Insight
Asia
Food & Drink Story Update
Source:
COFFEE BREWS UP SUCCESS IN ASIA: INDONESIA, INDIA AND VIETNAM AMONG THE FASTEST GROWING COFFEE MARKETS GLOBALLY
T he global coffee market continues to brew up a storm and Asia is playing a key role in its growth. New research from Mintel reveals that three out of the five fastest growing retail coffee markets are in Asia. Indonesia is currently the fastest growing packaged retail coffee market with a CAGR of 19.6 % over the past five years, while India has had a CAGR of 15.1 % and Vietnam 14.9 %. Overall, the global coffee market continues to grow steadily, with expected retail volume growth of 2.7 % in 2016, following a 2.5 % rise in 2015.
While Asian markets currently make up the majority of the world’ s fastest growing coffee markets, European markets, as well as Australia, are among the slowest. Mintel research indicates that Finland’ s mature coffee industry declined the most between 2011 and 2016 with a CAGR of-3.7 %, followed by Australia( 0 %), Poland( 0.1 %), the Netherlands( 0.5 %) and Belgium( 0.5 %).
The boom in Asia’ s coffee market has been driven by a surge in innovation of coffee products. According to Mintel’ s Global New
Products Database( GNPD), between 2011 and 2016 the number of new coffee products launched in Asia has risen by 95 %. In comparison, the number of tea products launched has risen by a comparatively low 55 % in the same time period.
‘ Indonesia is currently the fastest growing packaged retail coffee market with a CAGR of 19.6 % over the past five years, while India has had a CAGR of 15.1 % and Vietnam 14.9 %. Overall, the global coffee market continues to grow steadily, with expected retail volume growth of 2.7 % in 2016, following a 2.5 % rise in 2015.
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