The cold brew coffee market was valued at USD 2.59 billion in 2023 and is anticipated to reach USD 3.16 billion in 2024. The market is expected to surge to USD 16.22 billion by 2032, with a CAGR of 22.67% during the forecast period.
Cold brew coffee is prepared by steeping coffee beans in room temperature water for 24 hours, a process that removes bitterness and yields a smoother, richer flavor. The market for cold brew coffee is projected to grow rapidly, driven by increasing consumer demand for highly caffeinated and intensely flavored beverages.
These insights are detailed in the research report titled “Cold Brew Coffee Market, 2024-2032” by Fortune Business Insights™.
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Segmentation:
Demand for Coffee in Cans Rises Due to Their Convenience
Based on packaging, the segment includes glass bottles, plastic bottles, and cans. Cans packaging segment dominates the cold brew coffee market share as this type of packaging offers a lot of convenience in handling to customers.
Ease of Accessibility and Extensive Product Range Helps Supermarkets/Hypermarkets Become Major Sales Channels
The market is divided into supermarkets/hypermarkets, e-commerce, specialty stores, and convenience stores based on the distribution channels. Because they make a large variety of coffee items easily accessible to clients, supermarkets and hypermarkets have produced the most market revenue.
The market’s geographical scope includes South America, Asia Pacific, Europe, North America, and the Middle East and Africa.
Report Coverage:
The study offers a comprehensive overview of the cold brew coffee market, emphasizing key aspects such as popular packaging styles and efficient delivery strategies. It also examines major market players, notable industry developments, and prevailing market trends. Furthermore, the report delves into various other factors that have contributed to the market’s growth.
Drivers and Restraints:
RTD Cold Brew Coffee’s Growing Preference Will Fuel Market Growth
Ready-to-drink (RTD) coffee is becoming increasingly popular in developed countries like the United States, Japan, and the United Kingdom, thanks to its convenience and time-saving benefits. Major market players are launching new flavors to attract a broader customer base, which is expected to drive RTD coffee sales in the coming years.
However, the higher cost of cold brew coffee compared to regular coffee products may discourage some consumers from making a purchase.
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Regional Insights:
North America’s High Coffee Consumption Made It a Dominant Market
In 2023, North America held a substantial share of the global cold brew coffee market, driven by high coffee consumption and a growing preference for specialty coffee. The region’s cold brew coffee industry is further bolstered by the increasing purchasing power of millennials.
Meanwhile, the Asia Pacific region is witnessing a steady rise in cold brew coffee consumption, fueled by increasing interest in the beverage in countries like China, Japan, and India.
Competitive Landscape:
To be competitive, major market players should expand their business operations into other nations.
Leading companies in the cold brew coffee sector are concentrating on expanding their food business operations into new countries to meet the growing demand for diverse coffee products. Additionally, many local market players are forming collaborations with other businesses to widen their customer base and introduce their products to new markets.
Notable Industry Development:
September 2023: A cold brew coffee was introduced by 7 Brew Coffee, and it will be available in more than 100 locations throughout 19 states. The company’s newest offering is made entirely of lightly roasted Peruvian coffee beans. This beverage counterbalances 7 Brew’s exclusive fruit-flavored espresso blend with a distinct chocolaty flavor.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
- Javy Coffee Company (U.S.)
- The J. M. Smucker Company (U.S.)
- Starbucks Corporation (U.S.)
- Blue Bottle Coffee, Inc. (U.S.)
- Sleepy Owl (India)
- Finlay’s (U.K.)
- Nestle S.A. (U.S.)
- CoolBrew (U.S.)
- JAB Holding Company (Luxembourg)
- Wandering Bear Coffee (U.S.)
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