Opportunities are projected to get more lucrative with market players investing in research initiatives to introduce new coffee machines with advanced functionalities. For instance, in the year 2018, Nestle Nespresso S.A invested around US$ 43.03 million in creating a new production line of the coffee system named Vertuo.
Fact.MR projects the demand for coffee machines to increase by 4.7% annually, through the forthcoming decade. Overall sales will total US$ 16 Bn as the market grows 1.6x by 2031.
South Korea Emerges at Fore of Latest Coffee Trends
As per the Korean Economic Institute of America, on average Koreans drink nearly 12.3 cups of coffee every week, with per capita consumption of coffee totaling 2.3 kilograms per year. Studies suggest young females make a large section of coffee consumers in South Korea.
As a matter of fact, Starbucks opened its first brand in Seoul in 1999 at a prestigious all-female university. Today Starbucks operates more than 1,140 stores across 75 cities in South Korea. With the number forecast to surge and several other coffee giants gearing to join the bandwagon, South Korea’s position as a highly lucrative market is cemented for coffee machines sales.
Incredibly sharp growth is on cards as Fact.MR indicates an impressive rise in demand in response to the expansion of the coffee franchise industry in South Korea.
“Emerging players are progressively investing in research and development (R&D) initiatives for launching innovative products such as CaféPro Capsule Machine to address the increasing demand for advance coffee machines in office cafeterias and commercial coffee shops,” says a lead analyst at Fact.MR.
China to Lead the Coffee Machine Market in Asia
According to the International Coffee Organization (ICO), in China, coffee consumption is swelling at an annual growth rate of 15% as compared to a 2% of annual growth in Europe and North America.
This also presents a highly attractive opportunity for coffee machine sales in China. Besides this, the market will continue gaining from the steady expansion of coffee chains in the country.
While tea has remained the preferred traditional drink among consumers in China, their preference for coffee will continue to grow. Even the Chinese government is stepping up to encourage coffee trade in the country.
In order to promote the culture of coffee drinking and the international coffee trade, the Government in China supported the I-Coffee Exposition held in Haikou. This exposition focused on coffee production, trade, and consumption.
Such initiatives are expected to bode well for the market, creating lucrative prospects for growth.
Key Challenges Restraining the Market Growth
Growing awareness about the adverse effects of excessive coffee consumption is estimated to restrain the growth of the coffee machines market in the assessment period.
According to the National Center for Biotechnology Information (NCBI), consuming 3 to 4 cups of coffee each day may increase the risk of having a heart attack in men. Based on the research, overconsumption of coffee leads to rapid heart rate, high blood pressure, digestive issues, anxiety, and muscle breakdown.
The high cost associated with coffee machines also is a primary factor hampering the market growth.
The sales of the coffee machines have drastically declined due to the outbreak of coronavirus. The pandemic resulted in the closure of manufacturing units and disrupted the supply chain due to lockdown.
Nonetheless, the ongoing government initiatives to curb the incidence of coronavirus and reopening of cafes are expected to drive the coffee machine market.
Fact.MR has profiles of some of the leading market players. These include:
· Keurig Green Mountain, Inc.
· Nestlé Nespresso S.A
· Koninklijke Philips N.V
· De'Longhi Appliances s.r.l
· JURA Elektroapparate AG
· De'Longhi Appliances s.r.l
· BSH Hausgeräte GmbH
· Melitta Group
· Bravilor Bonamat B.V
· BUNN-O-Matic Corporation
· Animo B.V
Key Questions Answered by the Report
· The report offers insight into coffee machine market demand outlook for 2021-2031
· The market study also highlights projected sales growth for coffee machine market between 2021-2031
· Coffee machine market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
· Coffee machine market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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