The
global market for ready-to-drink coffee is expected to grow at a CAGR
of 7.4% by volume and 8.0% by value over the forecast period
2018-2026
As
the name suggests, ready-to-drink coffee is readymade packaged coffee
drinks that are available in the market for direct consumption. The
convenience and instant nature offered by ready-to-drink coffee are
some of the major drivers for its market. Growing urbanization, busy
lifestyles, and changing consumer preferences are some of the key
factors affecting the ready-to-drink coffee market. In addition to
the grab-and-go convenience provided by ready-to-drink coffee, it
also comes in diverse types and flavours, thus, giving consumers a
variety to choose from according to their tastes, likings, culture,
and needs. The nature of ready-to-drink coffee makes it a profoundly
trend-driven market, and has a lucrative potential to grow in the
coming years. Further, the ready-to-drink coffee is available in a
variety of packaging, which include cans, tetra packs, PET bottles,
and glass bottles offered in diverse package volumes, making it
easily accessible and handy for consumers to carry anywhere. Another
driving factor for ready-to-drink coffee market is the increasing
socialization and social gatherings amongst various age groups of
people, especially the millennial population, which has eventually
increased the demand and need for easily available and portable
ready-to-drink coffee.
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The
rising awareness for health and wellness amongst consumers,
worldwide, due to the rising influence of media, especially through
various e-Commerce platforms, educational health programs, and
activities by governments and food departments, and through various
reports and articles published by global health organizations and
institutions such as the World Health Organization, has led to a
change in the food habits and preferences of consumers. Thus,
consumers, these days, seek healthier substitutes to carbonated soft
drinks, such as ready-to-drink coffee, which is less harmful and
easily available.
Instant
nature and familiarity in taste contributing to the growth of the
ready-to-drink coffee market by every age group
Coffee
has high consumption and popularity in every region due to its
soothing and savory taste, rich smell, and caffeine content, and is
consumed by almost every age group. The energy benefits provided by
the ready-to-drink coffee is also luring in the elderly age groups
due to their tea and coffee taste familiarity. In addition to this,
with a rise in the working population and fast-moving lifestyles,
consumers, these days, are opting for instant and easily accessible
food and beverage supplements. Ready-to-drink
coffee,
being an excellent source of instant energy is becoming popular
amongst youngsters as well the middle aged working population. In
addition, the rise in the awareness for health and physical fitness
has encouraged more youngsters to get involved in sports, gymming,
and physical activities, in turn, soaring the need and demand for
more quick energy supplements and drinks.
Constant
innovations and developments in the flavors and coffee types to
flourish the demand for ready-to-drink coffee
There
has been rapidly growing demand for flavours due to an increase in
the number of consumers experimenting with food and beverages, and
trying out new tastes and flavours. Thus, companies in the market
constantly keep on offering and developing ready-to- drink coffees
with new flavours, blends, and ingredients, catering and fulfilling
the specific likings, regional tastes, and needs of consumers
belonging to different regions.
Ready-to-Drink
Coffee Market Analysis by Product Type
The
cold brew ready-to-drink coffee segment is expected to be valued at
US$ 2,432.6 Mn by 2026, and is projected to register a CAGR of 9.4%
over the forecast period, owing to its growing widespread demand and
trend, worldwide, followed by the espresso segment with an expected
CAGR of 9.2% by 2026, and then the mocha segment. The decaffeinated
ready-to-drink coffee segment also has high potential to grow, owing
to the several health benefits that it offers.
Ready-to-Drink
Coffee Market Analysis by Flavour
Flavoured
ready-to-drink coffee is expected to remain the fastest-growing
category over regular ready-to-drink coffee during the forecast
period, growing at a CAGR of 8.5% as compared to the regular
ready-to-drink coffee category that accounts for a CAGR of 6.4%, due
to the changing taste preferences of consumers, and more number of
consumers experimenting new product types and flavours.
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