[[{“value”:”The global specialty coffee shops market is estimated to grow by US$57.41 billion from 2024-2028. Image: Aleksandrs Muiznieks/stock.adobe.com
The global specialty coffee shops market is estimated to grow by US$57.41 billion from 2024-2028, according to a report released by market research firm Technavio.
According to the report, a key reason behind the industry’s growth is the consumer focus on sustainability.
“Specialty coffee shops prioritise ethical sourcing, eco-friendly practices, and fair-trade partnerships. Direct-trade relationships ensure fair wages and environmental stewardship,” say the authors of the report.
The report also states specialty coffee shops tend to invest in eco-packaging, energy-efficient equipment and waste reduction, and prioritise social sustainability through community engagement and local economy support.
Another accelerator of the industry’s growth detailed in the Technavio report is its focus on high-quality beans and unique roasts.
“Coffee shops use advanced technology to ensure the perfect brew, attracting customers with their expertise and personalised service,” says the report.
The report also observed an uptick in demand for convenience, with online ordering and delivery options becoming increasingly popular.
While the global specialty coffee shops market is thriving, the report also listed several challenges for the industry.
One significant challenge is the volatile pricing of coffee beans, which was attributed to factors such as supply and demand imbalance, decreased production, weather conditions, and labour costs.
These price fluctuations impact budgeting and raise the necessity of flexible sourcing strategies. They also lead to an increase in manufacturing costs and a decrease in profit margins, leading coffee shops to consider low-cost alternatives.
Other challenges cited by the report include facing competition from large coffee chains and general coffee shops, the high cost of sourcing and roasting specialty beans, consumer preference for convenience and speed, the growing trend towards plant-based and sugar-free options, the seasonality of coffee beans, and the need for consistent quality.
However, despite these challenges, the report stated that the specialty coffee shop market continues to grow, due to the increasing demand for high-quality, unique coffee experiences.
Technavio is a global technology research and advisory company with over 500 specialised analysts. Its client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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