North America Coffee Market - Growth, Trends, and Forecast (2018-2023)
With the growing demand for non-alcoholic beverages, the North America Coffee Market is anticipated to register a CAGR of 5.8%, during the forecast period 2018-2023. With the increase in the demand for non-alcoholic drinks and prominence of high end coffee served by global coffee chains like Starbucks, The Coffee bean, Tea Leaf, and others, North American coffee market is set to grow exponentially.
The trend for coffee in North America is marked by innovative coffee products and means of serving, by various cafes and restaurants. Moreover, innovative packaging of coffee adds to the trend of consuming and gifting coffee. Further, the wide application of coffee in various products like cookies, cakes, chocolates, and others is driving North American coffee market.
However, price fluctuations of coffee beans and adverse climatic changes can negatively affect the supply of coffee. Moreover, with the growing health consciousness among people, the consumption of coffee is hindered, as it contains caffeine which might not be good for health.
The ready-to-drink coffee segment certainly presents an opportunity in Mexico, due to its heavy demand consequent to the changing lifestyle towards convenience foods. Moreover, whole beans are becoming a premium product, particularly in retail, where the consumers of whole bean coffee are often more keen on quality rather than convenience.
North American coffee market is segmented on the basis of variety, product type, flavor, process, and geography. Arabica holds the highest share among the varieties of coffee. Whole beans coffee and ready to drink coffee are gaining momentum in North American coffee market.
Canada is more competitive than the United States, as companies, such as, Second Cup, Blenz, and Van Houtte are trying to make their mark along with Starbucks, by offering various services and coffee flavors.