Albany, NY, U.S. — 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, according to the Transparency Market Research.
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.
Instant nature and familiarity in taste contributing to the growth of the ready-to-drink coffee market by every age group
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
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.
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.