PORTLAND, Ore., Aug. 24, 2020
- Surge in consumption of coffee in emerging countries and increase in number of cafes and restaurants drive the growth of the global coffee maker market
PORTLAND, Ore., Aug. 24, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Coffee Maker Market by Type (Drip Coffee Machine, Steam Coffee Machine, Capsule Coffee Machine, and Others), End Use (Commercial and Residential), and Sales Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2021–2027."According to the report, the global coffee maker industry generated $3.8 billion in 2019, and is expected to generate $5.1 billion by 2027, growing at a CAGR of 6.3% from 2021 to 2027.
Prime determinants of growth
Surge in consumption of coffee in emerging countries and increase in number of cafes and restaurants drive the growth of the global coffee maker market. However, high initial capital requirements and maintenance costs hinder the market growth. On the other hand, technological advancements along with rise in investments by small- & mid-sized coffee maker production firms present new opportunities in the coming years.
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The drip coffee machine segment to maintain its dominant share during the forecast period
Based on type, the drip coffee machine segment held the largest market share in 2019, contributing to nearly two-fifths of the global coffee maker market, and is expected to maintain its dominant share during the forecast period. This is due to consumer preference for home brewed coffee, surge in urbanization, development in food service industry, and expansion of food outlets and local chains. However, the steam coffee machine segment is projected to witness the largest CAGR of 6.7% from 2021 to 2027, owing to increase in demand for automatic coffee machine and growing working class population preferring steam coffee.
The offline segment to continue its lead position during the forecast period
Based on sales channel, the offline segment accounted for the largest share in terms of revenue in 2019, holding nearly three-fifths of the global coffee maker market, and is estimated to continueits leadpositionduring the forecast period. This is due to availability of machines in different sizes & capacity, surge in consumer spending, and wide presence of retail & specialty stores.However, the online segment is projected to maintain the largest CAGR of 6.7% from 2021 to 2027, owing tosurge in penetration of different online portals in developing regions,increase in number of offers or discounts, and rise in usage of smartphones for online shopping.
Europe, followed by North America, to maintain its dominance in terms of revenue by 2027
Based on region, Europe, followed by North America, held the highest market share in 2019, accounting for nearly two-fifths of the total share, and will maintain its dominance in terms of revenue by 2027. This is attributed to rise in consumption of different types of coffee, rise in marketing activities of the sales of coffee machines, and improved distribution channels.However, Asia-Pacific would witness the largest CAGR of 7.6% from 2021 to 2027, owing to high population base, variety of tastes& preferences of consumers, increase in number of fast food chains/trucks, and adoption of western lifestyle.
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