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European Coffee Market European Coffee Market Consumer Spending in Restaurants and Cafes (USD Billion) United Kingdom
DUBLIN, Feb. 23, 2024 (Globe Newswire) — The “European Coffee – Market Share Analysis, Industry Trends and Statistics, Growth Forecasts 2018-2029” report has been added. ResearchAndMarkets.com Recruitment.
The European coffee market size is estimated to be USD 47.88 billion in 2024 and is projected to reach USD 58.14 billion by 2029, growing by 3.96% during the forecast period (2024-2029). Grows at CAGR.
According to the European Coffee Federation, Europe will account for around 33% of the coffee consumed worldwide in 2020/21, making it an important and attractive market for coffee. The European Union also has the highest per capita coffee consumption in the world, although coffee consumption varies by country. Coffee is considered one of the most popular drinks in Western Europe due to its deep cultural roots and widespread use in consumers’ daily lives. Additionally, the demand for coffee in the region is also increasing due to the number of new coffee shops opening, the growth of coffee chain stores, and more people buying coffee machines. According to Project Cafe Europe 2022, the European coffee chain market grew by 3.2% over the past year, and the number of stores reached 40,675 stores.
The European coffee market is driven by multiple factors, including increasing demand for certified coffee products, acceptance of single-serve coffee extraction systems by consumers, and constant innovation led by top players in the coffee market. However, changes in weather conditions play an important role in coffee production in the countries where production takes place and affect the supply chain of coffee imported into European countries.
Premiumization of whole bean coffee products is driving the coffee market. Leading companies in the market are trying their best to introduce premium products by utilizing artisan techniques or using hand-picking method to obtain premium products. This has increased the demand for coffee in the region, thus driving the growth of the market being explored in the region. .
Some of the most active companies operating in the studied market include Starbucks Corporation, Tchibo GmbH, Strauss Group Ltd, Nestle SA, Luigi Lavazza SPA, and JAB Holdings. To gain market share, companies such as Nestlé SA expanded their production capacity by setting up new manufacturing units and introducing new varieties of coffee for buyers. Companies are investing in new Nespresso he machines and the development of Grand Cru he coffees, including unique coffee varieties from unusual origins. Additionally, we are actively investing in online distribution channels to target consumers who demand convenience. It is easy to use and brings a high-quality taste to your coffee. Thanks to good marketing by leading companies and a wide variety of flavors, it is gaining popularity in European countries.
For more information on this report, please visit https://www.researchandmarkets.com/r/urbbic.
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