The global coffee and tea industry include ready-to-serve products, instant, and brewed ingredients, and any number of dedicated shops that serve the beverages exclusively or as part of their beverage service. According to Business Wire’s “Coffee and Tea Global Market Report, 2020-30: COVID-19 Impact and Recovery” report, the total coffee and tea market is predicted to grow from $142.1 billion in 2019 to $148.5 billion in 2020, an annual growth rate of 4.6 percent.
The rate is actually low because of the Coronavirus closings, but the industry should bounce back to an average growth rate of 9.0 percent yearly to reach $191.1 billion in 2023. Entrepreneurs in all coffee and tea service areas can plan proactively for business success by capitalizing on industry statistics and 2022 beverage trends.