About Specialty Coffee Shops
Coffee which scores 80 points or above on a 100-point scale is graded “specialty.” Specialty coffees are grown in special and ideal climates, and are distinctive because of their full cup taste and little to no defects. Specialty coffee shops are outlets that sell premium and specialty coffee and other foods and beverages. A typical specialty coffee shop generates over 55% of its sales from coffee or coffee-related products.
Technavio’s analysts forecast the global specialty coffee shops market to grow at a CAGR of 10.23% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global specialty coffee shops market for 2017-2021. To calculate the market size, the report considers sales and value.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Speciality Coffee Shops Market 2017-2021
Technavio recognizes the following companies as the key players in the global speciality coffee shops market: Dunkin' Brands Group, McDonald’s, Restaurant Brands International, Starbucks, and Whitbread.
Other Prominent Vendors in the market are: Barista Coffee, Caffè Nero, Caribou Coffee, Coffee Beanery, Coffee Day Enterprises, Doutor Coffee, DUTCH BROS. COFFEE, EDIYA COFFEE COMPANY, Gloria Jean’s Coffees International, International Coffee & Tea, KKD Corporation (Krispy Kreme Doughnuts), Peet's Coffee & Tea, and Global Baristas US.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rising popularity of coffee among millennials. Rising affluence and changing consumer tastes have increased the demand for high-quality and specialized coffee products such as flavored coffee, particularly among the young generation. An improvement in economic conditions and an increase in job opportunities have made the different types of coffee more affordable for young consumers.”
According to the report, one driver in the market is growing number of specialty coffee shops globally. The culture of socializing at coffee shops has become popular among the urban youth. According to the United Nations, in 2014, over 54% of the global population was living in urban areas. The increased influx of people to urban areas and a substantially large white-collared demographic have necessitated an increase in the number of foodservice outlets. Varied tastes and preferences for different types of fresh coffee have further led to the emergence of coffee shops, specialty coffee shops, and quick service restaurants.
Further, the report states that one challenge in the market is fluctuating prices of coffee beans. The disparity in demand and supply, low production, unfavorable weather conditions, unpredictable rainfall, and rising labor costs lead to volatility in coffee prices. The growing gap between supply and demand could have an impact on raw material costs. Any increase in the price of raw materials not only increases the manufacturing cost but also reduces the profit margins for the manufacturers. This factor, along with the need to remain competitive in the market, influences manufacturers to experiment with low-cost substitutes.
Dunkin' Brands Group, McDonald’s, Restaurant Brands International, Starbucks, and Whitbread.Barista Coffee, Caffè Nero, Caribou Coffee, Coffee Beanery, Coffee Day Enterprises, Doutor Coffee, DUTCH BROS. COFFEE, EDIYA COFFEE COMPANY, Gloria Jean’s Coffees International, International Coffee & Tea, KKD Corporation (Krispy Kreme Doughnuts), Peet's Coffee & Tea, and Global Baristas US.
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