According to a Technavio market study, the global specialty coffee shops market is expected to grow up to USD$80.78 billion from 2020 to 2024.
The figure is based on the prediction the market will experience a steady compound annual growth rate of about 13 per cent per year.
The study cites vendors are focusing on product diversification, introducing new flavours and products, and large coffee chains like Starbucks, Costa, and Dunkin’ Brands Group expanding into emerging economies as key reasons for boosting global coffee consumption.
“Increasing focus of vendors on product diversification as well as brand extensions and a rising launch of coffee-themed restaurants are other factors that are expected to have a positive impact on the specialty coffee shops market value during the forecast period,” Technavio says in a public statement.
Further findings show the North American region led the specialty coffee shops market in 2019 and is also expected to register the highest incremental growth. This is due to lifestyle trends and the availability of customised coffee options.
The report also provides information on the production, sustainability, and growth prospects of many of the industry’s coffee chains.