The changing dynamics Coffee Pods and Capsules Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Coffee Pods and Capsules Market.
It was estimated prior to this unanticipated outbreak Coffee Pods and Capsules Market will reach CAGR of 8.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Coffee Pods and Capsules Market Insights
Coffee pods and capsules market is likely to witness an impressive CAGR of 8.1% during the forecast period. Increasing consumption of coffee products along with the adoption of coffee pods in cafes and restaurants are the major factors driving the growth of the market. Further, increasing demand for coffee pods and capsules in online retail channels along with packaging innovation are also some of the factors fueling the growth of the market.
Market Share Analysis
Coffee Pods and Capsules Market Share: By Product Type
Based on the product type, the market is segmented as pods and capsules. The capsules segment held the larger share of the market in 2019, whereas the pods segment is expected to register a faster growth during the forecast period. Increased demand for instant non-alcoholic drinks is the key factor behind the dominance of the coffee capsules segment in the market. Coffee producers majorly choose coffee capsules, owing to their suitability, comfort of use, and a wide diversity of coffee products and machinery.
Coffee Pods and Capsules Market Share: By Coffee Type
Based on the coffee type, the coffee pods and capsules market is segmented as traditional and decaf. The traditional segment held the larger share of the market in 2019, owing to high consumer preference for traditional coffee over decaf. Traditional coffee beans are high in caffeine content, and provide better taste and flavor.
Coffee Pods and Capsules Market Share: By Region
In terms of regions, Europe is estimated to be the largest market for coffee pods and capsules during the forecast period, with Germany, the UK, France, and Russia being the countries with lucrative growth opportunities. The dominance of the region’s market is mainly due to the increasing demand for new products with technological upgrades, and rising demand for easy-to-use coffee capsules and pods, along with the adoption of automatic bean-to-cup machines. Rising number of coffee bars, small roasters, small local brands, and baristas in the region, along with the increasing interest of consumers in specialty coffee and K-Cups is likely to drive the region’s market during the forecast period.