Robust coffee growth in Asia
Coffee, with a market volume of over US$471.30 billion in 2022, is the largest segment of the global hot drinks market which is valued at US$722 billion. It is a barometer of Western influence on the rising middle class in Asia, explaining the 1.5% growth in Asia’s coffee consumption in the past five years, ahead of the 0.5% growth in Europe and 1.2% in the USA.
The boom is even more pronounced in Southeast Asian countries. Indonesia leads with a nearly 11% growth in annual coffee sales, followed by 7% in Malaysia and 5% in Singapore. These markets are open to both locally produced and imported coffee brands offering high-quality and novelty coffee, like Indonesia’s Luwak Coffee.
How should new coffee players design their entry strategies for Southeast Asia?
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