During the projected period, the ready-to-drink coffee market is expected to grow at a 5.0% CAGR. The market is expected to generate US$ 27.35 billion in revenue in 2023, with a value of US$ 43.78 billion by 2033.
In the majority of developed economies, premiumization is one of the most important drives. Almost all product categories have two strands that serve distinct functions. The rise of the middle class is fueling the inexpensive luxury trend.
The market for ready-to-drink coffee is rapidly growing as a result of its adaptability and simplicity in meeting the needs of modern lifestyles. As consumers seek quick and high-quality coffee dosages, manufacturers are developing unique flavours and formulae, driving the market’s steady expansion and solidifying it as a key player in the beverage industry.
More customers now have the ability to enrich everyday situations. Despite the uncertainty, consumer mood is improving, and people are trying out new flavour profiles and product categories.
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The desire for knowledge and transparency about how and what we consume has also encouraged premiumization, which is driven by the value-driven millennial consumer who wishes to demonstrate their opinions through inconspicuous consumption. The second driver, absolute luxury, on the other hand, is a sign of exclusivity.
It has evolved from overt displays of money to consumers displaying culture capital, exclusivity, and knowledge, all of which make for compelling stories. This strand represents the true ‘rich person,’ who wishes to prove wealth but in a less tangible, ‘meaningful’ way.
It manifests itself in a stronger desire to attempt to buy goods with an interesting story, craft credentials, clout, and provenance in the beverage industry. People are not overspending or recklessly spending, but their individual budgets now also include spendable money. It’s a low-cost luxury, and premiumization is on the rise.
Key Takeaways from Market Study
- The market is segmented based on nature, wherein the conventional ready-to-drink coffee is anticipated to account for around 87% of the market share over the forecast period.
- The North American ready-to-drink coffee market is anticipated to dominate the global market with a market share of around 29% in 2022.
- On the basis of type, original ready-to-drink coffee is expected to hold a prominent share in 2022, but flavored ready-to-drink coffee is expected to witness a lucrative growth rate over the forecast period.
- Growing obesity rates among adults and children, busy lifestyles, unhealthy diets among adults and children, and tight working time are all factors driving consumers toward healthier options of convenience food. Ready-to-drink coffee is another functional drink that has been shown to have nutritional benefits. As the diabetic population and calorie-conscious consumers look for alternatives to sugar in their drinks, the rate of priority for antioxidant-enriched beverages among them is increasing.
Competitive Landscape
Companies are focusing on launching innovative drink blends with different flavors such as chocolate, vanilla, various milk flavors, customized sugar and ice level drinks, and so on in order to attract the Gen-Z and millennial segment. Millennials are known for their eagerness to try new innovative flavors, which creates an opportunity for producers to introduce new flavored ready-to-drink coffee to the market. The following are some noteworthy market developments:
- As part of the global coffee alliance, Seattle-based Starbucks and Swiss food and beverage giant Nestlé will launch ready-to-drink (RTD) coffee products in Oceania, Latin America, and Southeast Asia by 2022.
Market Segments Covered in Ready-to-Drink Coffee Market Industry Analysis
Product (RTD Coffee)
- Ginseng
- Vitamin B
- Taurine
- Guarana
- Yerba Mate
- Acai Berry
Additives
- Flavors
- Artificial Sweeteners
- Acidulants
- Nutraceuticals
- Preservatives
- Others
Packaging
- Glass Bottle
- Canned
- PET Bottle
- Aseptic
Price Segment
- Premium
- Regular
- Popular Priced
- Fountain
- Super Premium
Distribution Channel
- On-trade
- Independent Retailers
- Supermarkets/Hypermarkets
- Convenience Stores
- Others
- On-trade
- Food Service
- Vending
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Asia Pacific
- The Middle East and Africa
