Global Instant Coffee Market to Surpass US$ 46.05 Billion by 2027 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--May 15, 2019--
The global instant coffee market was valued at US$ 30.57 billion in 2018, and is projected to exhibit a CAGR of 4.7% over the forecast period (2019–2027), in terms of revenue.
Key Trends and Analysis of the Instant Coffee Market:
The instant coffee market is expected to witness substantial growth over the forecast period. This is owing to growth of end-use industries. The increasing disposal income and fast paced lifestyles of consumers is fuelling demand for convenient food products, which in turn, is supporting market growth.
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The import duty imposed by the government of India on coffee processing machines is high. The government has imposed an import duty of about 30% on these machines, which drastically increases the manufacturing costs of instant coffee. This could negatively impact growth of the market. Government authorities such as Food Safety and Standard Authority of India (FSSAI), have imposed food safety and labelling regulations under the FSSAI Guidelines for Labeling & Packaging on instant coffee. Such regulations are key challenges for instant coffee manufacturers in the market.
Frequent mergers and acquisitions, strategic collaborations, and product innovation are some of the key strategies adopted by players. For instance in 2013, Nestle S.A. launched its new instant coffee brand named Nescafe Azera in the U.K. Furthermore, Tata Coffee Limited, a subsidiary of Tata Global Beverages Ltd, in 2017, they announced their plans to set up a coffee plant in Vietnam with a capacity of 5,000 metric tons per annum, in order to cater the growing demand for instant coffee and to strengthen the company’s business in Asia Pacific region.
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Key Market Takeaways:
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PUB: 05/15/2019 08:35 AM/DISC: 05/15/2019 08:35 AM