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Coffee And Tea Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·4-min read

Major companies in the coffee and tea market include US producers Farmer Bros; Keurig Dr Pepper; JM Smucke; ITO EN and Maxingvest AG. The global coffee and tea market is expected to grow from $140.

New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Coffee And Tea Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018913/?utm_source=GNW
2 billion in 2020 to $143.08 billion in 2021 at a compound annual growth rate (CAGR) of 2.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $193.78 billion in 2025 at a CAGR of 8%.

The coffee and tea market consists of sales of coffee and tea by entities (organizations, sole traders and partnerships) that produce roasting coffee, blending tea, coffee and tea concentrates, herbal tea, coffee extracts, flavorings and syrups. The companies in the coffee and tea industry process raw materials into roasting coffee, blending tea, coffee and tea concentrates, herbal tea, coffee extracts, flavorings and syrups, package and distribute them through various distribution channels to both individual customers and commercial establishments. The coffee and tea market is segmented into coffee and tea.

Asia Pacific was the largest region in the global coffee and tea market, accounting for 46% of the market in 2020. Western Europe was the second largest region accounting for 21% of the global coffee and tea market. Africa was the smallest region in the global coffee and tea market.

Coffee companies are increasingly offering coffee subscription services to consumers. Coffee subscription services provide home delivery of coffee products to consumers for a subscription fee charged on a weekly or monthly basis. A subscription service offers a number of advantages to consumers. It allows consumers to sample products from far more specialist roasters than is possible in even the most coffee-saturated areas. Some services can ship products from hundreds of different roasters. It is also the best way to ensure freshness, as most shipments are made immediately after roasting, eliminating the time the beans would otherwise have spent on store shelves. Popular coffee subscription services include Atlas Coffee Club, Driftaway Coffee, Blue Bottle Coffee, JavaPress Coffee, Mistobox, Bean Box, Craft Coffee and Pact Coffee.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the coffee and tea manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the coffee and tea manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Increasing demand for ready-to-drink (RTD) beverages is expected to drive the coffee and tea market in the forecast period. RTD is a single-use packaged beverage that is ready for immediate consumption at the time of purchase. RTD drinks are gaining popularity among working adults due to their clean label and functionality. Introduction of new flavors of in the range of RTD tea and coffee, ease of carrying, and convenience are expected to boost the demand for RTD tea and coffee. It is expected that the global RTD tea and coffee will reach $116.1 billion by 2024 at a CAGR of 5.6%, while the global consumption of RTD tea alone is expected to reach 50 billion liters by 2021 at a CAGR of 5.3%. Increasing demand for RTD beverages, including RTD coffee and tea, is expected to drive the coffee and tea market going forward.


Read the full report: https://www.reportlinker.com/p06018913/?utm_source=GNW

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