Impact of COVID-19 on Instant Coffee Market : Implications on Business
The world instant coffee market is highly fragmented and it comprises multiple players. The market is estimated to experience substantial increase in the production capability as many different market suppliers are now focusing on the usage of advanced technologies for the production of high quality instant coffee. A boost in the volume of production will also allow the market players to cater to the ever increasing demand for instant coffee across the globe. The world instant coffee market is mostly led by the prominent players who are working towards acquiring new brands so as to continue their market dominance and augment their share in the world market for instant coffee.
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The prominent market players that are operating in the world market for instant coffee are focusing on product innovation and are involving various acquisitions and mergers so as to expand their global presence. Some of the market players that are now dominating the world market are Keurig Green Mountain, Starbucks Corp., Tata Global Beverages, Tchibo coffee, Jacobs Douwe Egberts, Matthew Algie & Co. Ltd., Nestlé S.A., The Kraft Heinz Co., Strauss Group Ltd., and Unilever Plc.
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The world instant coffee market stood at an initial market valuation of around US$ 28.12 bn in the year 2016. This market valuation is anticipated to reach an overall valuation of around US$ 42.5 bn by the end of the year 2025. This growth of the world market for instant coffee is projected to be achieved with the assistance of a sound CAGR of 4.8% over the course of the given forecast period that extends from the year 2017 to 2025.
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Evolving Consumption Pattern to Fuel Market Growth
Instant coffee has become quite popular amongst the common people due to rising urbanization and economic growth. This comes down to the fact that people have more money to spend and also they prefer instant beverages as opposed to those that have waiting time.
Ever evolving lifestyle and consumption patterns across the globe has been one of the driving factors for augmented demand for instant coffee. Easy preparation of instant coffee and its ready availability in a wide variety of flavors and formats are a few of the major driving factors for the growth of international instant coffee market. Furthermore, instant coffee comes with a higher shelf life due to its powdered texture and that makes it more commercial and popular amongst the vendors. Many of the popular instant coffee brands are advertising their specialty instant coffees which have resulted in the boost of world instant coffee market.
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