PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1326262
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1326262
The India Coffee Machine Market is valued at USD 179.33 million in FY2023 and will reach USD 341.65 million by FY2031, growing at a CAGR of 8.39% during the forecast period between FY2024 and FY2031 owing to the country's expanding coffee culture and rising dual-family income. Innovations, new product introductions, and escalating customer demand have contributed to the coffee industry's evolution and thereby, affecting the coffee machine market. Furthermore, technological improvements, growing working-class population, increased knowledge of health advantages, and rising demand for smart kitchen appliances are anticipated to fuel the growth of the India coffee machine market.
However, it is also projected that rising coffee machine repair and maintenance costs may impede industry expansion. Additionally, the market has temporarily been impeded by escalating transportation challenges, labour scarcity concerns, and instances of lengthier delivery delays as a result of the unpredictable supply chain interruption during the COVID-19 outbreak.
India is experiencing a greater proportion of millennials and Generation Z as a percentage of the total population, whereas Western nations are seeing this proportion drop. The proportion of millennials and Generation Z in the country's population was 52% in 2021. This segment of the population has experienced a paradigm shift in choice of coffee over any other traditional drink such as tea. The return to office scenario and adoption of western cafe culture, India is witnessing a spurge in the setup of such infrastructure with direct impact on the demand of coffee machines.
The popularity of cafes and coffee shops is on the rise as a result of shifting lifestyles, an increase in the number of workers, and customer preferences. Numerous opportunities in the food and beverages industry have influenced many small and midsize players to enter the industry, thereby increasing the growth of coffee machine market. Additionally, it is anticipated that the coffee machine market is anticipated to grow owing to an increase in coffee flavors and variations.
While the demand for coffee machines in non-residential sectors decreased significantly during COVID-19, the demand for coffee machines in residential sectors increased, as a result of the closure of several cafes and the transition to work-from-home. Sales of coffee machines have soared as a result. Additionally, the market was impeded by escalating transportation challenges, labour scarcity concerns, and delivery delays as a result of the unpredictable supply chain interruption during the COVID-19 pandemic. However, the expansion of business infrastructure and the number of offices ensured development in coming years even if there was a brief halt during the pandemic.
The India coffee machine market is expanding quickly, which has sparked fierce rivalry. The market is, nevertheless, dominated by a few renowned companies. In order to capture a significant market share, companies work on new product launches and innovations. For instance, Philips India has introduced three models from the Philips Saeco portfolio which are priced at Rs 13995, Rs 54995, and Rs 74994. All of these devices can assist in making a variety of coffee drinks, including cappuccinos, espressos, lattes, and macchiatos. Furthermore, many companies are working on advanced technology such as WiFi/Bluetooth-enabled smart coffee machines. Smart coffee machines allow the ability to remotely monitor the coffee maker using smartphones.
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work