Major companies in the coffee and tea market include Nestle S. A. , Unilever plc, Suntory Holdings Limited, Ito En Ltd. , Louis Dreyfus, Olam International, J. M. Smucker Company, Kerry Group plc, The Kraft Heinz Company, and Marubeni.
New York, July 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Coffee And Tea Global Market Report 2022" - https://www.reportlinker.com/p06284473/?utm_source=GNW
The global coffee and tea market is expected to grow from $100.78 billion in 2021 to $112.03 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. The market is expected to grow to $165.88 billion in 2026 at a compound annual growth rate (CAGR) of 10.3%.
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 concentrate, 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 main types of coffee and tea are coffee, tea.Coffee is a brewed beverage made from roasted coffee beans, the grains of certain flowering plants in the Coffea genus, and the berries of certain flowering plants in the Coffea genus.
The different types of packaging include containers, bags, packets, or pouches and are available in various forms such as liquid, powder, capsules. It is distributed through various channels including supermarkets/hypermarkets, convenience stores, e-commerce, others.
Asia Pacific was the largest region in the coffee and tea market in 2021.Western Europe was the second-largest region in the coffee and tea market.
The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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.The introduction of new flavors 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 reached 50 billion liters in 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.
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 the 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 a lack of raw materials.Also, restrictions on the trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline.
The outbreak had 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.
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 countries covered in the coffee and tea market are Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam.
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