Global Coffee Machines Market Set to Observe a Brisk Growth Rate—Projected to Reach worth USD 5.2Billion in 2027
Published | 29 July 2021
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global coffee machines market was worth USD 3.4 billion in 2020 and is further projected to reach USD 5.2billion by 2027, at a CAGR of 6.4% during the forecast period (2021-2027). The market is driven by growing coffee consumption throughout the world. The proliferation of coffee shop chains such as Starbucks, Café Coffee Day, and the rising trend of social gatherings among millennials in cafés and restaurants are also playing a significant role in fueling the global coffee machine market.
Additionally, a growing inclination towards technologically advanced appliances in hotels, restaurants, and cafés. coupled with the rising demand for espresso coffee machines are responsible for the market expansion. Moreover, because of the increased workload among the working-class population, people are turning to technologically advanced coffee machines to prepare their coffee faster. Thus, ease of use and consistent brewing results, compiled with a need for technological advancement are driving the coffee machine market.
Rising Coffee Consumption Fueling the Global Coffee Machine Market
Coffee machines that make it easier to make coffee are becoming increasingly popular. A crucial factor contributing to the market expansion is the rising demand for coffee and coffee-related beverages. Coffee contains caffeine which has strong stimulant activities. Due to this reason, coffee has gained much popularity amongst the millennials as well as the working population. A report released by International Coffee Organization in 2021 reveals that 166.63 million 60-kilogram bags of coffee were sold worldwide in 2021, up from 164 million bags consumed the previous year, showing the demand for coffee is rising. Moreover, according to the National Coffee Data Trends Report 2020, overall coffee consumption in the United States has risen by 5% since 2015.In addition, the survey reveals that 7 out of 10 Americans drink coffee every week and 62% drink it every day.
Setting Up of New Coffee Shops Across the Globe
In recent years, there has been a noticeable increase in the demand for coffee shops, restaurants, cafés, and other such establishments. This is attributable to a growth in the working-class population, increased disposable income, and their strong preference for attending formal/informal meetings in coffee shops. As a result of the entrance of coffee shop chains such as Starbucks, Café Coffee Day, and Costa Coffee, coffee-based drinks are becoming more popular. Coffee shop chains play a crucial role in promoting coffee-related beverages, which in turn increases the demand for coffee machines.
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Global Coffee Machines Market: ByApplication
Based on applications, the global coffee machines market is categorized intoresidential and commercial. Restaurants, cafes, coffee shops, etc., all fall under the commercial category. The residential application, however, consists mainly of households. Globally, commercial applications accounted for more than 50% of the market for coffee machines. In the commercial setting, the growth of cafes and restaurants is a key factor driving product demand.The residential category, on the other hand, highlights the demand that comes from coffee consumption in households. Coffee lovers have begun to switch their focus away from conventional coffee preparation methods due to their clumsiness and time-consuming nature. Only coffee machines can provide them with their desired coffee consistency in less time by simply pressing a button. Thus, the residential segment is likely to witness the fastest growth in the years to come.
Impact of COVID-19on the Global Coffee Machines Market
This pandemic caused by COVID-19 has adversely affected all industries. Additionally, worldwide curfews and lockdowns have plunged world economies into a deep crisis. The tourism industry, restaurant markets, and cafe markets are the most affected. Due to the fear of contracting the deadly virus, people are shunning even their favorite coffee shops and cafes.Thus, global coffee machine sales have also been hit hard during the pandemic era as a result of the decline in demand for coffee machines. Additionally, since people have now started to spend their hard-earned money more wisely, the residential segment has also been affected badly.
Europe Leads the Global Coffee Machines Market
Out of all the continents, Europe dominates the global coffee machines market. Europe's dominance in the coffee machine market is due to its high coffee consumption.This is further aided by the presence of many commercial buildings and offices where coffee and coffee-infused beverages are consumed daily by almost all the employees, which ultimately leads to an increase in sales of coffee machines.
Additionally, the Asia Pacific market for coffee machines is also catching up due to an increase in the number of fine restaurants and coffee shops. Reports indicate that large cafe chains, such as CCD and Starbucks, are investing in the region due to their strong growth potential, which would support market expansion. Moreover, Millennials in developing countries like India and Japan show a strong preference for gatherings and meetings at cafes, coffee shops, restaurants, etc. This trend has created fresh opportunities in the coffee machine market as well as the cafe/restaurant business.
Several new entrants have been attracted to the global coffee machines market due to its high growth potential. The influx of new players has resulted in healthier competition among market players. Some of the prominent players in the global coffee machines market are Keurig Green Mountain, Inc., Panasonic Malaysia, Nestlé Nespresso S.A., Electrolux, Morphy Richards India, Robert Bosch GmbH, Koninklijke Philips N.V., De'Longhi Resources S.r.l, Schaerer, and Hamilton Beach Brands, Inc., and other prominent players.
Furthermore, many companies are working to bring Bluetooth and Wi-Fi connectivity to coffee machines so that they can be controlled by our smart phones. Such latest innovations have proven to create lucrative opportunities for the coffee machine market.With the help of smart coffee machines, customers can get their coffee prepared in very little time by just pressing a button on their smart phones. This hassle-free process allows coffee lovers to obtain the coffee of desired consistency and strength as and when required.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global coffee machines market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global coffee machines market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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