India is now the 10th fastest-growing market for specialist coffee and tea retail chains, globally. According to a report by market researcher, Euromonitor International, the café chain market, led by Cafe Coffee Day and Tata Starbucks, is also one of the fastest growing categories in the consumer food service industry, and is expected to touch Rs 4,540 crore by 2023 in value sales.
The Globe Newswire in its report "India Café Market By Segment (International, and Domestic), By Service (In Dine and Take Way), By Product Offering (Coffee, Tea, Other Beverages, Snacks, and Others), Competition, Forecast & Opportunities, 2024" states that the Indian coffee cafe market is expected to register growth at a CAGR of over 12% during 2019-2024.
One of the main reasons which can be attributed to the popularity of cafés is the fact that Millenials and Gen-Zs love coffee and cafes. There has been an increasing demand from young population with rising disposable income. Some of the other reasons for popularity of coffee houses are rapid urbanization, corporate culture, and global lifestyle. Moreover, rising number of double-income households, more global exposure, increasing innovation, and media penetration is further fueling growth in the Indian café market.
International Café Brands
This story is from the October - November 2022 edition of Bakery Review.
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This story is from the October - November 2022 edition of Bakery Review.
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