Coffee Pods Market Anticipated to Register at 2% CAGR By 2029- Fact.MR Study
Fact.MR delivers vital insights on the coffee pods market in its published report titled, 'Coffee Pods: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019-2029'. In terms of revenue, the global coffee pods market is projected to expand at a CAGR of ~2% during the forecast period, owing to numerous factors, which Fact.MR offers thorough insights and forecasts in this report.
The movement of cannabis’ legalization has been one of the key factors affecting the growth of the food and beverage industry. New innovations with the usage of cannabis as the main or subordinate ingredient has been the trend to cater to consumer demand. The coffee industry has been affected in a similar manner. The popularity of cannabis-infused coffee has amplified the growth of the coffee market. Yet, despite the legalization, social stigma has been impeding market growth. Some of the emerging players in the coffee pods market introduced cannabis-infused coffee pods to facilitate consumers enjoying cannabis-infused coffee in the comfort of their homes. Since the inception of this idea, the penetration of coffee pods among consumers has increased. With cannabis-infused coffee pods being in the early stage of the product life cycle, growth can be expected to be exponentially high.
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Companies Trying to Cater to Gourmet Coffee Demand through Coffee Pods
The study also found that the per capita spending of consumers has been increasing over the past decade. Followed with efforts towards potential growth of specialty coffee, gourmet coffee has garnered significant traction in recent years. To address this change in consumer orientation, manufacturers in the coffee pods market have introduced specialty coffee in coffee pods. The entry of Starbucks into the coffee pods market was one such prominent development. The availability of Starbucks signature coffee in 'Coffee at Home' with coffee pods for consumers has gained substantial attention from the consumers.
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Global Coffee Alliance to Change the Standing of Coffee Pods Market
The Global Coffee Alliance was formed between Nestlé S.A. and Starbucks in Consumer Packaged Goods (CPG) and Foodservice. Nestlé S.A. gained the rights to market, sell, and distribute Starbucks packaged coffee and tea in all at home and away-from-home channels. The popularity of Starbucks BY NESPRESSO coffee pods for the coffee at home has been boosted since this partnership. The Global Coffee Alliance has positively affected the growth of both the companies. Nestlé S.A. has projected to reach their beneficiary targets a year earlier than previous estimates. The coffee pods from Starbucks and Nestlé S.A. are part of the Consumer Packaged Goods part of the partnership. The companies are reported to have gained an exponential increase in the sales of the shared products.
The movement of these players has substantially changed their revenue shares in the coffee pods landscape. The future growth of the Global Coffee Alliance can significantly elevate the standings of these companies in the coffee pods market.
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Popularity of Consumer Packaged Goods to Increase Regional Opportunities
As per analysis of the consumption of coffee pods in the global market, emerging and developing countries will present the highest growth during the forecast period. Countries in the Middle East and Africa are likely to be the highest growing regions for coffee pods in the coming years. Due to the Westernization trend in Asian economies, spending on luxury products has been increasing. Similarly, the growing popularity of specialty coffee in Asian countries will be the key factor positively affecting the growth of the coffee pods market.