Vietnam's caffeine thirst puts it in world's top growing coffee markets
The compound annual growth rate (CAGR) of Vietnam, measuring the average value growth in the 2012-2016 period, stood at 14.9%, while Indonesia's market jumped 19.6%, followed by 17.5% in Turkey and 15.1% in India, Mintel said in the report.
Asian markets, where growth is being driven by a surge in innovative coffee products, make up the majority of the world’s fastest growing coffee markets, while European markets plus Australia are among the slowest, the report said. It did not give any market values.
Even though Germany, the United States, Italy and Spain top the 2016 list of importers of Vietnamese green coffee beans based on Vietnam's government data, Mintel's findings suggest that European nations mostly process the bitter variety and re-export the finished products.
Instant coffee dominates the retail market in Asia. Out of the new coffee products launched in 2016, 42% were soluble coffee granule products in Asia Pacific, while the figure was 20% in Europe and a mere 6% in North America.
The global coffee market's retail volume grew 2.7% last year from 2015, slightly up from an annual rise of 2.5% the previous year, Mintel said.
“The global coffee industry continues to experience healthy growth, driven by Asian markets in particular," said Jonny Forsyth, Global Drinks Analyst at Mintel. "Asia has far more growth potential as traditionally tea drinking consumers are converted slowly but surely into coffee drinkers."
The International Coffee Organization estimated the CAGR of Vietnam's coffee consumption at 8% for the four-year period ending in 2015/2016, the second-fastest growth rate among the world's coffee exporting nations after the Philippines. The crop year lasts between October and September.
The London-based ICO estimated Vietnam's coffee consumption at around 140,000 tons in the 2015/2016 season, or 8% of output, up slightly from 130,000 tons used domestically the previous season.
Related News
Wood exports started well
13:26 | 20/04/2024 Import-Export
Maintain the reputation of Vietnamese coffee amidst soaring prices
17:06 | 14/04/2024 Import-Export
Leverage to increase the scale of Vietnam - Laos trade turnover
10:51 | 15/04/2024 Import-Export
Vietnam-China trade reaches over US$ 27 billion
09:29 | 10/04/2024 Import-Export
Latest News
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
More News
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Export turnover of two agricultural product groups grows three-digit
18:10 | 21/04/2024 Import-Export
Early warnings reduce risks in trade defense
18:09 | 21/04/2024 Import-Export
Your care
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export