Research Support Specialist, USA
The global roast coffee market size is expected to reach USD 53.74 billion by 2028, registering a CAGR of 4.0% from 2021 to 2028, according to a new report by Million Insights. The key growth factors driving the market include the rising consumer preference for flavored coffee and easy availability of a wide variety of products, such as coffee pods. The growing consumption of roast coffee among millennials is further projected to drive the market during the forecast period.
A huge amount of coffee is roasted commercially that further supports the market. Whereas, roasting at a small scale has grown significantly with the rising trend of “single-origin” coffee served at specialty shops. Some consumers even roast coffee at home. Thus, the growing popularity of roast coffee at home is projected to contribute to the market growth during the forecast period. During the COVID 19 pandemic, governments of various countries imposed stay-at-home policies and restrictions on movements as a precautionary measure.
As an immediate effect of the COVID-19 pandemic, net imports of coffee in the European Union, the U.S., and Japan declined in 2020 compared to 2019. Due to this, the market experienced a shortfall in sales due to restricted production, disturbed supply chains, and reduced demand. However, due to resumed activities, sales, trade, and manufacturing activities, the global market is expected to recover in the future and witness healthy growth.
The hotels & restaurants application segment is expected to grow at a steady CAGR over the forecast period due to the significant rise in the hospitality industry in emerging as well as developed economies. In addition, the rising demand for flavored coffee products in developed countries will drive the market in the years to come.
The report “Roast Coffee Market Size, Share & Trends Analysis Report By Distribution Channel (Online, Offline), By Type (Coffee Pads & Pods, Ground Coffee Beans), By Application, By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global roast coffee market on the basis of type, application, distribution channel, and region: