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Coffee subscription market estimated to be valued at US$1.98 bn by 2032
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Thursday, 15 September, 2022, 16 : 00 PM [IST]
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Our Bureau, Mumbai
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The global coffee subscription market has reached a valuation of US$685.7 million and is expected to expand rapidly at an impressive CAGR of 10.9% during the forecast years of 2022-2032, according to Fact.MR, a market research and competitive intelligence provider.
Coffee is becoming a daily need for a huge pool of the population, making coffee subscriptions a popular choice in the bargain. Manufacturers are offering sample/tasting kits with a variety of coffees, from single or multiple origins to refundable first orders, to boost their subscription sales.
Change in consumer behaviour led by the Covid-19 pandemic has revolutionised the coffee subscription market across regions. Restricted mobilisation increased consumer dependence on online purchases, which has continued even after the loosening of restrictions. Providers or roasters have also boosted coffee subscription industry. Offering bespoke subscription plans with customised subscription frequency, choice of beans, choice of roast and so on has instilled a sense of power among consumers, driving this subscription market.
Fact.MR’s analysis suggests that add-on services and discounts by service providers/roasters could help the coffee subscription industry acquire rapid traction in the near future. As the aforementioned offerings will increase market penetration and consumer retention, the market for coffee subscriptions will ultimately benefit in the long run.
Additionally, the popularity of coffee subscriptions has also increased due to the trend of people practicing their barista skills at home. Increasing variety and sophistication of at-home coffee products point to a more profound change in how coffee is viewed, sold, and consumed around the world.
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