Have a Good Day, Coffee Industry

Borrowing the words of Piyush Goyal, the Union Minister of Commerce & Industry, “World is waking up with Indian coffee”. The coffee growers and exporters in India have been instrumental during the pandemic to enable record exports of coffee, amounting to over a billion dollars. It gives even better hopes to the entrepreneurs in the segment that we can only grow from here, as the world strives to leave behind the pandemic and get back as close as possible to normal. According to Business

Wire’s ‘Coffee and Tea Global Market Report’, the total coffee and tea market is predicted to grow at an annual growth rate of 4.6 percent.

Yes, the rate is actually low, but the industry is highly expected to make a comeback to an average growth rate of 9.0 percent yearly to reach $191.1 billion in 2023. It is a clear indication for entrepreneurs in the segment to proactively plan for their bran’'s growth by capitalizing on 2022’s beverage trends. While branding and storytelling remain a significant part of the industry, entrepreneurs also need to embrace the trends rising in popularity like Drive throughs, which could catalyze market growth. Finding and tapping into new avenues for growth, like the Ready to Drink (RTD) segment, will also be crucial. According to a report by Vantage Market Research, the global Ready to Drink Tea/Coffee industry generated $86,821.90 million in 2021 and is anticipated to generate $117,685.71 million by 2028, witnessing a CAGR of 5.20 percent from 2022 to 2028. Success is a sure bet if you make your move wisely in this industry. Do let us know your thoughts.