The Insight Partners reported coffee machines market growth
to surpass $20.6 billion by 2028
According to the new report on “Coffee Machines Market to 2028 – Global Analysis andForecast – by Type, Category, End-User and
Geography,” the Coffee Machines Market Size is projected to
reach US$ 20,596.79 million by 2028; it is expected to grow at 4.3% from 2021
to 2028 to reach US$ 1,810.56 million by 2027.
Some
of the prominent players operating in the global coffee machines market include
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. among others. These companies
provide a wide range of products within the coffee machines market. They have
established presence in various developed and developing economies, 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 constantly evolving customer demands.
Europe
held the largest share of the global coffee machines market in 2020. High
consumption of coffee in the region is one of the factors driving the market
growth. Consumers in the region are interested in different varieties of coffee
and this has significantly aided the growth of coffee machines in residential
applications. The market has seen promising growth in recent years, and this
trend is expected to continue due to the millennials' growing preference for
advanced kitchen equipment.
Caffeinated
drinks have been witnessing high demand growth in the recent years, with the
demand growing significantly over the past decade. Consumer awareness of
reduced sugar and non-alcoholic drinks, hectic work schedules, and changing
consumer preferences are some of the factors propelling the popularity of
caffeinated beverages such as coffee.
Based
on type, the coffee machines market is segmented into coffee machines, espresso
coffee machines, capsule and pod coffee machines, and others. Filter coffee
machines were the largest segment of the global coffee machines market. The
ability to make multiple servings have aided the adoption of filter coffee
machines. Traditional coffee drinkers and new home brewers opt for automatic
filter coffee machines owing to the ease of usage. However, espresso coffee
machines have been growing in popularity and is expected to grow at the highest
perventage over the forecast period. Based on category, the global coffee
machines market is segmented into manual, automatic & semi-automatic.
Automatic and semi-automatic segment accounted for the largest share and is
expected to witness significant growth over the forecast period. Based on
application, the global coffee machines market is segmented into residential
and non-residential. Residential segment accounted for the largest share and is
expected to exhibit the highest percentage over the forecast period. Increasing
number of home brewers and shift in preference to coffee over tea has aided the
adoption of coffee machines in the residential sector.