Cafe Market to Witness Exponential Growth by 2027 End | Café Florian, Vogue Café, Costa Coffee
January 14, 2022
Cafe Market to Grow with Rise in Coffee Consumption among Millennials Worldwide
SEATTLE, WA, US, January 14, 2022 /EINPresswire.com/ -- Cafe Market to Grow with Rise in Coffee Consumption among Millennials Worldwide, Cafés are coffee, tea, and snack shops that are part of quick service restaurants. Cafés are becoming increasingly popular as hangout spots.This market is expanding due to rising coffee consumption. The International Coffee Organization (ICO) estimates that global coffee consumption was 151.7 million bags in 2014-2015, rising to 158.9 million bags in 2017-2018.
A cafe is a place that offers tea, coffee, and other such hot beverages. The word comes from the French 'café' meaning coffee house. A cafe can be located inside a building or it can be an open-air establishment. Cafe is known as a casual social environment where people play board games, read newspapers/magazines, study or chat with others. Some coffeehouses or cafe may serve cold beverages, such as iced tea, iced coffee, and non-caffeinated drinks. In continental Europe, cafes serve alcoholic beverages. The cafes are centered primarily around the customer. Moreover, cafe is a safe space or a pleasant environment for people, and also give people space to socialize. Increase in coffee consumption is encouraging cafes to offer brewed coffee and some specialty drinks such as cappuccinos and lattes.
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Major players operating in the global cafe market are Café Florian, Vogue Café, Costa Coffee, Whitbread, Barista Coffee Shop, McCafé, Dunkin Donuts, and Restaurant Brands International Inc., among others.
Key Market Drivers:
Rising popularity of cafes among millennials and rise in coffee consumption among millennials is expected to augment the growth of the cafe market during the forecast period. For instance, according to the National Coffee Association, about seven in ten Americans drink coffee every week. Americans drink an average of 3 cups of coffee a day. In fact, their 2020 report shows that overall coffee consumption has increased by 5% since 2015.
Moreover, increasing number of cafes worldwide, changing lifestyle of consumer, increasing disposable income, and increasing trend of innovative cafes are some major factors expected to boost the growth of the cafe market. For instance, in July 2019, the Ambikapur municipal corporation of Chhattisgarh (India) launched a first-of-its-kind ‘Garbage Cafe‘. This initiative is a step towards making the city plastic-free. In this unique Cafe’ poor people and rag pickers will get free food in exchange for one kilogram of plastic, while breakfast will be provided if half a kilogram of plastic is brought to the cafe.
COVID-19 Impact Analysis:
Between government restrictions and recommended physical or social distancing measures in public places, coffee shops (cafes) have faced a lot of changes during the pandemic. Moreover, due to the outbreak of COVID-19 or to curb the spread of the novel coronavirus, the dine-in section of all the restaurants and cafes has been closed, but the food delivery services are open. Thus, some cafes have launched their own e-commerce platforms, through which consumers can order food and beverages. For instance, in June 2021, TRIBE Café (West Bengal, India) launched its combo meals to stay connected with its patrons. This in turn is expected to aid in the growth of the cafe market.
The cafe market is expected to exhibit a CAGR of during the forecast period owing to the emergence of innovative cafes across the globe. For instance, in September 2021, the first ever Menopause Café launched in Belfast at First Avenue Coffee Company on the Ormeau Road. Menopause Café has been launched to help women to open up about their experiences with menopause.
Among regions, North America and Asia Pacific are expected to witness robust growth in the cafe market due to the rise in coffee consumption among millennials, advent of online food delivery portals, and increasing expansion by established brands in these regions. For instance, in October 2021, on the International Coffee Day, Odisha (India) Chief Minister launched an e-commerce platform which will make the state's Koraput coffee available across the globe.
Moreover, according to the National Coffee Association, around 63% of the US population drinks coffee, and coffee consumption in China is increasing at an annual rate of 16%.
On the basis of café type, the global cafés market is segmented into:
Take Away Cafés
On the basis of offerings, the global cafés market is segmented into:
Bakery (Breads, Cookies, Cakes, and Others)
Confectionery (Chocolates, Premium Dry Fruits, and Others )
Traditional foods (Italian, Mexican, Thai, and Others )
On the basis of ownership, the global cafés market is segmented into:
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✤ SWOT Analysis is used to define, assess, and analyse market competition by focusing on the world's major manufacturers. The market is defined, described, and forecasted by type, application, and region.
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✔ In the next seven years, what innovative technology trends should we expect?
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✔ What organic and inorganic strategies are companies employing in order to gain market share?
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➸ Companies that offer a diverse range of services, including financial data, news, SWOT analyses, and strategies.
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