China is notoriously a consumer of tea, but nevertheless, in recent years, it has become one of the largest coffee consumers among emerging countries. In particular, coffee consumption has grown among young Chinese professionals.
Almost overnight, a espresso emblem referred to as Luckin Coffee made waves throughout China’s first and 2nd tier cities. Luckin Coffee entered the marketplace vigorously and aggressively. It turned into approximately weeks in the past once I simply heard approximately Luckin Coffee. After seeing numerous posts on WeChat moments, I mounted the app. It confirmed that there have been no shops in Shenzhen yet, however dozens have been beneathneath construction.
Revenue in the Coffee Market reaches nearly US$2,087m in 2018. The market is expected to grow annually by 14.3% (CAGR 2018-2021).
The market’s largest segment is the segment Instant Coffee with a market volume of US$2,075m in 2018.
The average per capita consumption stands at 0.05kg in 2018.