Maxwell House instant coffee sits on display in a supermarket in New York, U.S., on Monday, Aug. 3, 2009
The study cites rising Internet usage and an increase in popularity among millennials as main reasons for the projected growth. Increase in disposable incomes in China, India, and Brazil was also cited as beneficial to the market. However, the study lists fluctuations in raw material pricing and the threat of substitutes as challenges to the market.PUMPKIN IS BACK: DUNKIN' ANNOUNCES ITS NEW FALL MENU
"The coffee industry faces competition from various substitutes, including tea, which poses a significant threat," the study reasoned. "Tea is preferred over coffee in many regions worldwide." "Additionally, other beverages like soft drinks, energy drinks, green tea, and iced tea are gaining popularity, challenging the global instant coffee market," the research firm added.The key companies that were studied included Starbucks Corporation, Unilever Plc, and Nestle S.A.