Specialty Coffee Shops Market Size to Grow by USD 64.82 Billion
Technavio’s offering has been enhanced with the addition of the “Specialty Coffee Shops Market by Type (Independent coffee shops and Chain coffee shops) and Geography (North America, Europe, APAC, MEA, and South America) – Forecast and Analysis 2021-2025” report. Technavio has been proudly partnering with over 100 Fortune 500 companies for over 16 years and is ISO 9001:2015 certified.
Technavio recently announced the publication of a new market research report titled Specialty Coffee Shops Market by Type and Geography – Forecast and Analysis 2021-2025. Technavio has proudly partnered with Fortune 500 companies for over 16 years.
According to Technavio’s latest report, the Specialty Coffee Shops Market is expected to grow by USD 64.82 billion between 2020 and 2025, at a CAGR of 13.62 percent. Additionally, market vendors should prioritise opportunities in the independent coffee shops segment, which accounted for the largest market share in the base year. Additionally, the market in North America is expected to generate significant business opportunities for vendors during the forecast period, owing to rising coffee consumption.
Analyses of Segmentation & Forecasts:
The independent coffee shops segment’s market share growth will be significant during the forecast period. The segment’s growth is expected to be driven primarily by an increase in the global number of gourmet coffee shops. Due to the growing popularity of gourmet coffee shops among the urban population, vendors are expanding their operations to serve the developed world’s population.
Analyses & Forecasts by Region:
North America will account for 41% of market growth over the forecast period. In North America, the United States and Canada are the primary markets for speciality coffee shops. This region’s market will grow at a faster rate than the European and South American markets.
Customization is a critical component that many customers in North America, particularly millennials, seek. Specialty coffee shops allow customers to customise their coffee or other beverages according to their preferences. This will aid in the growth of speciality coffee shops in North America during the forecast period.