Here are some highlights of the world’s most favorite “perk me up” beverage:
- Market dimensions – The global coffee market was valued at $102 billion in 2020. From 1964, seven years before Starbucks opened its Pike Place Market store, world coffee consumption grew from 58 million 60-kilogram bags to 151 million bags in the year ending Sept. 2016. More than 2.25 billion cups of coffee are consumed around the world each day. About 40 billion servings of coffee are sold in the U.S. each year.
- Coffeehouse growth – In 2004, The Wall Street Journal reported that domestic coffee consumption in 2002 was down 14%, compared to the 1980s, while coffeehouse sales jumped 1,200%, citing industry research firm Mintel. Nestlé has opened 300 Nespresso Coffee Boutiques worldwide, including six in the U.S. A company spokesperson observes that “what’s happening to coffee today is much like what happened to wine in the 1980s.”
- At-home consumption – The same trend boosted Keurig coffee maker sales, which are now found in more than 20 million U.S. homes.
- Production – With a 2019 production of 3 million metric tons of green, unroasted coffee, Brazil is the world’s largest producer, followed by Vietnam at 1.7 million, Colombia (0.9), Indonesia (0.8), and Ethiopia (0.5).
Google Trends reports that interest in coffee has surged 48% since 2004:
Expect the beverage and restaurant market to become much more caffeinated due to the Time Compression Ubertrend. ☕️
Ubertrend Categorization: Time Compression.