Specialty coffee Market is projected to grow by USD 39.17 billion from 2022 to 2027, with North America expected to hold a 32% market share- Technavio

NEW YORK, Feb. 19, 2024 /PRNewswire/ -- The specialty coffee shops market is estimated to grow by USD 39.17 billion from 2022 to 2027, growing at a CAGR of 7.43%. By Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa. North America will have the largest share of the market. North America is estimated to contribute 32% to the growth of the global market during the forecast period. Customization is a key element sought after by many North American customers, especially Millennials. Specialty coffee shops offer the ability to customize coffee or other beverages to the customer's preferences. Furthermore, various companies, such as McDonald's, Coffee Day, and Starbucks, offer customization services for most of their beverage options. Companies also offer food bowls that allow customers to choose to eat food ingredients one at a time or combine all the ingredients together. In addition, the busy lifestyles of working people and students also contribute to the market growth in the region. Limited time to prepare food and drinks at home makes people choose specialty cafes to drink coffee and breakfast every day. Hence, these factors are expected to drive specialty coffee shops market growth during the forecast period. Download a sample report to get more insights on the market share of various regions and the contribution of the segments.

• By Type, the market is classified into independent coffee shops and chain coffee shops. The market share growth by the independent coffee shops segment will be significant during the forecast period. Technavio Research experts have provided more insights on the market share of segments - View Sample Report

The specialty coffee shops market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer specialty coffee shops market are Barista Coffee Co. Ltd., BLUE BOTTLE COFFEE Inc., Brew Berrys Hospitality Pvt Ltd., Caffe Nero Group Ltd., Caribou Coffee Operating Co. Inc., Coffee Beanery, Coffee Day Enterprises Ltd., Costa Ltd., Doutor Coffee Co. Ltd., Ediya Co. Ltd., Gloria Jeans Coffees International Pty Ltd., Grupo Herdez SAB de CV, Inspire Brands Inc., Keurig Green Mountain Inc., La Colombe Torrefaction Inc., Luckin Coffee Inc., McDonald Corp., MTY Food Group Inc, Restaurant Brands International Inc., and Starbucks Co. The report provides a full list of key companies, their strategies, and the latest developments. Download Sample before buying

Company Offering:

• Brewberrys- The company operates a chain of coffee bars offering cafe franchises, including specialty coffee shops to gain a big share of the ever-growing coffee consumption market.
• Barista Coffee Co. Ltd. - The company offers specialty coffee shops for the choco affair range including boxes, slabs, pouches with a taste of pure cocoa
• For details on companies and their offerings – Buy the report!

One of the impactful driver is increasing consumption of coffee. Increasing popularity of coffee among millennials is one of the major trends. Fluctuating prices of coffee beans is one of the key challenges

The Specialty Coffee Shops Market experiences growing demand driven by factors like evolving consumer preferences and the pursuit of unique, high-quality coffee experiences. Sustainability practices are increasingly vital in the coffee industry, appealing to environmentally conscious consumers. Specialty coffee products offered by renowned brands like Coffee Beanery, Whitbread, and Barista cater to this niche market. As players like Restaurant Brands International enter the scene, competition intensifies, fostering innovation and differentiation. With initiatives like Global Tea Break, the market expands its offerings beyond coffee, catering to diverse tastes. Specialty coffee shops are not merely about a cup of joe; they represent a culture, a lifestyle, and an experience, attracting coffee aficionados seeking more than just a caffeine fix.

The Specialty Coffee Shops Market is experiencing remarkable growth, driven by consumer preferences for high-quality and unique coffee experiences. Size and trends indicate a thriving industry, with increasing awareness about coffee sourcing and production methods. Consumers prioritize sustainability and ethical sourcing, leading to a demand for ethically sourced and sustainably grown beans. Eco-friendly practices, fair trade initiatives, and community development projects characterize the socially responsible coffee industry. Specialty coffee shops emphasize providing not just a beverage but an experience rooted in ethical values. As the market expands, there's a growing emphasis on offering exceptional coffee while contributing positively to communities and the environment, making specialty coffee shops key players in the evolving coffee culture landscape.

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TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio