New research from Mintel has revealed that three out of the five fastest growing retail coffee markets are in Asia. Indonesia is currently the fastest growing market packaged retail coffee market with a CAGR of 19.6 per cent over the past five years, while India has a CAGR of 15.1 per cent and Vietnam 14.9 per cent.
“The coffee industry continues to experience steady growth, driven by Asian markets in particular,” said Jonny Forsyth, Global Drinks Analyst. “Asia has far more growth potential as traditionally tea drinking consumers are converted slowly but surely into coffee drinkers. Tea drinking culture is the biggest barrier to coffee in Asia, and tea-coffee hybrids can be used to tempt consumers.”
Forsyth also credited the growth of coffee culture in Asia to the continuing influence of Western culture in Asian countries, as foodservice outlets and coffee shops aggressively push Western coffee lifestyles. Overall the global coffee market continues to grow steadily, with expected retail volume of 2.7 per cent in 2016, following a 2.5 per cent rise in 2015.