USD 64.82 Billion Growth in Specialty Coffee Shops Market | 17,000+ Technavio Reports

"One of the primary growth drivers for this market is the increasing consumption of coffee.", says a senior analyst for the consumer discretionary industry at Technavio. The growing popularity and the easy availability of coffee are expected to increase its demand. There has been a considerable rise in the consumption of coffee not only from advanced economies but also from emerging economies. For instance, the demand for coffee pods has been increasing at a significant rate in the US owing to its easy brewing and the convenience it offers to brew coffee at home. In addition, the consumption of coffee in developing countries such as China, India, and Brazil has also increased at a significant rate. This rise in consumption of coffee will further drive the specialty coffee shops market during the forecast period.

"Factors such as growing number of specialty coffee shops globally and rapid urbanization as well as changing consumer lifestyles are also likely to influence the market growth positively during the forecast period. However, the fluctuating prices of coffee beans will be a major challenge for the specialty coffee shops market" according to Technavio.

View Report Outlook to Find More Interesting Factors Impacting the Market Growth

Specialty Coffee Shops Market Segment Highlights

• The specialty coffee shops market is segmented by type into independent coffee shops and chain coffee shops
• The independent coffee shops segment held the largest market share in 2020 and will continue to dominate the market during the forecast period. 
• The growth of this segment can be attributed to the significant increase in investments by major coffee shop chains to expand their business by opening new stores and the growth in the number of gourmet coffee shops globally.

Download Sample Report Now and Get More Information on the Segments and their Contribution

Specialty Coffee Shops Market Regional Highlights

• North America was the largest revenue-generating regional segment of specialty coffee shops market in 2020. 
• 41% of the overall growth is likely to originate from North America. The growth can be mainly attributed to the rising demand for ready-to-eat items due to the hectic lifestyle of the working population and students.
• Most of the consumers are looking for customization of their meals due to the limited time for preparation of home-cooked meals. This has encouraged the specialty coffee shops market vendors to come up with innovative services customized as per user preferences. 
• Furthermore, the growing popularity of pickup stores and app-based technologies has caused a significant rise in coffee consumption in North America.
• US and Canada are the key markets for specialty coffee shops in North America. Market growth in this region will be faster than the growth of the market in the European and South American regions.

Need More Insights on the Regional Market Share Contribution, Request for Sample Report Right Here!

Notes:

• The specialty coffee shops market size will witness a YOY growth of 12.08% in 2021.
• The market is fragmented due to the presence of many established vendors holding significant market share.
• Vendors are investing heavily in building infrastructure and product portfolios to differentiate themselves.
• The market report offers information on several market vendors, including Barista Coffee Co. Ltd., Brew Berrys Hospitality Pvt Ltd., Caffe Nero Group Ltd., Coffee Day Enterprises Ltd., Costa Ltd., Inspire Brands Inc., McDonald Corp., MTY Food Group Inc., Restaurant Brands International Inc., and Starbucks Coffee Company.

For Personalizing this report to cater your business requirements, Speak with our Analysts

Related Reports:

Quick Service Restaurants Market by Service and Geography - Forecast and Analysis 2021-2025

Foodservice Market by Sector, Type, and Geography - Forecast and Analysis 2021-2025

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio