The annual report for 2017 by the National Coffee Association of Usa (Nca) indicated that for the first time in almost seven decades of reporting the industry trends, more than half the coffee consumed daily in the United States was gourmet, which represented a hearty 59 percent of total consumption.
Here are the main conclusions
- Coffee consumption in North America at highest levels since 2012
- Gourmet coffee over half of all consumption for first time in recorded history
- Coffee prices potentially bottomed out with some analysts predicting major rise
- Product quality/innovation and end market resonance likely the key differentiating factors moving forward
- With 64 percent of adults reporting drinking at least one cup per day, overall coffee consumption is up 2 percent from last year to reach the highest levels since 2012.
The North American coffee market is on pace to run at a CAGR of some 5.8 percent through 2023, according to a recent report published by Mordor Intelligence.
With the increase in the demand for non-alcoholic drinks and prominence of high end coffee served by global coffee chains and independent coffee shops, the market is set to grow at a sustained pace.
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 America’s coffee market.
However, price fluctuations of coffee beans and adverse climatic changes can negatively affect the supply of coffee.