New consumer research from Finlays, a global supplier of cold brew coffee, reveals the creation of new beverage occasions and a price premium will drive demand for cold brew coffee in the United Kingdom.
Finlays conducted the study by asking 250 UK consumers about their cold coffee consumption perceptions and habits.
The research shows how UK consumers think favourably about cold brew compared to regular iced coffee, with 35 per cent believing it has a smoother taste, 33 per cent believing it offers better coffee flavour, and 22 per cent believing it is less bitter or acidic.
According to Finlays, perhaps because of this, cold brew coffee commands a huge price premium, with one third of cold brew drinkers willing to pay an average of US$4.20 for cold brew compared to US$2.05 for the average retail coffee, over twice as much.
“Our research unlocks the secrets behind why cold brew coffee is such a dynamic growth opportunity for UK brand owners and operators. Not only is cold brew coffee seen as having superior taste, but it is also opening up new coffee drinking occasions and is a product consumers are happy to pay a significant price premium for,” says Bethany Physick, Marketing Manager at Finlays in Europe.
Of those who currently drink cold brew coffee, 43 per cent drink it at least once a month, 14 per cent drink it weekly, and 8 per cent drink it daily. Those who drink cold brew use it to address a range of needs with 44 per cent drinking it for refreshment, 39 per cent drinking it to cool down in the summer, 38 per cent drinking it as a treat and 31 per cent for a caffeine boost.
Finlays believes cold brew coffee could drive significant out of home spend, with 51 per cent drinking it on the go, 44 per cent seeking it at coffee shops, and 29 per cent drinking it at work.