The global Espresso Coffee market size was estimated at USD 4.12 billion in 2023 and is projected to reach USD 7.68 billion in 2030 at a CAGR of 8.1% during the forecast period 2023-2030.
Espresso coffee, a variant of coffee, is created by forcing a small quantity of boiling water through coffee grounds. Typically served as a shot or occasionally with cream, chocolate, milk, and more, the preparation process of espresso is expedited through mechanical means, resulting in a distinctively bitter taste and lower caffeine content. However, despite the reduced caffeine levels, the consumption method of espressos results in a high caffeine impact.
The expansion of the global Espresso Coffee market is propelled by the escalation of personal disposable income, the modification of tastes and preferences, and the heightened acceptance of western lifestyle. Moreover, the soaring popularity of espresso coffee worldwide and the escalating number of cafés and restaurants, particularly in emerging nations, will also amplify the growth of the espresso coffee market in the approaching years. Presently, manufacturers are increasingly participating in strategic marketing and promotion initiatives, which, in turn, are anticipated to facilitate market growth. Additionally, many companies are launching new products to entice more consumers. Vendors in developed countries are introducing espresso coffee in ready-to-drink format and a myriad of flavors, such as mocha, vanilla, and caramel. Furthermore, the mounting working population would necessitate employers to install vending machines in pantries where employees can prepare espresso coffee according to their preference.
The outbreak of COVID-19 has evidently contributed to a surge in the market for coffee products. Owing to the government's precautionary measures, people opted for non-store-based shopping to avoid leaving their homes. Consequently, the store-based segment witnessed a slump in demand. Despite the pandemic, the market for coffee products and its key players performed well during the lockdown period. Following the stabilization of the situation, the store-based distribution channel segment resumed its normal sales rate. Nonetheless, the early months of 2020 witnessed a significant impact on the manufacturing unit due to the high demand, which outstripped the supply rate.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The burgeoning popularity of espresso coffee worldwide, due to the blending of espresso shots with other beverages such as cappuccino, mocha, latte, and the like, is one of the primary drivers expected to fuel growth in the global espresso coffee market. Additionally, the escalation in demand for espresso coffee from office cafeterias, restaurants, hotels, and coffee shops in emerging nations constitutes another significant factor projected to propel the global espresso coffee market during the forecast period. Furthermore, the transformation of living standards and the robust presence of coffee shop networks in developing countries are both anticipated to augment the global espresso coffee market. These factors have led to the expansion of the market and increased demand for Espresso Coffee solutions.
North America to Dominate the Market