipment and supplies during the forecast period”, says an analyst at Technavio.
Global office and commercial coffee equipment and supplies market: Segmentation analysis
This market report segments the global office and commercial coffee equipment and supplies market by product requirement, end-user (offices, food service, restaurants, and convenience stores, healthcare and hospitality, education, and others), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America, and South America).
The offices segment led the market in 2018 with a market share of more than 49%, followed by food service, restaurants, and convenience stores, healthcare and hospitality, education, and others. The dominance of the offices segment can be attributed to the high consumption beverages such as coffee among employees.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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