LONDON--(BUSINESS WIRE)--The specialty coffee shops market is expected to grow by USD 80.78 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Increasing consumption of coffee is one of the major factors that is expected to drive the growth of the global specialty coffee shops market. The consumption of coffee has been increasing significantly in both advanced and emerging economies. Coffee is the second-most preferred beverage after soft drinks in developed countries including the US, UK, Canada, and Japan. In addition, consumers from developing economies including China, India, and Brazil are also experimenting with different varieties of coffee. This increasing demand for coffee has resulted in an increased growth opportunity for the vendors in the market, which is will drive the growth of specialty coffee shops market during the forecast period.
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As per Technavio, the growing number of specialty coffee shops globally will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Specialty Coffee Shops Market : Growing Number of Specialty Coffee Shops Globally
The increasing popularity of socializing at coffee shops among millennials has contributed to the growing popularity of specialty coffee shops. The preference for different types of fresh coffee has further led to the emergence of coffee shops, specialty coffee shops, and quick-service restaurants. Leading coffee shop chains such as Starbucks, Costa, and Dunkin' Brands Group are opening their outlets in emerging economies. Furthermore, the growing popularity of malls and shopping centers has also led to many new players investing substantially in the distribution of coffee through such outlets. Thus, the opening of new cafés and gourmet outlets is positively impacting the market growth of specialty coffee shops.
“Increasing focus of vendors on product diversification as well as brand extensions and rising launch of coffee-themed restaurants are other factors that are expected to have a positive impact on the specialty coffee shops market value during the forecast period,” according to Technavio.
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Specialty Coffee Shops Market: Segmentation Analysis
This market research report segments the specialty coffee shops market by type (independent coffee shops and chain coffee shops) and geography (North America, APAC, Europe, South America, and MEA).
The North America region led the specialty coffee shops market in 2019, followed by Europe, APAC, MEA and South America. The North America region is expected to register the highest incremental growth due to factors such as the availability of customized coffee options and the hectic lifestyle of the working population as well as students.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Independent coffee shops
- Chain coffee shops
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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