Coffee Machines Market Key Players, Competitive Landscape, Growth, Statistics, Revenue and Industry Analysis
Increasing Demand from the Corporate World and Youth Population to Boost Coffee Machines Market Growth
According to our latest market study on “Coffee Machines Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Filter Coffee Machines, Espresso Coffee Machines, Capsule & Pod Coffee Machines, and Others); Category (Manual and Automatic & Semi-Automatic); End-User (Residential and Non-Residential)” the coffee machines market size was valued at US$ 15,340.75 million in 2021 and is projected to reach US$ 20,596.79 million by 2028; it is expected to grow at a CAGR of 4.3% from 2021 to 2028. The report highlights key factors driving the coffee machines market growth and prominent players along with their developments in the market.
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A coffee machine is a device that is used to brew coffee. While there are many types of coffeemakers that use various brewing methods, the most popular devices use a paper or metal filter within a funnel that is put over a glass or ceramic coffee pot, which is a kettle-style cooking pot. Coffee machines are available in various sizes and shapes as well as in different type of models, which includes filter coffee machines, espresso coffee machines, capsule and pod coffee machines, and others. This has played an important role in increasing its demand. In addition, manufacturers are introducing drip machines with advanced technological features, which is also likely to propel coffee machines market growth.
With the expansion of coffee culture in working spaces, the scope for coffee shops and capsule systems for the working professionals and youth population is increasing, which, in turn, is increasing the demand for coffee machines worldwide. For instance, according to United Nations data of the world's population, in 2019, about 1.2 billion youth aged 15–24 years globally, or 16% of the global population. The world's youth population is expected to reach 1.4 billion people (13%) by 2065. In 1985, the proportion of youth in the overall population reached up to 19.3%. Increasing urbanization and the establishment of IT parks at a rapid pace in emerging economies of India are expected to boost the consumption of coffee beverages. Due to rising coffee consumption, some multinational coffee companies, such as Starbucks, are focusing on the strategic development of major brand chains. Thus, the increasing popularity of international cafe brands is expected to fuel demand for the automatic coffee machines. Additionally, convenience in workability of automatic coffee machines coupled with the consistent brewing has driven the middle-class population towards pod coffee machines. Moreover, rising in the male and female workforce is leading to a rise in demand for coffee machines in the corporate world. According to a Pew Research Center analysis of labor force statistics based on data from 114 countries from 2010 to 2016, women make up at least 40% of the workforce in more than 80 countries. In all these nations, the median female labor force participation rate is 45.4%. The coffee machines lessen the time and effort required in preparing a cup of coffee when used in coffeehouses and office cafeterias. Therefore, the increase in the working population is supporting the coffee machines market growth.
The key players operating in the global coffee machines market are Keurig Green Mountain, Inc. Robert Bosch Gmbh; Electrolux Ab.; Illycaffè S.P.A.; Koninklijke Philips N.V; Krups Gmbh; Morphy Richards; Nestlé S.A.; Panasonic Corporation; and Luigi Lavazza S.P.A. are the major players operating in the coffee machines market. These companies provide a wide range of products within the coffee machines market. These companies have their presence in developing regions, which provides a lucrative opportunity for growth and expansion. These market players are highly focused on developing high quality and innovative products to fulfill the customer’s requirements.
