According to the latest report by IMARC Group, titled “Philippines Coffee and Tea Capsules Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the Philippines coffee and tea capsules market reached a value of US$ XX Million in 2017. Although coffee and tea capsules have gained traction in the international market, the demand for these capsules is rapidly advancing in Asian countries like the Philippines, Korea and Thailand. Amongst these, the Philippines is a coffee-producing country and provides four viable coffee variants: Robusta, Arabica, Excelsa and Liberica (Barako). Moreover, the country has one of the world’s largest youth population with a median age of 23 years which prefers coffee over tea. As a result, the consumption of coffee in the country is experiencing a growth rate of 6% annually. Further, due to hectic work schedules, the working population is increasingly relying on versatile and easy-to-brew coffee mixes and tea blends which only take a couple of minutes for preparation.
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Market Trends:
The market for single-serve coffee and tea capsules in the Philippines is being driven by the availability of a vast range of product variants and constant innovations by manufacturers. In addition to this, consumers are now willing to purchase coffee machines so as to prepare barista-like coffee at their homes which, in turn, is impelling the growth of the coffee capsules market. Apart from this, the Philippine Government is encouraging healthy lifestyle choices which has increased awareness among consumers and led them to incorporate beneficial tea variants in their diet. On account of this and the increasing number of tea salons in the country, the tea capsules market is being catalyzed at a strong pace, especially in the urban areas. Additionally, the inflating income levels, flourishing e-commerce industry, rising influence of social media and expanding distribution networks in the country are expected to bolster the growth of the coffee and tea capsules market. Looking forward, the market is projected to reach a value of US$ XX Million by 2023, expanding at a CAGR of XX% during 2018-2023.
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Market Summary:
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