Published On : 04 May 2018
World over, cold-brew coffee is emerging as the new normal for coffee connoisseurs, especially in summer months. The growing market penetration is fueled by several factors pertaining to consumer taste and preferences. Prepared at room temperature and with cold water, it tastes sweeter than hot-brew counterpart. The beverage category has evolved from the rising popularity of various types of blended iced coffee drinks among the global population. The demand has been further fueled by the immense popularity products by behemoths such as Starbucks Corporation, a prominent U.S.-based coffee company, have gained in recent years in established markets.
While hot-brew sales hasn’t witnessed marked decline in emerging and developed regions, cold-brew ones are certainly making waves riding on the popularity of ready-to-drink deliveries. And, though, the share of the segment may not be large in the overall coffee market at present, this beverage category is fast gathering steam and not without reasons.
Which factors breathe life into the market for cold-brew coffee?
With demand not showing signs of slump in the coming years, the cold-brew coffee market is projected to rise at a substantial clip over the forecast period of 2017 and 2023. According to estimates by QYResearchReports.com., the global cold-brew coffee market is projected to reach a worth of US$ 1369 million by the end of the forecast period. The market is expanding a spectacular CAGR of 27.35% during 2017–2023.
Several trends support the buoyant demand for cold-brew coffee and these are in all likelihood expected to retain their luster at least in the next six years. The higher weight of ground beans or whole bean needed to prepare cold-brew as compared to hot-brew is key to their revenue garnering potential of the beverage category. Combined with this, the wide range of flavors possible with cold brewing gives it a unique edge over the hot-brew counterpart. Furthermore, the absence of electric power needed to make the preparation renders it as increasingly greener option in the global coffee market.
How are beverage manufactures, retail companies, and other market players tapping into the promising prospect of the market?
Retailers and wholesale companies as well as coffeehouse chains have made a plunge in the cold-brew coffee market in a big way. In established markets, they are leveraging on the potential to offer specialty brands and products. Starbucks has recently in April 2018 launched Cold Foam to enable connoisseurs of iced cappuccino or latte to have the foam on their drink not possible before. Apart from the characteristic sweetness and creaminess, the distinct texture is what is expected to make the cold beverage increasingly popular across the nation. The U.S. coffee giant struggling with tepid sales is depending on specialty cold-brew drink to bring a fresh whiff of air to its offering.
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Meanwhile, U.K. brands such as Caffè Nero and Costa Coffee are capturing new revenue streams in the cold-brew coffee category by making the plunge. Over time, more specialist versions of cold-brew coffee are expected to crop up in the coming years.
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