The latest data from the NCA 2024 National Coffee Data Trends report highlights a significant increase in specialty coffee consumption, providing significant growth in the industry despite economic uncertainties. In January 2024, specialty coffee consumption reached 45% of past-day level, the highest in recent years. This surge reflects a growing consumer preference for premium coffee experiences, driven primarily by younger demographics.
Specialty Coffee’s Popularity Among Younger Consumers
Specialty coffee continues to gain traction among younger consumers, particularly the 25-39 age group. They are less impacted by financial constraints, show a preference towards espresso-based beverages (EBBs) and cold brews. With 66% of this group consuming specialty coffee weekly, their consumption is fueled by espresso (24%) and cold brew (24%). The trendiness of specialty coffee, especially among those under 40, suggests a cultural and social influence on consumption patterns, positioning specialty coffee as both a beverage choice and a lifestyle statement.
Coffee Craze 2024: Opportunities for Coffee Businesses
The increased demand for specialty coffee, particularly non-espresso-based beverages like cold brews and nitro coffee, which are gaining popularity surpassing traditional summer season, presents significant opportunities for coffee businesses. This shift indicates a year-round preference for diverse and innovative coffee experiences. Businesses should consider expanding their specialty coffee offerings and incorporating trendy, high-quality options to cater to this growing market.
We See Your Opportunity
Eximware understands the dynamic trends in the coffee industry, and we are committed to helping our clients meet the rising demand for specialty coffee. By implementing our platforms, coffee businesses can better navigate market trends, improve their supply chains, and experience growth all in one controllable environment. We are dedicated to supporting our clients by providing software solutions that improve overall commodity management capabilities and meet the increasing preference for specialty coffee.
